Butterfly Protocol will hold our first Sponsor a Domain contest by having BFLY holders submit potential Top-Level Domain (TLD) names’s of which one will be chosen. The sponsor, (winner of the contest), will then receive 500,000 of the subBFLY tokens associated with that TLD during a sponsorship event using the Butterfly Sponsorship platform.
— Butterfly Protocol will randomly choose names from the group submitted
— We will list 5 chosen and post to our Telegram and Twitter Accounts for the community to vote for the best
— Live event to register the TLD using the sponsorship website
— You will need to be holding at least 500 BFLY at the time of the close date for the form
Feb 12, 2021: Form opens for accepting Name suggestions — Click Here for Form
Feb 19, 2021: Form closes
Feb 22, 2021: Top 5 Names chosen using a lottery and submitted to community for voting
Feb 24, 2021: Top Domain Name chosen and announced
Feb 26, 2021: Name Registered at a Live Event and Process documented
Feb 26, 2021: 10 day process kicked off for auctioning subBFLY tokens with 5, 2-day auctions
subBFLY are distributed to BFLY holders, Sponsor and auction winners based on regular contract distributions. Final subBFLY tokens distributed the week of March 8th.
DID WE SAY 500,000 FREE SUBBFLY TOKENS TO THE WINNER? YES WE DID
Each sponsorship of a TLD creates a chain of events that send value out to our community of BFLY holders. This flow includes:
TLD is Sponsored using up to 10,000 BFLY tokens. These are then burned as part of the process. Example — sponsoring .DEFI or .REPO or .FANTASY or .😁 or .❤️. or .商业
Then, 10,000,000 (10 million) subBFLY are automatically generated of which the following happens:
— 500,000 to be distributed to the sponsor
— 1,500,000 to be distributed to BFLY holders
— 8,000,000 are auctioned off over 10 days
The Auction consists of 5, 2-day auction events where approx. 1.67 million subBFLY per 2-day period are auctioned off
— Buyers in the Auction split the 1.67 million based on their contribution percentage for each 2-day period
All subBFLY tokens are distributed after the 10 days of auctions are completed. subBFLY will also be put on exchanges like Uniswap to ensure that anyone can acquire them and register a domain under the TLD.
To purchase a domain like myname.HUMAN, holders of the subBFLY token will then go to the Butterfly Protocol domain registration page and turn in 1000 subBFLY for their domain name of choice.
This is a great chance to sponsor one of the first and best Top-Level Domains in the world. Imagine if you had sponsored .com or .io. Now you can sponsor a great name for the decentralized space and get rewarded for it. And for the contest, Butterfly Protocol will use our own tokens to make it happen without cost to you.
Some rules include:
— You need a minimum number of BFLY at the conclusion of the entry phase. More information on that soon.
— Though in the future when you sponsor a name, we won’t censor it, we are discouraging names that are offensive, pornographic, hateful or otherwise in bad taste since Butterfly Protocol will be paying for this sponsorship and using it as an example in future promotions.
Stay tuned and we will share a form to get your choices in. This is going to be fun and rewarding at the same time!