$FLOOT - how to execute the purchase

For more information on $FLOOT, see the other post.

Disclaimer - I’m not project team, just trying to help with execution.

Seeing how illiquid LOOT is, we have probably avoided a bit of a disaster by raising “only” 140 ETH. A rapid purchase of 1600 ETH worth of LOOT would generate a large front running opportunity.

It is highly possible that people who have learned about the project made some attempts to front run it, stocking up on floor loot. A few days ago offers in the range of 4.5-5 ETH were being accepted: Ethereum Transaction Hash (Txhash) Details | Etherscan,

I think the key question in the fundrise is: do we market buy quick or submit loads of orders and patiently wait. If so, how long do we wait?

I think a bot submitting offers on Opensea would be best. Each offer is free, no need to pay for gas for each offer. We can submit more offers than we have funds, when offers are filled spending all our WETH, our other offers become invalid.
Recent market buys went for around 8ETH and accepted offers were around 7ETH. Easy to spot accepted offers on Opensea because the accepted offers are generally in WETH (red ETH price) while the market buys are in ETH (black) on opensea.
On top of that, we can have an offer on https://buy-wall.alphafinance.io/ - it is preferable as there are no trading fees there (other than gas).

I think slow and steady and cost efficient is the way to go. I think that it is ok to accept the risk that the market may start running away from us and prices will rocket to 20 ETH. I think submitting offers in the current conditions around 6-7 ETH is the way to go.
I think that getting a good price for the initial buys is crucial - project that has already made gains on cheaply purchased loot is more attractive than the project that has already lost money on buying LOOT slightly too high due to slippage.

Keen to hear your comments and suggestions.

I think options are:
1 aggressive market buying over approx 3 days with significant slippage
2 submitting offers and lifting the floor over a short period - aiming to complete the purchase in 1-2 weeks
3 sitting on the offers for several weeks, with floor and price adjustments left at discretion of PhABC

Does anyone have concerns about using a beta project - Alpha NFT Buy Wall. Risk of funds loss could be limited to the price of 1 LOOT.


Funny fact - PhABC, if FLOOT had buy offers for 6-7 ETH for every single loot, you’d see the offer and avoid the mistake :slight_smile:

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I propose 2 votes:

Vote nr 1:
Should FLOOT use beta unaudited https://buy-wall.alphafinance.io?
Benefits: no trading fees, easy way to purchase floor loot
Risks: unaudited

1 no, the risk is too high
2 yes, limit the buy wall to 1 LOOT to minimize potential damage if there are issues with the code
3 yes, limit the buy wall to 2 LOOT

Vote nr 2:
How should FLOOT purchase floor LOOT:
1 fast market buy with large potential for slippage, executed in 1-7 days
2 fast purchase with offers on Opensea (and maybe Alpha Buy Wall depending on the first vote), chasing the market price, with aim to execute in 1-2 weeks
3 slow and steady offers on Opensea (and maybe Alpha Buy Wall), with the aim to spend current 140 ETH in several weeks

Market update, LOOT offers are now being accepted for 6.2 ETH:

I def think a mix is going to be needed. Sending offers to everyone will be good, perhaps slightly better than what other bots would offer. If this strategy doesn’t work out, we can revisit and adjust.

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