BUN Rewards from the Oven
Information in this article has been varied.
In my previous post, I talked about how the Oven was a time-locked wallet that distributes BUNs every Sunday at 00:00 UTC. 20% of the BUNs in the Oven go to reward members for their participation on Loot NFT.
Each member gets a share of those rewards as follows:
(a) We calculate the total amount of BUNs a member has spent in auctions to date (this calculation is made 24 hours before the release of the Oven; i.e., each Saturday 00:00 UTC), and divide that by the total amount of BUNs spent by all members in all auctions to date. We then multiply that percentage by 10% of the BUNs in the Oven. This acknowledges the long-term participants of Loot NFT.
(b) The same calculation as in (a) is done for BUNs spent by members in auctions since the last Oven distribution (i.e., 7 days, 00:00 UTC Saturday through the following Saturday). We call this the Eddie Murphy special or the “what have you done for me lately.”
For the math people, it looks a little like this:
In the case of fractionals, we round down to the nearest whole number and any leftover BUNs are added to the Oven for the following week’s distribution.
Easy peasy, right?