In recent months, we have witnessed the emergence of various tokens on Farcaster, assuming crucial roles within the protocol. Among them, the pioneer and leader is $Degen, which has revolutionized with the tipping system, rewarding users who bring value to the ecosystem.
Since the birth and success of $Degen, numerous projects and applications have been built around Farcaster, such as Drakula, Lotto, Perl, and AlfaFrens, further enriching the ecosystem. $Degen has had such a significant impact that many consider it the economic token within Farcaster.
However, $Degen's success has brought new challenges, such as the need for a fairer distribution of rewards, preventing Sybil attacks, and avoiding "farmers." These issues have made it difficult to achieve the main goal of rewarding creators within Farcaster
In response, several projects have launched their own tokens with modified tipping systems, seeking a sustainable balance. Tn100x requires a minimum of tokens in the wallet and creating ntfs with locked TN100x, Masks limits tips per comment and sets a weekly allowance, and Regen focuses on individuals with a philosophy that benefits the ecosystem as a whole. Build, on the other hand, initially allows nominating only three users per day.
Despite these efforts, no one has found the perfect formula, and $Degen remains the king, continuously innovating and adapting. Today, $Degen is up 28,502% in price since its launch, though it has dropped 90% from its all-time high, affecting the overall enthusiasm of users.
Moxie Airdrop
In less than seven days, over 50,000 users will receive the Moxie airdrop, created by the Airstack team, generating great excitement among the main users of the ecosystem. All Farcaster members who joined before July 10, 2024, are eligible for this airdrop. Builders who have made substantial contributions to the protocol before June 21, 2024, will also receive an additional airdrop, subject to a 180-day daily vesting schedule.
Airstack has been instrumental in Farcaster's growth, offering essential tools for developers. Additionally, Airstack created the SCV, a metric that rates the quality of casts, used by applications like Perl, thus improving the quality of content on the platform.
How Does Moxie Plan to Revolutionize Farcaster's Economy?
Recently, in an AMA at Farhouse, the FBI team asked Jason Goldberg from Airstack and Moxie if he saw Moxie as the new economy within Farcaster. Goldberg responded: "That is the goal, that is the whole intent here. I really believe that onchain social has to leverage onchain in order to be different from just old social on web 2. Farcastar has introduced frames which was a great step in this direction. What Moxie is providing is the ability to have economic incentives onchain where every member of the community has skin on the game flow through out any app any client at a protocol level and that is one of the missing ingredients and we are going to fill this gap and we hope this really works out for everyone"
For creators, Moxie aims to turn followers into paid fans, enabling fan tokens for any entity on Farcaster, including members, channels, or even the entire Farcaster network. Moxie will reward utility over speculation, attention, community, and cooperation. Farcaster users will receive daily Moxie based on their activity and that of their channels, distributed as follows:
- 50% to the member who earned the reward.
- 20% to the fan token bonding curve smart contract for the member.
- 20% to the fan token bonding curve smart contract for the channel.
- 10% to the fan token bonding curve smart contract for the network.
Initially, Moxie will start with fan tokens through batch auctions, with over 1,500 users applying to create their tokens. During the first two weeks, 400 fan token auctions will be held among users and channels. All auctions will be conducted through frames, where you can be notified of their launches and create a frame to notify you at this link: (https://www.airstack.xyz/).
To mitigate speculation and explore the price of fan tokens, their sale will be through auctions where batch winners receive them at the same price. Users can use their vested tokens to participate in these auctions. For detailed information, visit [this link](https://build.moxie.xyz/the-moxie-protocol/moxie-protocol/fan-tokens).
Moxie is looking forward for developers to build on top of the protocol. In fact, the team has published 25 use case ideas in their documents https://build.moxie.xyz/the-moxie-protocol/moxie-protocol/many-such-cases , including:
- Fan Token holders with exclusive access to features
- Content boosting for Fans
- Fan Token-gated services
- Channels can easily reward Fans for streaks and other contributions
We at Warpwatch are excited about this launch and eager to see how the project evolves in the coming weeks and what people build on this protocol.
Is $Degen Dead?
Absolutely not! We believe both $Degen and Moxie will leverage each other. Supporters of both projects back one another, as demonstrated by Wake, who committed 100,000 $degen through a Rain cast to those who support Jason Goldberg's tweet announcing Moxie on X.
https://warpcast.com/wake.eth/0xbf6823c8
$Degen remains the king in the tipping system, rewarding users for their content and those who bring value to the ecosystem. Moxie, on the other hand, introduces a new system offering on-chain economic incentives at a protocol level.
So, how do we see it?
Let's take Nikolai for example. We have used his frames to many times and really think he does provide huge value to the ecosystem with his tools and frames. Therefore we will decide to buy Fan tokens from him.
He has an average daily earnings of moxie 75,063.8 meaning that 20% of then will be distributed to the fan token owners.
So we will certainly be tipping some $degen to him to recognize his work and encourage him to keep up with his work. And at the same time we will be earning some $Moxie while enjoying his work and making it more visible to the audience.
At Warpwatch, we are excited about this launch and eager to see how the project evolves in the coming weeks and what people build on this protocol.
For more information about Moxie, visit their official website at https://www.moxie.xyz and their documents at https://build.moxie.xyz. If you liked this, don't forget to subscribe and follow us on our social media for more content like this!
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