This protocol is designed to reward users for their interactions on the platform, creating a self-sustaining economy driven by user participation. By leveraging Fan Tokens and smart contracts, Moxie offers a unique and engaging way to enhance the Farcaster experience.
How Does Moxie Work?
- Fan Tokens
- Earning Rewards
- Reward Distribution
- The MOXIE Token
- Economic Model
- Monetization Model
- How to Get Involved
What is Moxie?
Moxie is a protocol, not a client. It integrates seamlessly with Farcaster, allowing users to earn rewards, interact with Fan Tokens, and participate in the decentralized economy. Users can access all of Moxie's key functions through various Farcaster clients, such as Warpcast. The protocol is community-owned and governed, ensuring that the interests of all participants are aligned.
How Does Moxie Work?
Fan Tokens
Fan Tokens are digital assets representing membership and participation in different levels of the Farcaster ecosystem. There are three types of Fan Tokens:
1. Member Fan Tokens: Provide access to exclusive features and benefits for the Member's Fan Token holders. A portion of the rewards earned by the Member is distributed to their Fan Token holders.
2. Channel Fan Tokens: Offer similar benefits but are specific to channels within the ecosystem.
3. Network Fan Tokens: Apply to the entire Farcaster network, offering broader benefits.
Fan Tokens can only be purchased within the Moxie ecosystem and cannot be transferred, traded, or sold outside of it.
Earning Rewards
Users can earn rewards by completing specific actions, such as creating quality content, building valuable frames, onboarding active users, and interacting with frames or advertisements. These rewards are issued in the form of MOXIE tokens.
Reward Distribution
Rewards earned through the Moxie Protocol are automatically allocated by smart contracts as follows:
- 50% to the Member who completed the action.
- 20% to the Fan Token smart contract of the Member.
- 20% to the Fan Token smart contract of the Channel (if applicable).
- 10% to the Fan Token smart contract of the overall Network.
This mechanism helps increase the value of Fan Tokens by buying and burning them, thereby raising their price for future purchases.
The MOXIE Token
MOXIE is an ERC-20 token on the Base blockchain. It will have a total supply of 10,000,000,000 MOXIE at genesis. The distribution of MOXIE tokens is as follows:
- 50% of the tokens are earmarked for the ecosystem to support growth and participation.
- 20% is allocated for protocol development to ensure continuous improvement and innovation.
- 10% is set aside to ensure liquidity at launch so developers can use the protocol effectively.
Economic Model
The Moxie Protocol operates a full-loop decentralized economy where:
- Organizations buy MOXIE tokens from third-party exchanges to offer rewards.
- Members earn MOXIE tokens through their actions on Farcaster.
- Members use MOXIE tokens to become fans of others and their favorite communities.
- Fans gain access to special features and benefits from earned rewards.
- The protocol takes a small fee on each transaction, which is initially set to be burned, creating a deflationary effect on the token supply.
Monetization Model
Moxie generates revenue by taking a small fee on each transaction conducted within the protocol. This fee is initially set to be burned, reducing the total supply of MOXIE tokens and potentially increasing their value over time. This deflationary model aligns the interests of the protocol with its users, incentivizing continuous participation and growth within the ecosystem.
How to Get Involved
Developers and users alike can participate in the Moxie Protocol by building and using applications, bots, DAO tooling, prediction markets, and more. This open environment encourages innovation and the creation of diverse tools and features that extend the protocol's capabilities.
To learn more about Moxie and how to get involved, visit: https://build.moxie.xyz.