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🎯Satflow Collection Bidding

Features

Creatin an Ordinals Collection Bidding task

Requirements to run Satflow collection bidding tasks

In order to create and run Ordinal Bidding task each User will need a Butler base Access (Subscription or Lifetime NFT) as well as the PRO Access on top.

How does Ordinals Collection bidding work?

Bidding on Ordinal assets through Satflow is very similar to bidding on Opensea. Here are the most important notes:

  • You can have as many active bids as you want on each wallet

  • Maximum active bids controlls how many bids are kept active on a per task level (old bids are getting auto cancelled)

  • Trait filters can be added to bid on certain traits only

  • Minimum bid amount is 1'000 sats on token bids (0.00001 BTC)

  • Minimum bid duration is 15min for Collection bids

  • An additional ~600 sats will be used as transaction fees as part of the bid.

  • Satflow takes 1000 sats as fees on every transaction but it's part of your bid and not on top.

Add BTC Wallet to NFT Butler

In Order to run Ordinal Bidding Tasks you'll first have to add a Bitcoin Wallet to your Butler which will be used to run your bids.

Your private key will be kept save, strongly encrypted on your Butler app only. It will never be shared or sent anywhere. It's only used locally to sign your bids.

Create Ordinal Collection Task

Ordinal bidding tasks need to be created as Manual Task for now. Head to the CTO page and hit the "Create Ordinal Collection Task" Button:

You can also create Multiple Collection Bidding Tasks with different Wallets on the same collection for different traits. Butler will automatically consider all Local wallets as "your own" and will not outbid them.

Create Manual Collection Task

Ordinals Collection

Copy & Past the link of the Ordinals Collection to your Task and hit the Fetch Data button to make it double check the collection.

  • This will fetch collection details and floor price

  • Once the Collection has been fetched it's not longer possible to change it. Create a new Task if you want to bid on a different Collection.

  • Trait targets can still be changed later on.

Adding an Ordinals Collection and Fetching collection Details

Bidding Wallet

Now choose your Wallet which will be used for bidding.

Remember each wallet can only have one bid active per Collection. But Butler will take care about canceling and rebidding. However if you want to have multiple bids active per collection you'll have to create multiple Collection Tasks.

Choosing bidding wallet

Outbidding Strategy

You can bid with a fixed bid price or you can use "Outbid" to define a minimum and maximum price range. Butler will automatically outbid your competition in this range.

You can also choose between bidding in fixed BTC or bidding relative to the current collection floor price. So for example 30% to 20% below the current collection floor price. Relative bids will always require to set a "Hardcap bid price" in BTC as as fixed max bid price in BTC, to protect from fast moving floor prices.

Bidding 0.00175 BTC as fixed bid price
Bidding in fixed BTC between 0.001 and 0.0017 BTC
Outbidding relativ to the collection floor price with a fixed hardcap bid price at 0.45 BTC

Outbidding steps and Expiration Time

The next section is about Outbidding steps (when outbidding is enabled) and the Validity (duration) of the bids.

For Outbidding several options are available:

  • BTC: Outbid your competition in fixed BTC steps (Example: 0.000001 BTC)

  • %: Outbid your competition in percentage steps (Example: 1% increments)

  • Smart: Outbid your competition in 9 different steps from your min to your max bid price. This is designed to save outbidding iteration and push the compeition out by reaching their max bid price where outbidding wars are finally won.

The Expiration Time of the bid can be defined in mins, hours, days and weeks. Usually we recommend something between 15 and 60 mins for Collection Tasks.

Minimum bid duration is 15min for collection tasks on Satflow

Bidding with an Expiration Time of 15min
Outbidding competitor's bids with 0.0001 BTC

Optional: Trait Filter

With the Add Trait Filter toggle button you can enable filtering for a selected trait. It requires to fetch Ordinals Collection Data first and it will then provide Dropdowns to choose the Trait Type and Trait Value filter for your Bidding Task:

Adding Trait Filter for Ordinal Token Bidding Task

Optional: Floor price cap

The Floor price cap is an important safety feature, especially for Collection Task Bidding. If you set the Min floor price the task will automatically stop processing and looping once the Collection floor price (cheapest listing) drops below this value. The task will still retry but only process bids again once the floor price is in your range again.

You can only set the Min floor price if you dont want to define a maximum.

We always recommend to set this setting as safety feature. You never know how floor prices move while sleeping.

Also bids which are already active will have to expire, even if the floor price drops below the treshold. So make sure to use short validity times

Floor price protection set at 0.025 BTC

Optinal: Trait Floor price cap

On top you can also protect your bidding task from dropping trait floor prices. Works the same as collection FP protection. Once the cheapest listing of a trait drops below the "Min floor price" value it will stop bidding and instead cancel your active token bids.

Trait floor price protection set at 0.035 BTC

Play Task

The last option is just a quick toggle if you want to start the task immediately after creation. It's the same as just hitting the play button in the Task list once it got created.

Immediately start the task after creating it

To play your freshly created Ordinals CTO make sure to Enable your CTO Engine and play your Ordinals task. Depending on your subscription you can run up to 1000 CTOs per Butler instance 🚀

Here are some additional Hints to be highlighted in the screenshot below:

  • Use the Filters section top left to filter by blockchain

  • On the searchbar top right you can search by collection name to find your tasks

  • No border means the task is not scheduled to get run by your CTO engine (hit the Play button)

  • Green border on your CTO means, the task is running and you're owning the highest bid

  • Orange border on your CTO means, the task is running and you're not owning the highest bid

  • Red border means there was an error last time processing your bids (such as hitting FP limits)

  • Check your task logs (second button from left) to check for details when hitting red border

Start Ordinals Collection Task and CTO Engine
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