🚀Token Bidding
Last updated
Last updated
Collection Trait Bidding Tasks are used to create automated offers on all tokens of a specified trait of a collection (or even multiple traits at once).
Super effective for collections without trait bidding activated on OpenSea
Super flexible because you can combine filters with and / or combinators
Can't be outbid by other trait-bidding bots that do not support Token Bids
ENS Bidding possible through manual task configuration
OpenSea - Ethereum
A token Bidding task can be created directly on top of the collection. This is an unusual case since you most of the time want to choose your bidding targets carefully for a token bidding task and will most likely pick certain traits only.
However for some collections with very few assets only, it might still make sense to create a Token Bidding task for the entire collection:
Use the very left icon on the collection search engine to drilldown into the Traits view of a collection. Search your favorite traits by market data and choose your token bidding strategy.
The next screenshot will show the Trait drilldown view of a Collection:
On the above screenshot are two use-cases highlighted:
Create a token bidding task on a single trait to bid on all assets of this trait
Create a combined token bidding task with AND / OR combination filter. Have a look at the Bulk Create Task options.
If you want to create a combined token bidding tasks (combining multiple traits with AND / OR conditions), you can choose the Single Token Task option:
The following dropdown in the task config will let you choose if you want to combine the selected traits with an "OR" condition (which means you will bid on any asset owning at least 1 of the selected traits) or an "AND" condition (which would only bid on assets owning ALL traits together)
The "SHOW TOKEN SELECTION" button will always preview all assets which will be targeted by this token bidding task. It's always wise to double check the selection!
If you're using the PRO Access you can also choos if the bidding Task should be running bids on MagicEden or OpenSea
On each token bidding task created with the Butler search engine (not manual tasks) will have the option to specify additional market filters with the "Edit Token Filters" button:
The button will lead to the following screen which gives additional options for filtering:
If you create a Token Bidding task on a collection the Smart contract address Dropdown will let you choose the smart contract if the collection is hosting multiple contracts with different assets.
filter by rarity ranks but be aware of the rating system explained below. It might not match with your favorite rating system.
Min / Max listing price. This filter will target only assets currently listed between this price range.
Min / Max trait count will only target assets with a number of traits within this range.
Ranking: We're using the Open Rarity Rankings when available. If there is no Ranking available we do a very basic Rarity Calculation on our own as per the formula below.
Alaways double check "Show Bidding Targets" before running the task. To ensure you're targeting what you intended.
With "Show Bidding Targets" you'll exactly see all Assets which will be included to send bids too. When hitting "Exclude Items" you'll also be able to filter out some Assets which should not be included in your Bidding Task:
The token bidding task configuration is on the right side while market data is displayed on the left side.
The blue save icon enables you to save your own default configurations for many of the configuration fields. If the icon is blue, it indicates that this setting is already stored as your default configuration.
Min./Max bid price is probably the most important configuration as it defines the range you'll be bidding on. The higher the max bid price, the more risk you're taking.
You can either define min./max. bid price in eth
or min./max. bid price in % from floor (will be calculated before every single bid, you can also use negative values. ALWAYS set the "Hardcap bid price" when bidding in % relative to the floor price:
Butler uses 3 different ways of outbidding increments:
absolute in ETH (e.g. 0.001 ETH)
in %
smart outbidding (for very competitive tasks)
Why use smart bidding? If many bots are bidding on the same token selection, it's difficult to remain the top bidder for an extended period of time and it requires a lot of resources to keep out bidding especially against multiple other bots.
An alternative way to win the bidding game is to use smart bidding which begins by making large outbidding steps which gradually decrease towards the maximum price configuration. The idea behind this is to shorten the number of iterations needed to reach a zone that is too risky or expensive for the competition.
This feature should only be used if you're still very confident with your maximum bidding price. Generally, winning a bid at an excessively high cost is not a real win, so be careful.
The Expiration Time refers to the duration during which bids remain valid for. It can be set in minutes, hours, days, or weeks.
Each task operates at a throughput of approximately 1200 bids per hour. We recommend choosing a validity period of at least 1 hour per 1000 bids. For example, if your task involves processing 4000 bids, you should set a validity of at least 4 hours.
If you're running multiple tasks on your Butler simultaneously, it may be beneficial to increase the validity of each task. This allows other tasks to run efficiently while one task waits for its next cycle.
If you want to make sure all your active bids are getting protected by the instant counter bidding engine, then enable the instant counter bidding option and start your ICB engine.
With the looping options you can define how often the task should be repeated.
The first dropdown can be used to switch between Forever (looping infinitly) and Limited which let's you run the task only x times (for example 3 times). Usually you want to go with Forever but limit the task with floor price caps or asset limits as described in Security Features.
The second dropdown let's you define the interval time for each cycle. By default we're using Auto which means the task will automatically restart when the first bid expired. It will then start again in the same order to bid on all it's targets. When switching to Custom option you define a fixed interval in minutes. Which will start counting down once the task has ended.
On your Token Tasks page you'll see three different categories from top to bottom:
Running: Here are all the tasks which are currently processing bids (up to 5 slots)
Queued: Here we store tasks which are ready to be picked up once a task finishes in Running Queue or already completed and waiting to run again later on (yellow border with count down)
Unescheduled: This is your task storage where your new tasks will land initially
Each task has different control buttons on the very right. Hitting the "plus" button will automatically move it from the Unescheduled section to the Queued section, ready to be picked.
While the play button will send it to the running queue if space is available. This will make it run and sending bids immediately but there needs to be a free slot in running queue and not to many tasks running on the same wallet already.
Also you'll have to run your token task engine first in order to be able to start your token tasks. It can be done on your Dashboard or the head section in Butler
