Security Features
Last updated
Last updated
To ensure no one can work with your wallets added to Butler while you're not at home / in front of your computer or VPS, Butler supports adding a password and an automatic lockscreen when being inactive on Butler.
Password and lockscreen inactivity settings can be found in Settings section of Butler:
Recommendation for Collection Tasks: always use a floor price cap - at best in combination with the "Asset Limit" & "Maximum Active Bids" Feature.
Reasoning: When a whale decides to dump a lot of tokens you want to limit the damage. The bot will automatically stop bidding when the collection floor price drops under your floor price cap limit, and it would also stop bidding if you have specified an "Asset Limit" and you have already gotten as many tokens. But should you still have 5 active bids on the collection, there's nothing we can do to prevent the whale to dump 5 tokens to you. That's why you might want to consider to set a "Maximum Active Bids" Limit to further decrease the risk of rapidly dropping floor prices. That feature will make sure you don't overexpose bids on a collection by limiting the amount of bids that can be active simultaneously.
Recommendation for Trait Bidding Tasks: use a trait floor cap. floor price cap can still be useful if you assume that the trait floor correlates with the overall collection movements. Asset limit & Max active bids can be used, but are usually less relevant on high profitable traits. DYOR.
The community was asking for this feature, so there you go! You can now specify a maximum # of tokens you want to acquire from the same contract. As soon as the limit is reached, the task will stop bidding.
It is important to know that when counting the # assets in all your wallets, the bot will count all tokens coming from the same contract. Currently there is no option to specify a maximum per trait, but we could go in that direction if there's a strong demand by the community.
If you own multiple assets of the same ERC-1155 NFT, they copies will count as multiple towards asset limits.
When Asset Limits of a CTO are reached Butler will cancel the remaining active CTO bids within a few minutes.
The maximum active bids option defines how many bids should stay active at the same time.
We strongly recommend to use this option on Collection Bidding Tasks. Once you reach the maximum active bids limit, the CTO will cancel your oldest active bids to ensure there is space for a new bid.
Butler will ensure to only keep as many bids active as defined here on all Marketplaces and Blockchains.
This feature is now also available on Token Bidding tasks. As it will lower Bidding speed if you have to cancel previous token bids first we recommend to only make use of this Feature on ERC-1155 tokens or if your Active Bid WETH Limitations are kicking in frequently.
When Asset Limits are reached Butler will automatically search for old CTO bids and cancel them. However it can take several minutes until Butler realizes new assets have been received so this is not an instant action. We always recommend to limit available WETH on your wallet to avoid to many bids getting accepted
When Collection or Trait Floor Prices are reached, Butler will automatically cancel old active CTO bids.
A few words shall be said about one of the most basic strategies: working with %-prices instead of absolute ETH prices allows to run tasks over a long time without the need of updating prices daily.
But if your going for a completely dynamic calculation you might expose urself to additional risks if the FP does sudden unexpected movements. For example if floor gets sweeped, FP doubles and you had a bidding price of 2x the FP defined --> suddenly you would bid 4x the initial bidding price. To avoid overexposure in these scenarios you need to put a "hardbid cap". NFT Butler will then never put a bid higher than the specified value.
Another good idea is to work with short bid validities. Obviously this works better on Collection & Trait Bidding tasks because you will usually have to put longer bidding validities on token bidding tasks to make them work properly in most scenarios.
Simply toggle Floor price cap or Trait floor price cap as in the screenshot below and specify values. Usually it's enough to choose a minimum floor price value when we're concerned about dropping floors. The bot will stop bidding when the trait/collection floor price drops below the defined value. For Token Bidding tasks that include multiple traits, the bot will stop bidding when at least of the traits falls below the specified value.
Butler does currently support two use-cases to auto cancel bids:
