the thing that gets overlooked about $111
the token creates a growing bid for cryptopunks
and when that bid gets large enough, the market has to make a decision
sell a punk into it
return the punk to circulation
or let the work collect it forever
both auction outcomes buy and burn $111
and both outcomes move the artwork forward
either the bid reloads
or the permanent collection gets closer to complete
there's a lot to unpack with the permanent collection protocol
the website has the full write ups and i'll be writing a few threads, but here's some TLDRs
- goal is to acquire one punk for each trait in an immutable vault contract, 111 in total
- there's one live bid on all eligible punks
- eligible punk == punk with uncollected traits
- the coin is $111
- trading volume continuously refills the live bid
- each acquired punk goes through a 72h return auction
- if the auction reserve isn't met the punk is vaulted and triggers a $111 buy + burn event
- a winning bid sends it back out, proceeds go to the bid pool and also trigger a $111 buy + burn event
- each vault event mints a proof nft to the seller, one per trait, 111 total
- no transfer restrictions on the $111 token, but buys on side pools get a 15% tax applied (taxed tokens get burned on each vault event)
- collection title nft auction kicks off when the collection reaches 20% complete
- erc20 and nft artworks are completely onchain and pull from PunksData.sol
- accepting the bid with your punk happens on the main punk market contract, via the PC ui
https://t.co/YuSrIl2TtT