The $BTRFLY treasury bootstrapping event (TBE) will take place on our app redactedcartel.xyz at December 15 2021 at 12:00 EST and end either after 48 hours or when all tokens are sold, whichever occurs first. When the auction ends, tokens from the TBE will be eligible to be claimed.

In this slight alteration of a Dutch auction, the price is set at a higher value per token than justified to mitigate against bots and descends over time, with the eventual price being settled on once all tokens have been sold. Practically, this means participants individually decide at which point they're happy with a token price and commit their funds - yet the auction continues until everyone is happy with the token price. This can be an active decision by a project, as often it leads to a lower total amount raised (and thus less treasury funding); however, everyone buying will be getting the cheapest possible token.

How Does It Work?

The concept of the Treasury Bootstrapping Event is an alteration of a dutch auction with a linearly falling price, with commitments being able to be made CVX CRV or OHM.

In this slight alteration, the price is set at a higher value per token than justified to mitigate against bots and descends over time, with the eventual price being settled on once all tokens have been sold. Practically, this means participants individually decide at which point they're happy with a token price and commit their funds - yet the auction continues until everyone is happy with the token price. This can be an active decision by a project, as often it leads to a lower total amount raised (and thus less treasury funding); however, everyone buying will be getting the cheapest possible token.

How to Participate in the Event:

Anyone can participate in the event for the tokens, there is no whitelist. In order to participate, you’ll need either CVX, CRV, or OHM to make your bonding commitment, as well as some $ETH to cover gas fees.

Here are the steps you will take in order to participate:

1. Visit the [REDACTED] website at:

   https://www.redactedcartel.xyz/

2. Enter the app

3. Click the “CONNECT” button in the top right corner

4. Ensure that your wallet is connected to the Ethereum Mainnet by clicking in the top left corner of your wallet.

5. In the navigation bar, select “Operation Swallowtail”

6. Here you will be presented with three options and some more information on the current status of the event.

7. After selecting the auction you wish to participate in, information about the bonding commitment and a countdown timer will be displayed.

8. In the “Commitment” section, there are two ways to set your bid. You can use the slider to determine the minimum $BTRFLY you’d like to receive or type in a value for the maximum $CRV $CVX or $OHM tokens you’d like to commit.

The auction price will range from $5000.00 — $50.00 per $BTRFLY token based on the 1-day SMA of the three tokens. The final auction price will be determined based on the cumulative bids from participants.

1. Once you have decided how much you would like to bond, click the “APPROVE” button to bring up the transaction approval in your wallet. Your wallet will ask if you wish to allow [REDACTED] to spend and withdraw your asset. Review the details carefully and confirm.

   IMPORTANT: You need to APPROVE the transaction, then COMMIT your tokens.

2. After approving your transaction, you should see a pop-up on the app saying your tokens have been sent with a link to Etherscan.

3. Once your wallet confirms that the transaction has been completed, you can then formally commit your tokens.

   IMPORTANT: If you only approve your transaction but don’t commit the tokens, you will not have fully participated in the bonding event.

4. You have successfully participated in the treasury bootstrapping event! Come back when the auction ends to claim your tokens.

   Note: Your tokens will be held securely by the auction contract until the auction ends. Please return when the operation ends to claim your tokens.

How is the price determined?

VWAP=(∑Price * Volume)/∑Volume​

The final price of the token will be calculated by collating bond event data, to gain the following data for each bond :

• Bond Price USD
• Trade Value
• USD Date

All bonds will be logged and their event data will be logged in a spreadsheet, from which we can compute

• Price * amount of each given bond
• Sum of (price * amount) of all bonds
• Sum of amount for all bonds
• VWAP

How to claim your tokens

After the auction ends on or before December 17 2021 @ 12PM EST., it’s time to claim your tokens.

1. Return to the app: redactedcartel.xyz

   Note: It’s important to always go directly to the site to avoid any phishing hyperlinks.

2. In the navigation bar, select “Operation: Swallowtail”

3. Here, select the bond you participated in.

4. You should see a screen indicating that “This auction has been finalised.” If you don’t see this image, please wait and return later.

5. After a successful bonding event, [REDACTED] will calculate your amount of tokens based on the final sale price of all three bonds. You can claim your tokens by clicking the “CLAIM” button.

6. Your wallet will pop up with a confirmation screen. Click to confirm.

7. You should see a pop-up on the app saying your tokens have been sent with a link to Etherscan.

8. After they arrive in your wallet, the Swallowtail page should say “Congratulations! Your tokens have been claimed.”

9. Your tokens should automatically display in wallet. If you have trouble displaying your tokens, you may need to manually add them using the token address: TBD.

   IMPORTANT: Please note all tokens for all bonds will be sent once all the bond auction ends. No matter which forum you use to obtain tokens, there will be a respective delay until the auctions have been completed before they are received.

   In the case of an unsuccessful auction, [REDACTED] will return your committed tokens minus any fees incurred. In the rare case that the auction is not finalised by the creator, [REDACTED] will let any auction participant finalise after 14 days and reclaim their tokens.

   🦋

   Disclaimer:

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