Tutorial: Setting Parameters for UncommonGoods Automated Arbitrage
Achieve UncommonGoods automatic arbitrage by configuring the robot.Author: BTCBot Chinese
This article is reprinted from: https://medium.com/btcbotcn/tutorial-setting-parameters-for-uncommongoods-automatic-arbitrage-c54bf7d73923
UncommonGoods is the Genesis token of the Rune protocol issued by Casey. Today, we will explain how to finely control mint fees through BTCBot settings to increase profit opportunities.
Basic Information about UncommonGoods
UncommonGoods will officially launch at the BTC halving block (block height: 840,000, expected to be UTC +8 time April 20, 2024), with no pre-mining, fair launch, and everyone can participate;
The total mintable amount is set in the code to have no limit, with a time restriction between two BTC halving blocks, which is about 4 years;
In fact, each BTC block contains 2,000--5,000 transactions (txns), and in the early days of UncommonGoods, each Bitcoin block may mint 500--1,500 tokens.
If the total supply is estimated to be 100 million over 4 years, with a long-term valuation of about 1 to 2 billion USD, then the long-term price should be above 20 USD, while the early supply shortage may push the price to 100-200 USD, or even higher. Controlling early costs within this range is likely to be profitable, with a corresponding gas price of about 500--1,000 sat/vB.
Note: If the gas price is 50 sat/vB, minting one costs about 10 USD; at 500 sat/vB, it costs about 100 USD. You can estimate a suitable gas price based on your psychological price point (UncommonGoods).
Single Wallet Operation
- Click "Menu," select "Wallets," and click to create or import a wallet.
- Click on the wallet name to enter the Main interface (or click Menu in the lower left corner, then click Main).
After selecting "Rune," click Auto Sniper.
- Set Parameters
Click "Add Whitelist Token," enter "uncommongoods" in the dialog box, no need to enter a separator, and click send to add the token you want to sniper to the whitelist.
Click "Max Gas Price," enter 700 (or your desired number), and click send.
Keep the Rune Sniper turned on to complete the configuration.
Note: You need to have enough BTC in the wallet for minting.
Multi-Wallet Strategy
- Click the Menu in the lower left corner, click Wallets, and click the "Create 5 Wallets" button or import external wallet private keys to create multiple wallets;
- Click "Split BTC from Main to Others," check the wallets, set the distribution amount (e.g., 0.05 BTC), and click "Submit" to complete the distribution.
Note: Distributing BTC to multiple wallets is only one transaction and will not incur additional gas fees.
- Click "Batch Mint Runes," enter UncommonGoods, and click send. Since minting can only start at block height 840,000, a prompt will pop up to add UncommonGoods to the auto sniper whitelist for multiple wallets.
After adding to the whitelist, you can adjust the "Max Gas Price" for different wallets as needed (the default gas price is 1,000 sat/vB). This can help you obtain more low-cost UncommonGoods tokens within a certain time window.
Note: The time window here specifically refers to the early minting period of UncommonGoods when the gas price drops to your psychological price point.
Of course, after the BTC halving block (Height: 840,000), you can choose to mint UncommonGoods by clicking "Batch Mint Runes" and checking wallets when the gas price is low, but due to fluctuations in gas prices, this may lead to increased minting costs and is not highly recommended.
Arbitrage Between Market Price and Mint Gas Fee
When you see the market listing price, directly adjust the "Max Gas Price" in the auto sniper to control the minting cost. If it is below 80% of the current market lowest price, after a successful mint, there will be a 20% price difference. When the network gas price meets the conditions, after automatically sniping and obtaining UncommonGoods tokens, you can sell them for profit.
Repeat the operation for arbitrage.
In the future, BTCBot will launch features to monitor market prices and automatically adjust sniper prices, making it more convenient for users to conduct multiple rounds of arbitrage over a long period.
