What happens when Fan Token Auctions End?
Scenario
10,000 Fan Tokens are auctioned
10M Moxie in proceeds
Finalization Steps
A Moxie Bonding Curve Contract “Moxie FT Contract” is initiated for that Fan Token.
90% of the proceeds from the Auction (9M in this case) go into the Moxie FT Contract as the reserve
10,000 Fan Tokens are created for the auction winners.
5% of the proceeds = 500K Moxie is used to immediately buy Fan Tokens for the Subject of the Fan Token Auction. These are bought on the bonding curve.
5% of the proceeds = 500k Moxie is burned as protocol fees (this will happen once-daily, not immediately)
If the auction was for a Channel, any amount of Rewards earned by the channel from 29 July (when Moxie launched) to auction end, are then also purchased on the bonding curve and then burned, as to increase the price and not dilute the ownership.
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