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.
FAQ
- What is the Moxie Protocol?
- Is Moxie a Farcaster client?
- Who built Moxie? Who owns it?
- What is the MOXIE token and how will it be distributed?
- How do Fan Tokens work?
- How can I earn rewards on the Moxie Protocol?
- How are rewards distributed?
- What are the benefits of holding Fan Tokens?
- How can developers participate in the Moxie Protocol?
- What is the economic model of the Moxie Protocol?
- How is Moxie’s monetization model?
- Can the reward and payout mechanisms be customized?
- Where can I learn more about the Moxie Protocol and its features?
What is the Moxie Protocol?
The Moxie Protocol, initially developed by Airstack, is a decentralized framework within the Farcaster ecosystem that allows users to earn rewards through their interactions on the platform. It leverages Fan Tokens and smart contracts to create a self-sustaining, reward-driven economy.
Is Moxie a Farcaster client?
Moxie is not a Farcaster client itself but a protocol that enhances the Farcaster experience. It integrates with Farcaster to enable users to earn rewards, interact with Fan Tokens, and participate in the decentralized economy built around the Moxie Protocol. Users can access Moxie's features through various Farcaster clients, such as Warpcast.
Who built Moxie? Who owns it?
Moxie was initially developed by Airstack, one of the leading developers within the Farcaster ecosystem. Ownership and governance of the Moxie Protocol are decentralized, meaning no single entity owns it. The protocol is community-owned and governed, with contributions and decisions made by the Farcaster community and developers. Moxie's primary cryptocurrency "MOXIE" enables anyone to participate in the Moxie ecosystem and own the project together with the rest of the community.
What is the MOXIE token and how will it be distributed?
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.
How do Fan Tokens work?
Fan Tokens are digital assets within the Moxie Protocol that represent membership and participation in various levels of the Farcaster ecosystem. There are three types of Fan Tokens:
- Member Fan Tokens: Provide access to exclusive features and benefits for the Member's Fan Token holders. A portion of rewards earned by the Member is distributed to their Fan Token holders.
- Channel Fan Tokens: Offer similar benefits but are specific to channels within the ecosystem.
- Network Fan Token*: 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.
How can I earn rewards on the Moxie Protocol?
Anyone can offer “proof of work” Rewards to Members by staking MOXIE into the Rewards contract. Rewards are provided to Members who complete certain actions (e.g. for quality content creation, building valuable frames, onboarding active users, interacting with frames or advertisements, trying new products). Rewards are issued in the form of MOXIE tokens.
How are rewards distributed?
When you earn rewards, the Moxie smart contracts automatically allocate them 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 distribution mechanism helps increase the value of Fan Tokens by buying and burning them, thereby raising their price for future purchases.
What are the benefits of holding Fan Tokens?
Holding Fan Tokens allows you to access exclusive features and benefits specific to the Member, Channel, or Network. Additionally, you receive a portion of the rewards earned by the entity you support, enhancing your overall experience and potential earnings within the ecosystem.
How can developers participate in the Moxie Protocol?
Developers can build user experiences, actions, apps, bots, DAO tooling, prediction markets, and more, leveraging the Moxie Protocol's smart contracts and rules engines. This open environment encourages innovation and the creation of diverse tools and features that extend the protocol's capabilities.
What is the economic model of the Moxie Protocol?
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.
How is Moxie’s 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.
Can the reward and payout mechanisms be customized?
Yes, developers can program additional payout types and splits depending on specific use cases. This flexibility allows communities and users to tailor the reward distribution to align with their goals and preferences.
Where can I learn more about the Moxie Protocol and its features?
You can learn more about the Moxie Protocol, Fan Tokens, rewards, and earning mechanisms by visiting the official Moxie documentation and resources available here:
