Bidding begins for a single NFT - The B.20 Master Key - that unlocks the iconic B.20 Bundle. Metapurse’s admin keys are burned, making this truly trustless. There’s no going back.
Live at https://b20.whalestreet.xyz, the bidding for the B.20 Master Key is for everyone to experience!
The B20 Buyout contract was deployed to the Ethereum mainnet on April 11th, 2021. It’s address is 0x450e00a6a32728a25B9dD06D7a9cf7193c9a0162.
On April 16th, 2021, Metakovan transferred the ownership of the the Vault (0xe846D7aB0BFfF2F0b9B9A818B845Fb99C94786c2) containing the B20 bundle and also ownership of the B20 tokens to the Buyout contract. This made it possible to directly link B20 holders to the assets of the Vault.
On May 10th, a version of the B.20 Vault was created which directly gave admin privileges to the holder of the B.20 Master NFT. All B.20 assets were transferred into the new Vault. The Master NFT was transferred to the old Vault, thus making it the Master Vault.
On May 12th, the admin keys of the Buyout contract were burned, thus making it impossible to perform any further changes to the project. This puts the B.20 project and all of the assets in truly trustless territory.
The source code of the B.20 smart contracts can be found here. The smart contracts were audited by our good friends at Quantstamp, and care was taken to address every issue found during the audit process. The audit report is available here.
Why the B.20 Buyout Smart Contract is Historic
The B.20 project itself is an important chapter in NFT history. It is the first metaverse production, which explored open access and shared fractionalised ownership at this scale. The buyout mechanism is simply a logical extension of this narrative. To leave the possibility of upside open to the shared owners of the experiment.
The buyout smart contract is fully automated and empowers the community in a way not possible before. Bidding in general has been a one-sided affair, where bidders who value a piece fight it out against each other with one of them emerging victorious at the end. This has not been any different in the case of NFT bids through the course of 2018-2020.
The B20 Buyout is an attempt to take bidding to the next level. This time, it is two-sided. On one side, the bidders with big wallets competing against each other to get their grip on the Vault, and on the other side, the B20 community, a group of token holders who get to decide if a current bid is acceptable and if not, veto it and raise it by 8%.
How the minimum bid was calculated
The minimum bid to activate the buyout is $58 million in total DAI value. This was calculated from the TWAP (Time-weighted average price) during the week when the Buyout contract was deployed. The following table (taken from CoinMarketCap) shows the TWAP calculation.
Bids can be placed on the Bid screen which appears when the “Bid” button on the site is clicked.
The minimum bid to activate the buyout is $58 million in total DAI value. The bid should contain at least 1% of the total B20 supply, which is at least 100,000 B20 tokens. For example, a minimum bid of $58 million should contain at least 100,000 B20 tokens and 57.42 million DAI.
The bid values are calculated according to the following formula:
To place a bid, the bidder should approve both DAI and B20, set the corresponding amounts (either using the slider or by manually entering the values), check the box, and then hit the “Continue” button.
Once the minimum bid is placed, it will expire on the 15th day.
During this period, if it is outbid with a higher bid value, the new bid will stand for 3 days. For eg, on the 7th day since the minimum bid of $58 million, if a higher bid of $65 million is placed, the buyout will end on the 10th day, unless an even higher bid is placed before the 10th day.
Any bid, when placed, can be vetoed by the B20 community. If a bid is vetoed, the buyout process restarts, and the minimum bid is increased to 8% of the previous bid.
Post veto, a fresh bid will stand for 14 days, and the entire bidding process repeats.
To veto a bid, a total of 1.2 million B20 (12% of total supply) should be locked by the B20 community into the Buyout contract. The veto meter on the site indicates the veto strength for the current bid, and also remaining B20 tokens necessary to veto the current bid. B20 holders can access the veto screen by clicking the “Veto” button on the site.
To veto a bid, the B20 holder should approve B20, set the corresponding amount (either using the slider or by manually entering the value), check the box, and then hit the “Veto” button.
If B20 has been locked to veto a previous bid, the B20 holder can extend their locked B20 to veto the new bid by checking the box and hitting the “Continue Veto” button on the Veto screen.
Withdrawing staked B20 tokens
If the B20 holder had staked their B20 tokens to veto a bid, and if either that bid was vetoed or the buyout was successful, the B20 holder can then unstake their staked B20 from the Buyout contract from the Veto screen.
At WhaleStreet, we have had a blast architecting and deploying the B.20 tech, which could not have been possible without the ambitious Metapurse team and the brilliant minds at Quantstamp. With the B.20 Buyout contract deployed, our next focus is on the Crypto Souk. More on that in a future blog post.
Until then, signing off on behalf of the WhaleStreet team, and wishing everyone safety and good health.