B of M Orders
Orders are created for $tokens, hold user deposits and when completed $token deposits are traded for WETH.
Last updated
Orders are created for $tokens, hold user deposits and when completed $token deposits are traded for WETH.
Last updated
An Order is created for ERC-20 token with a minimum Goal Amount set, for example, 10,000,000 $GodCat. The funding process has now begun.
Traders deposit funds in the smart contract until the ETH Goal Amount is met. Once deposited funds are greater than or equal to the Goal Amount the contract executes the trade via Uniswap.
Once the swap is complete. Any depositor can click the “Claim” button and their rewards are calculated, proportional to the amount they deposited, and transferred to their wallet.
Notes: Final depositor receives a bonus $memeBits since their transaction covers the cost of the Uniswap trade. Depositors can wait and claim rewards for multiple completed Orders if the choose.
Rewards are determined by the deposited $token value in ETH. For example, a depositor deposits 1,000,000 $GodCats into an order that is successfully completed. The 1,000,000 $GodCats are worth 0.01 ETH, so they will receive 0.009 ETH worth of $memeBits when they claim their rewards.
To avoid price manipulation by bad actors who briefly drive up the value of a $token before it is traded on the B of M, we use to determine the value of deposited $tokens at the time the order is completed. For the same reason, TWAP is also used for $memeBit rewards to prevent bad actors from briefly driving down the value of $memeBits to increase their reward.
B of M Oracle contract uses TWAP to calculate the value of the coins traded. Baring extreme price manipulation this amount is consistent with WETH received.
B of M Oracle contract also uses TWAP to determine the $memeBits rewarded to the depositors.
May take place any time before funding is complete. Depositors will be able to run a function to have all funds deposited returned to their wallets.