WTF is Powder?
A Detailed Guide to How Minting and Whitelists Work on Bullet
As many of you know, we recently launched a permissionless 404 launchpad on Bullet.
You can see a detailed how-to guide here.
One of the topics not covered was how to manage whitelists, and I'll dig into that here.
If you want to understand how staking works to earn POWDER and what you can stake, just skip to the end.
Whitelisting Addresses
First of all, once you follow the guide above and create your collection, you should have a new collection under the "my collections" page at the top.
Clicking into that will let you manage several aspects of your collection, the mint, and whitelists.
While you were configuring your mint, you said how many whitelist phases you'd like to have.
Here, you can grant people access to each of those phases.
Simply put the phase number, the quantity each address should be allowed to mint, and then the list of addresses, each on a new line.
The quantity will increment each time, so if an address is duplicated 3 times, and you put the number 2, they will end up being able to mint 6.
Phase 1
Phase 1 is a bit special during a mint on Bullet.
Granting phase 1 access is granting a guaranteed mint. You aren't able to whitelist more than the maximum mintable amount.
In fact, you're only allowed to whitelist 90% of the maximum mintable amount, because we reserve at least 10% of phase 1 for people who burn POWDER.
Other phases
You can have up to 5 whitelist phases, and each phase after phase 1 can be oversubscribed.
This allows you a lot of flexibility on how you'd like to run your mint.
The only thing not allowed is different prices per phase, and this is simply due to the complexity of math associated with generating LP.
Maybe I'll figure it out later 😅
WTF is Powder... and How Does it Work?
POWDER is an inflationary token that we created to reward community participation.
I'll talk about staking in the next section, but POWDER is generated by staking a variety of ecosystem assets.
Before a mint, you are able to purchase phase 1 access–a guaranteed mint–by burning POWDER.
Each purchase you make is 1 mint, and you can burn as much POWDER as you want.
The moment the mint is configured, the price to buy a phase 1 spot is 100,000 POWDER, and it decreases to 0 a the time of the start of phase 1.
If the mint is in a few days, it will decrease very slowly.
If the mint is in 30 minutes, it will decrease very rapidly.
This starting price may be adjusted in the future.
As I said earlier, we require a minimum of 10% allocation to POWDER burners, but you can set it for as much as 100%.
This means that by staking to earn POWDER, you are getting early access to any projects that launch on Bullet in the future–assuming you are fast enough on the trigger to buy spots.
Staking
Staking is incredibly simple.
Head over to the Bullet Staking page and you can see the assets you are able to stake.
At present, you can stake Lucky, Kingshit, Majin, and Tech.
Each token has a different reward rate with Lucky and Kingshit being the highest.
Once staked, you can simply come and claim whenever you would like. It generates POWDER on a continuous basis.
If you need to buy POWDER for a specific mint, there is a small liquidity pool on LFJ that you can purchase from.
But remember, this token will inflate like crazy over time, so your best bet for participation is to purchase assets that are stakeable so you always have some powder.
