During this scorching on-chain summer, Warpcast has been revolutionized by the arrival of fan tokens. Moxie was the first protocol to launch its ecosystem of tokens linked to Farcaster profiles, quickly followed by Hamcaster. Both protocols allow users to redistribute their earnings generated by the platform among their most loyal followers. In this article, I will compare the two projects to highlight differences and strengths.
Let’s start with the basics. The Moxie protocol was implemented on Base Network by Airstack, which is probably the simplest tool for building applications and frames, as well as for data analysis on Farcaster. Moxie was designed specifically to contribute to the growth of Farcaster’s economy, a social networking protocol on Base. As we will see later, the MOXIE token plays an essential role not only regarding Fan Tokens but also in its fundamental contribution to incentivize the use of Farcaster. To purchase the Fan Tokens from the Moxie ecosystem, you will need a Farcaster account, ETH on the Base network to pay transaction fees, and to buy the $MOXIE token.
Hamcaster, unlike Moxie, is a platform implemented on Ham, a Base layer 3 which I discussed in a previous article. The fan tokens created on Hamcaster, as we will see, are closely interconnected with the Ham ecosystem and its reference token $TN100X. For those familiar with the /lp channel on Farcaster, with floaties, and the ham tipping system, understanding the mechanics behind Hamcaster will be extremely simple. To interact with Hamcaster, you will need small amounts of ETH on the Ham network (in the article just mentioned you will find a brief guide on how to transfer funds via bridge to Ham chain) and some $TN100X to purchase the fan tokens. Having a Farcaster account is essential to create your own Fan Token and, in general, to experience the potential of the Fan Tokens ecosystem.
As mentioned in the previous paragraph, the $MOXIE token plays an essential role in the protocol, as it is the only asset that can be used to purchase Fan Tokens and participate in launch auctions. 5% of the MOXIE generated from transaction fees for the purchase and sale of tokens is burned, making the token deflationary. Besides what is allocated for initial funders, protocol development, and liquidity, the 10 billion initial supply of MOXIE has been allocated as follows: 25% to the Farcaster ecosystem, 15% to reward the daily “proof of work” of Farcaster members (distributed daily based on FarScore and casts engagement), while 10% has been distributed in airdrops among Farcaster users and participants in the Builders Program.
Regarding Hamcaster, the main token of the platform is $TN100X, and its “tippable” corresponding Ham. The Fan Tokens are exchangeable only for $TN100X. On Hamcaster, users can convert the Ham received as tips on Farcaster into $TN100X and vice versa. As we will see, one of the main utilities of Hamcaster's Fan Tokens is the generation of Ham rewards, which can be converted into $TN100X on the platform and used to purchase other tokens, or monetized.
In this section, we will find probably the most important differences between the two protocols. Let’s start with the Fan Tokens created on Moxie. In addition to allowing holders to earn a percentage of the Moxie earned by the associated Farcaster profile or channel (percentage set by the FT creator), Fan Tokens can have many use cases, such as granting access to limited-access channels on Farcaster, allowing interaction with certain frames, providing exclusive advantages in product launches, access to private groups or exclusive frames, or any utility that the creators wish to provide.
Only Farcaster members who possess the Moxie Pass can purchase Fan Tokens (if you don’t have the pass, you can mint it in this frame).
The utilities of Moxie’s Fan Tokens do not just extend to holders, but, as mentioned, they resonate throughout the entire ecosystem. The rewards obtained from each profile associated with a fan token are redistributed 50% to the profile itself, 20% to the holders of its fan token (variable), 20% to the fans of the channel, and 10% to the Farcaster Network to fuel the daily engagement system.
Fan Tokens on Moxie also allow holders to increase their Far Score. This score is determined by:
Organic component, which represents the user’s influence on Farcaster (based on followers, engagement, etc.);
Fan tokens held (1 point for every 100,000 MOXIE in FT), with a maximum score cap equal to 5 times the organic component;
Contribution to Moxie’s Liquidity Pool on Aerodrome, with a ratio of 1 point for every 100,000 MOXIE in LP value (without a maximum cap);
MoxiePower, generated by locking Fan Tokens for 3 months, with a ratio of 1.2 points for every 100,000 MOXIE of TVL (without a maximum cap).
Our Far Score influences our Far Rank and, indirectly, also our daily earnings in MOXIE. You can monitor your profile statistics on Airstack or in one of the numerous frames on Farcaster clients.
The Fan Tokens created on Hamcaster represent a tokenization of the Farcaster profiles. Thanks to the interconnection with the Ham ecosystem, holders of the Fan Tokens can directly benefit from the performance of the associated profiles. Unlike Moxie’s FT, on Hamcaster, it's not enough to hold the liquid FT to benefit from the Ham; you will need to stake FT in the dedicated section. By doing so, stakers will receive daily rewards in Ham, which, as mentioned at the beginning of the article, can be exchanged for $tn100x at a 1:1 ratio and used to purchase other FT or sold.
FT holders can choose to lock part of their tokens in the LOCK section to vote for that specific FT and enable it to obtain further allocations of Ham to distribute to stakers. To exercise this vote, it will be necessary to lock the tokens for one (1/2 of the associated voting value) or two years (maximum voting value).
Finally, it is possible to convert FT into tTOKEN, a “tippable” version of the Fan Token. FT transformed into tTOKEN can be used on Farcaster to send tips. Just like Ham tips, you simply need to enter in a comment the number of FT you wish to send followed by the ticker (e.g., 100 $frank).
The tips received can, in turn, be converted back into FT on Hamcaster and used for trading, staking, or voting.
Let’s conclude this overview of the two ecosystems with the Fan Token creating process.
On Moxie, To launch your own Fan Token or that related to the channel you own, as well as to consult the entire section dedicated to FT in circulation, you need to go through Airstack. On Airstack, you will find a wide section dedicated to Moxie FT, where you can find all the tokens in circulation, those currently up for auction, and those in the launch phase. Through the appropriate button, you can receive a private message to your Farcaster profile inbox with the frame through which you can buy/sell or participate in the auction of each token.
To create your FT, you will need to:
Connect to Airstack with your Farcaster account;
Open your profile from the dropdown menu in the upper right corner and, in the Fans section, click “Schedule Fan Token Auction.” Airstack will send you a private message on Farcaster with a frame through which you can launch the countdown for the auction of your token;
Set the duration of the countdown before the auction in the frame, which you will need to promote the launch, and the percentage of your daily rewards in Moxie that you wish to allocate to the holders of your token (by default, it's set to 20%, but the percentage can be changed at any time after the launch through your profile on Airstack);
Once the auction starts, bid and let others bid on your FT using $MOXIE. Based on the bids placed by you and other participants, you will receive a share of the FT proportional to how many $MOXIE you made available for the purchase and the price set, along with any $MOXIE not used for the purchase. Those who lose the auction will, however, receive back the $MOXIE they used. To participate in the auctions of your or other FT, as well as to purchase already launched FT, you will need ETH for fees and $MOXIE on Base network;
Once the auction is concluded, the tokens can be bought and sold through Moxie Bonding Curves, logarithmic curves that prevent price speculation.
Use the dedicated page for your profile on Airstack to monitor your Far Score, Far Rank, Fans, FT performance, and the many other features available. Promote your FT through the frame provided by Airstack to gain more Fans.
Creating an FT on Hamcaster is definitely more straightforward.
Open hamcaster.com and connect to the platform with the wallet associated with your Farcaster profile;
Click on “Create your token,” choose the ticker for your FT (this is a cool feature), and set the percentage of your daily allocation and tips received in Ham on Farcaster to reserve for the stakers of your token. On Hamcaster, you can only create the FT associated with your Farcaster profile, not for owned channels;
Once these parameters are set, your FT will be created, and you will receive 5 million tokens to use at your discretion: you can lock a substantial portion to increase the Ham destined for the stakers of the token, stake a portion, or convert some into tTOKEN to distribute for free on Farcaster;
To further incentivize users to buy and stake your FT, you can deposit Ham present in your wallet on the page dedicated to your Caster Token to increase the stakers rewards;
On the page dedicated to the FT, you can claim the fees generated from trades of your token. The protocol recognizes 0.6% of fees in $TN100X on every trade of your FT.
On hamcaster.com, in the section dedicated to your Portfolio, you will find all the tokens possibly purchased on the platform, your staking positions, and the button to claim the Ham rewards generated. To interact with Hamcaster, you will need small amounts of ETH on Ham Chain (use the link to the bridge found on the platform) and $TN100X for purchasing the FT. Convert the Ham received as tips on Farcaster or from staking rewards into $TN100X to buy other tokens or monetize your rewards.
The economy of Fan Tokens is, in my opinion, one of the most interesting aspects of the Farcaster economy. The ability to monetize from your engagement and reward your community with direct benefits represents unique growth opportunities for users and the ecosystem.
Both platforms still have significant growth margins. Consider that the holders of the FT of the most followed /lp user are “only” 70 (at the time of writing), compared to over 40K followers of the /lp channel on Farcaster. If we look at Moxie, the FT with the most fans is by far that of the /farcaster channel, with over 2000, against more than 340K followers on Farcaster.
I created my FT on both platforms: I am fascinated by the ability to buy, sell, and even gift FT through the frames offered by Airstack, but I could not give up sending my FT $FRANK created on Hamcaster to my Farcaster friends. Whether you prefer the complexity and the many nuances of Moxie or the immediacy and features of Hamcaster, these two protocols are destined to impact the future development of Farcaster.
Sources:
Airstack - the easiest way to build on Farcaster. Frames SDK. Frames API. No-code Frames. Onchain Composability APIs for Ethereum, Base, Optimism, ENS, Farcaster, Lens and more.
Moxie is a community-owned and community-governed protocol for efficient markets on Farcaster. Our mission is to grow the Farcaster GDP.
Hamcaster is a unique SocialFi app that takes the concept of social tokens and social tipping further. It's built on top of the Ham ecosy...
A new socialfi app built on Farcaster and Ham. Tokenize your Farcaster profile to allow your followers to share in your daily $HAM rewards. Caster tokens can be tipped directly in your Farcaster social feed. Anyone can buy caster tokens and start earning $HAM regardless of their engagement on Farcaster.
Cover made with poster.fun and memes.hampepes.xyz.
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