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While this might look confusing, they're creating a natural floor for the auctions. When you see a bot profit, it's proof there was an opportunity. Token holders can capture more upside by buying the punk long before it becomes profitable for the bot. 4/4

In some cases, when the treasury is close to affording the next punk, a bot's large buy pushes the surplus over the line, letting them resell the same Punk back to the strategy. 3/4

The @punkdotauction flywheel has been spinning for 3 days. We've bought 8 punks and completed 6 auctions, burning over 647k $PAST in the process. Sometimes MEV bots step into this cycle. 1/4

Sometimes the same punk gets auctioned and rebought by the strategy. A punk can move through the flywheel multiple times, so you might see it appear in both upcoming, active and past auctions. 2/2

When an auction ends, the next auction can be started for any punk held by the strategy contract. It doesn't have to follow the order they were bought, even if it was added outside the normal buyPunk flow (like through a donation), it can still be auctioned. @punkdotauction 1/2

Volume came in faster than expected. Since each mint on a bonding curve moves the price up, we saw lots of failed txs. Just shipped a MintRouter to handle slippage: you overpay slightly, it checks the current price and mints in one tx, and refunds the rest. @punkdotauction

This is the first step toward a broader platform for experimenting with new mechanics for strategy tokens. Think of it as a lab for flywheel design. And as with any experiment, early traction matters and has a way of compounding in unexpected ways. 8/8

We’re starting with punks because success here lifts everyone. Adding buying pressure here reinforces the ecosystem rather than fragmenting liquidity, benefitting punk holders, punkstrategy, and @punkdotauction together. 7/8

Strategy tokens are evolving. @punkdotauction is an experiment in rethinking the flywheel mechanics, using bonding curves + Dutch auctions, built on the foundation laid by @token_works. 1/8

@yelownft @friendtech yes you're right, you lose the utility of native chat access or farming points with these wrapped keys. It would be up to individuals to create alternative token-gated experiences or points-distribution mechanisms (eg for staking) on top of this.

@wakemi18 @friendtech These keys don’t get included into portfolio valye or grant chat access though, correct?

Introducing Wrapped FriendTech, a smart contract that converts @friendtech keys into ERC-1155 tokens: wrappedfriend.tech 1/5

I hope that these new possibilities inspire people to build on top of this and find new and creative ways to play the @friendtech game. 5/5

The ability to freely transfer keys between wallets unlocks several new and interesting possibilities beyond trading on NFT marketplaces. Besides buying and selling, a whole new list of actions like burning, staking, lending or fractionalizing, become possible. 4/5