OTC

Over-The-Counter Desks, earn stocks, pre-ipo, and yield.

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[OTC @OTCDesks]

Over-The-Counter Desks mints are now live, welcome to the TGE.

CA: MukLDtJ8Cx9DxLbeyLRSWPSposTMWuwHANbuaudpump

Mint:
https://t.co/gcdyDtaKUM
Docs:
https://t.co/2j3zhoAHne

[OTC @OTCDesks]

@ApingDonk Refunding in newly minted desks would cause dilution, the best solution I came up with after talking with others is refunding the full amount in SOL at the time of purchase.

Is this something you're in support of?

[OTC @OTCDesks]

Big update for all the users who paid 1 million tokens (overpaid) for a mint coming soon.

Been working on this / talking to others with the best way to go about this, update to in the next couple of minutes.

[OTC @OTCDesks]

@phon_ro @theunipcs hey, sent a reply about the questions you had / dm

[OTC @OTCDesks]

@ynchcdb4pf Yes

[OTC @OTCDesks]

Our IDL has done over 17.9K transactions, with only 224 failing.

That's a 98.7% success rate, tuning to make this 99.9%.

$OTC

[OTC @OTCDesks]

@lowfloating Thank you

[OTC @OTCDesks]

@itsmeravi08 The site only displays the 120 most recent, it will always display the ones you own though and all earn, this is for rate limiting purposes.

Just because the explore page shows 120, does not mean others aren't earning, that's simply a ui / rate limiting precaution I took

[OTC @OTCDesks]

Also adding back on to point 3, protocol revenue comes from mints, and 10% of them. A small portion is reserved for helius credits and server costs, with roughly 1 million requests per day 10% of mints don't cover it. A small amount of that fund accumulation for earlier minters who overpaid are reserved for costs to keep this alive.

[OTC @OTCDesks]

Dev here, thanks to everyone for the continued support, we've hit a ton of milestones that I never would of thought were possible, and introduced @solana to a new asset class. I'm pushing this tweet out as I get ready to get some rest, was a long, but rewarding day.

Also rounds never stop, they run on a server so me being away for a few hours will not affect anything!

Tweets will continue when I'm awake, I'm avoiding turning on the mint automation tweeter to avoid being shadow banned. Anyways here are my final thoughts for the day, see you guys tommorow!

There are a ton of cool ways I want to take this, and tomorrow will be spent adding extremely important new features, new revenue models, and more to make a Desk owner more valuable / rewarding.

I truly believe this is just the start of deflationary NFT backed asset classes on solana, and I'm going to do everything in my power to make this more exciting than it already is. The 3 current revenue sources that fund pots are super productive, but I'm looking at more ways to make them even bigger.

Snapshot will also be finished tomorrow for the people who overpaid before I released the patch, so don't worry.

[OTC @OTCDesks]

Thank you so much for the kudos, there are a lot of points here so I will do my best to address all of them, if I miss anything feel free to reply and I will address that too.

These will be in order of each point you made.

1. 15:33:11 was around the time when the pot was in a frozen state, I had to upgrade the program to fix this, each upgrade has a deploy buffer which can be costly depending on the number of instructions in the program, for this program it was quite expensive. This was also around the time when the minting requirement was changed from 1 million tokens to 100k which required a program upgrade.

2. The withdraws made were for a plan to reimburse those who paid the extra token requirement before it was changed, which is still a work in progress / reserved funding. The only way to do those withdraws was through withdraw_pot method which was added. Note, this is not permanent, a portion of the fees are being accumulated to reimburse the 70 ish people who overpaid before the token requirement was lowered, once those funds are accumulated that will be turned off and 100% of creator fees will resume going into the pot, for the time being it's 50%.

3. And no it wasn't intended as protocol revenue, the only protocol revenue is 10% of each mint, which you can guess is not much but is also a reason why the pots are as big as they are. That's roughly 0.05 per mint. So to td;lr this, those funds are reserved for the people included in the snapshot who overpaid / not a permanent thing, the 50% is temporary, I've stated I'm working on a plan to fully account for anything lost during the change in prior tweets, but do see where I could of made it more clear.

4. Last thing, "Since the amount and destination are both caller-supplied, what stops a future call being 100%? Would you consider a timelock or multisig on the upgrade authority?" The "withdraw_pot" function will be removed once the funds raised to re-imburse the people who paid 1 million tokens for their mint are complete. Also pots at any given time are relatively low considering all rounds run sequentially because creator fees are sweeped every 2 minutes, no matter how much volume there is in that period, it won't be enough to make this a substantial number.

And yes, can look into a timelock / multisig on the upgrade authority, will admit I've never done anything multisig wise so will def have to look into it.

If I missed anything please let me know, and thank you for these great points, If I skimped out on any answers also let me know, trying to answer everything to the best of my knowledge, thanks!

[OTC @OTCDesks]

@itsmeravi08 You activate once, and you earn as long as you own the NFT.

[OTC @OTCDesks]

@0xrunn3r $85K, 15k short of 100k.

[OTC @OTCDesks]

DM'd.

[PreStocks @PreStocks]

@OTCDesks GM - please send us a DM!

[OTC @OTCDesks]

Touching back on this, fomo doesn't approve verification for tokens under $3 million marketcap.

Yes, we've done significant volume, next step is to meet their requirements and unlock a new set of eyes.

[OTC @OTCDesks]

$OTC applied for @fomo verification.

[OTC @OTCDesks]

@ynchcdb4pf @Azharpond @ej_sol09 Right now 944 / 5000 have been minted.

[OTC @OTCDesks]

Overnight an additional 250+ desks were minted, bringing the total distributions to holders $80K.

OTC is the first project to fully liquidate Pre-IPO stocks due to demand, which were subsequently refilled.

Things were operational throughout the entire evening, without human intervention, the end-goal is to pass the walk away test.

Anywho, GM $OTC will be shipping a TON of new things today.

[OTC @OTCDesks]

@Azharpond @ej_sol09 If you did not mint a OTC Desk, there will be no activate button.

[OTC @OTCDesks]

@midopals Secondary market is open on @MagicEden, believe opensea doesn't support solana.

[OTC @OTCDesks]

@Rk1Zompire I am working on new revenue models to make these pots bigger and more rewarding.

[OTC @OTCDesks]

@Azharpond Did you mint a Desk? Please send the tx hash of the mint.

[OTC @OTCDesks]

@Azharpond Highly recommend opening this on a browser, I did not fully optimize this for mobile devices but will work on something later today.