Moxie Protocol
Moxie is a SocialFi protocol on the Base blockchain that allows users to create and interact with Fan Tokens.
Moxie was incubated on Farcaster from 29 July, 2024.
In December 2024 Moxie began expanding across all of Base
Contracts and APIs can be found in the developer hub
Readers should assume everything contained in these docs is onchain unless specifically called out as offchain.
There are 4 major parts of the Moxie protocol:
1. $moxie token
$moxie is an ERC-20 token on the Base blockchain and it enables you to participate in the moxie ecosystem.
$moxie is required in order to buy Fan Tokens. When purchasing Fan Tokens $moxie is locked in the moxie protocol bonding curves to support continuous liquidity for Fan Tokens. Fan Tokens can also be staked for longer periods to earn additional rewards.
Moxie is required to provide protocol rewards to users and their fans.
Moxie is required to vote for governance in the Moxie DAO.
For more details on $moxie tokenomics see here.
2. Fan Tokens
Fan Tokens can be created for any person, community or brand.
Fan Tokens provide holders with access to special features and benefits.
Certain fans benefits are built into the protocol, such as automatic sharing of rewards earned by the Fan Token subject.
Fan Token subjects can set onchain the percentage of rewards-earned that is split with their fans (minimum 20%).
The protocol shares rewards with fans by buying and burning the subject's Fan Tokens which increases the token price without diluting the holders.
Programmatic benefits can be added as desired by devs and Fan Token subjects.
As of December 2024 more than 500 different Farcaster frames, apps, and features have been launched for Fan Tokens and their holders.
Additional features and benefits for fans are being added regularly by core devs and 3rd party devs.
Network Tokens are a special type of Fan Tokens that support growth and development of entire networks:
The Farcaster Network Token is for fans of Farcaster, and automatically earns 10% of all user rewards earned on Farcaster.
The Base Network Token (launching mid December 2024) will similarly earn 10% of all user rewards earned on Base.
Fan Tokens go through 3 stages in their lifecycle:
Presale auction.
Fan Tokens are launched with an initial public presale batch auction which allows for fair participation and price discovery. This enables everyone to get the same public sale price, before listing.
A fixed initial supply of the fan token is available during the auction and bidders name their maximum price (in $moxie) and maximum budget.
The auction contract (gnosis batch auction) is profit maximizing and determines the clearing price that will result in the most money received from the auction.
Following the auction 90% of the proceeds go into the moxie bonding curve and the winning bidders receive their Fan Tokens at the clearing price.
10% of the auction proceeds are retained as protocol fees, split 50% to the Fan Token Creator in the form of a distribution of their own Fan Tokens and the other 50% split amongst the protocol and referrers, as further described below.
Moxie bonding curve.
Following the presale auction the Fan Tokens are available for purchase and sale on the Moxie bonding curve contract.
Once on the bonding curve there is an infinite number of Fan Tokens available. Every purchase increases the price on the curve and every sale decreases the price.
Graduation to Uniswap V3 (coming soon)
Once certain conditions are met (e.g. market cap and number of fans/holders) the Fan Token Creator can opt-in to graduate their Fan Token outside of the Moxie Protocol to Uniswap V3.
The graduation feature is in the final development stages and will be launched soon.
3. Rewards
The Moxie protocol enables offchain rewards with onchain distribution.
The protocol ensures that as Fan Token subjects earn rewards those rewards are automatically shared with their fans. This takes place by buying and burning the earner's fan tokens, which increases the price for all holders without any dilution.
4. Referral Fees
The protocol provides for various types of referral fees, as further described here. A technical deep dive on Referral Fees can also be found here.
Presale auction referral fees
90% of the auction proceeds go to the bonding curve reserve
10% Fees are split:
50% to the subject of the Fan Token (as a distribution of their own Fan Tokens)
20% to the Protocol
15% to the platform referrer. The platform referrer is the platform through which the token is created using the Moxie Protocol. This applies equally to a user who shares a referral link that results in another user creating a Fan Token, and to an app that enables Fan Token creation in the app.
15% to the order referrer. The order referrer is the referrer who refers a successful auction bid on the Moxie Protocol.
In the event a transaction is not attributable to a platform referrer or to an order referrer, the entire referral fee will be distributed to the protocol by default.
The protocol currently burns protocol fees.
Buys/Sells referral fees. For every buy and sell of Fan Tokens, 1% fee is split as follows:
50% to the subject of the Fan Token
20% to the Protocol
15% to the platform referrer. The platform referrer is the platform through which the token is created using the Moxie Protocol. This applies equally to a user who shares a referral link that results in another user creating a Fan Token, and to an app that enables Fan Token creation in the app.
15% to the order referrer. The order referrer is the referrer who refers a successful auction bid on the Moxie Protocol.
In the event a transaction is not attributable to a platform referrer or an order referrer, the entire referral fee will be distributed to the protocol by default.
The protocol currently burns protocol fees.
Signup referral fees (mid December, 2024)
With the expansion of Moxie to Base the following signup referral fees are introduced (mid December 2024)
The user who refers another user to signup with Moxie gets the Platform Referrer fee when their auction is completed.
The referrer also gets an additional 10% increase to their Moxie Score whenever their referred signup increases their Moxie Score. For example, if user A refers user B, and user B has a Moxie Score of 50, user A gets 5 more points to their of Moxie Score. When user B grows their score to 60, user A get an additional 1 point (increase of 10 x 10%)
Referral fees can be claimed from the moxie.xyz website.
Architecture and Smart Contracts
Moxie is built on Base, an Ethereum Layer 2 chain. EVM-compatible smart contracts serve as the backbone of all Moxie protocol mechanisms.
Start building with Moxie
Check out our official 📖 docs here to start building on top of Moxie protocol subgraphs & contracts.
If you have any ❓ questions, you can reach out for help in our developer telegram.
Contributing to the protocol
Open-source is in the 💜 heart of Moxie protocol and we welcome your contribution to our source code. You can contribute to the following repository by following respective CONTRIBUTING.md guidelines:
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