Moxie Protocol
Powering the Farcaster Economy
Moxie Protocol White Paper v1.1.0. Moxie Protocol Foundation, Cayman Islands registration #409437.
Developed with 💜 by Airstack.
last updated: 27 July , 2024
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Please note: This page contains a summary. For granular details please see pages in left menu.
Introduction
Moxie is a community-governed Farcaster economic engine. Moxie's mission is to grow the Farcaster GDP and help Farcaster members and communities prosper. Moxie runs on the Base blockchain, launching as part of OnchainSummer 2024. The Moxie Protocol ("Moxie") facilitates efficient onchain economies on Farcaster. It enables paid memberships, monetization, member-only features and benefits, Farcaster-native adverting models, built-in attribution, rewards and revenue sharing, and much more.
Moxie's primary cryptocurrency "MOXIE" enables you to participate in the Moxie ecosystem and own the project together with the rest of the community. The Protocol is an orchestration of several smart contracts that can be executed via Frames, Actions, and Apps/Clients. It represents foundational technology that anyone can use to add economic incentives to their Farcaster experience. Here are the core protocol mechanics (described further below, and broken out in each page at left):
Members buy Fan Tokens from the Moxie Contracts to become paid Fans, support each other, their favorite channels, and the overall Farcaster network via the Moxie Batch Auction & Bonding Curve smart contracts. Fans get access to special features and benefits.
Anyone can program Rewards for Farcaster Members ("Members") through the protocol. Rewards can be for any action initiated on Farcaster in casts, frames, actions, and for any downstream actions and onchain transactions resulting from distribution by any Member or Channel.
Members Earn rewards for actions taken by themselves and others on Farcaster.
Payouts on Rewards are automatically shared between the earning Member, Channels, and their respective Fan Tokens smart contracts.
Moxie contracts are self-executing smart contracts. n.b. the Moxie Protocol does not create any front-end user facing UX. All products built on top of the protocol are developed by 3rd parties.
Some of the numerous immediate use cases made possible with Moxie include:
Members and Communities can provide their Fan Token holders with exclusive access to special features
Fans-only voting on initiatives
Fans-only Farcaster feeds
Content boosting for Fans
Share commerce revenue earned on Farcaster amongst Fans
Fan CRM
Access to Fans-only content and events
Rewards for product trials, mints, frames usage, and brand engagements
Referral programs for more, see Many Such Cases here.
The highlighted portion of the screenshot below shows an example of how a Channel community can membership-gate the channel to only holders of its Fan Tokens.
This next screenshot shows how Fan Tokens can be purchased via auctions in Frames on Farcaster.
This next screenshot shows an example of a view of upcoming Fan Token Auctions
Farcaster
The Farcaster Protocol (“Farcaster”) is a decentralized social network built on EVM technology running on the Optimism blockchain. Farcaster is a permissionless onchain protocol; anyone is able to create frames (mini-apps), actions (mini-app-summoners), channels (communities), content, and economies on Farcaster. In 2024 Farcaster became the epicenter for onchain enthusiasts. In May 2024 Farcaster raised $150M in venture financing to fuel further growth and development of the ecosystem. For the latest Farcaster usage statistics see here.
Moxie, initially developed by Airstack
The Moxie Protocol is initially developed by Airstack, one of the leading Farcaster ecosystem developers.
Airstack's growth has skyrocketed recently alongside Farcaster's.
Since March 2024, 200,000 Farcaster members have earned 300,000,000 Airstack "Not A Token Points" which allowed for early off-chain testing and validation of some of the concepts in the Moxie Protocol.
At launch Members can participate in the Moxie-powered Farcaster economy from within Frames and Cast Actions on Farcaster, on the Airstack website, and in any frame/website/app that builds on the Moxie Protocol.
While Airstack has gone first, any developer is free to build on the Moxie protocol. This page contains several "please build this" ideas for devs who are interested in building with Moxie and several grant programs have already been approved by the Moxie DAO for rewarding development.
Moxie Protocol: Core Mechanics
Members are able to become paid Fans and support other Members, Communities (channels) and the overall Farcaster Network by purchasing Fan Tokens from the Moxie smart contracts. There are 3 types of Fan Tokens available at launch:
In the future Fan Tokens could extend to anything, including representations of real world assets.
Fan Tokens can only be purchased by Members on Farcaster from the Moxie Contracts and are unable to be transferred, traded, or sold outside of the Moxie Smart Contracts. Purchases and sales of Fan Tokens are always made from the Member-to-the Moxie Smart Contracts. Person to person sales and transfers are not possible as per the contracts. Learn more about Fan Tokens
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). Learn more about Rewards.
Members Earn rewards as the Protocol confirms they've completed the actions. Learn more about Earn.
Payouts for Earned Rewards are automatically issued by the Moxie smart contracts, and allocated as follows at launch:
50% to the Member who earned the Reward
20% to the community/channel where the Reward was earned (if applicable). (to the smart contract)
20% to the Member's Fan Tokens (to the smart contract)
10% to the overall Farcaster Network Fan Token Tokens. (to the smart contract). The percentages in buckets 2, 3, 4 above are accomplished by the contract buying the amount into the respective Fan Token Bonding Curve contracts, which serves to increase the price for the next purchased such Fan Token. More details on these mechanics can be found in the Payouts details. Additional payout types and splits can be programmed by devs in the near future and made available for anyone to make use of, depending on the use case. Learn more about Payouts
A Full-Loop Decentralized Economy
Organizations buy MOXIE tokens (from 3rd party exchanges) to offer rewards
Members earn rewards in MOXIE through their actions on Farcaster
Members can use MOXIE to become Fans of each other and their favorite communities, and the entire network.
Fans get access to special features and benefit from earned rewards.
This encourages Members to support each other and their favorite communities.
The Protocol takes a small fee on each transaction, which is initially set to be burned. The example below demonstrates one of the many sinks and loops built into the protocol
Developers
The Moxie Protocol consists of a series of orchestrated Smart Contracts and rules engines. Developers are able to permissionlessly build user experiences, frames, actions, apps, bots, DAO tooling, prediction markets and more, to make use of and extend the protocol.
The Moxie Protocol Foundation (a Cayman Islands DAO) is community-owned and community-run. While the Moxie Protocol Foundation has partnered with Airstack to lead the initial protocol development, the protocol is open source software and anyone can freely use the contracts.
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