Butterfly Protocol FAQ
Am I eligible for the airdrop?
In order to receive the subBFLY airdrop for each TLD, you must be holding $BFLY in your ERC-20 wallet. This wallet must be one in which you control the keys. In centralized exchanges, the exchange technically owns the tokens; therefore, exchange wallets won’t work. The wallet that has been tested the most is metamask. It is important to point out that due to technical difficulties, people that hold bBFLY (on BSC) will not be eligible for the airdrop.
How can I claim the airdrops?
There is a button on the dashboard dedicated to claiming. Your ERC-20 wallet connects directly with the dashboard, and it detects if you were holding $BFLY when the TLD was sponsored. If you were, a button with the word “claim” will appear after the auction is over in the same location as “bid” on an active auction. There is no option to claim all the airdrops at once, but the team is working on some options. $BFLY holders will receive roughly 0.015 subBFLY per $BFLY they hold.
What is subBFLY?
SubBFLY is the utility token under each TLD and is primarily used to register domains under that TLD. 10M are generated once a TLD is sponsored and are specific to that TLD. The cost to register a domain starts at 1000 subBFLY and goes down by 1 each day. SubBFLY is an ERC-20 token that can be used as any other ERC-20 token. To see it in your wallet, you will need to add the token contract found at the bottom of the TLD panel.
What is being bid on in the dashboard?
When a TLD is sponsored, 10 mill subBFLY are generated, from which 8M are auctioned. The auctions are broken into 5 batches lasting 2 days each for a total of 10 days. During the auction, you can bid to obtain a part of the batch proportional to your bid. After the auction, you can claim the subBFLY and use them to register a domain or trade them.
What is the circulating supply?
The circulating supply is around 9.9M but changes as tokens are burned and moved for things like providing liquidity for exchanges. We are working with Coingecko and other sites to update the circulating supply.
Will the TLDs sponsored interfere with other TLDs with the same name created by other projects?
We are an alternate root, so with the browser extension, you will do something like bfly://name.tld, and if you wanted to access legacy DNS, we have a special TLD for that. In a butterfly system, you would do google.com.dns to get back to non Butterfly domains. To increase adoption and make things easier for the average user, the bfly:// part will link it automatically to Butterfly, so the user does not have to know the details. Think of it as how you can’t put your Twitter handle in the URL bar, but people generally know @randomname means a Twitter or social account based on the context.
Can you stake BFLY?
At the moment, holding $BFLY already qualifies you for a subBFLY airdrop; therefore, there are already great incentives for $BFLY holders; however, we are constantly working on improving the project, which means that we are looking into ways to staking $BFLY.
Can Butterfly Protocol work on other chains?
Butterfly Protocol is based on the Ethereum network, and the core will most likely stay there. However, we want to take full advantage of newer chains like ADA and DOT. We are currently exploring running different TLDs on specific chains allowing each chain to have its own namespace.
How does Butterfly Protocol use NFTs?
Every domain in Butterfly Protocol is an NFT and can be sold using any NFT marketplace like opensea.io. This includes subdomains allowing you to create NFTtrees and structured NFTs. The management interface will also allow you to set all the information about the NFT, including associated pictures.