The Moxie protocol, launched just over three months ago as an innovative SocialFi platform within the Farcaster ecosystem, is preparing for a major evolution. With nearly 100,000 users and over 13 million Fan Tokens issued, the protocol has already locked in a Total Value Locked (TVL) exceeding 1 billion $MOXIE, representing about 10% of the total token supply. Now, the team aims to reach one million users by proposing significant governance changes.
Goals of the MIP-1 Proposal
The MIP-1 proposal, currently under discussion on Snapshot, outlines two key updates to enhance accessibility and usability of Fan Tokens:
Removal of the Moxie Pass NFT
This update would allow anyone to buy, sell, or create Fan Tokens on the Base blockchain without requiring a Moxie Pass NFT. Lowering these entry barriers could encourage broader adoption.Wallet-to-wallet transfers
Introducing this feature would improve the utility of Fan Tokens in standard wallets and DeFi protocols, increasing their liquidity and integration opportunities.
Impact on Fan Token
Expanding functionality and opening up the protocol could positively affect the value of Fan Tokens. Easier transfers between wallets and deeper integration into the DeFi landscape could drive demand, potentially boosting prices. Additionally, decentralized exchanges (DEXs) on Base might choose to list and incentivize liquidity pools for the most promising Fan Tokens.
Removing the Moxie Pass NFT requirement could further stimulate user inflow, expanding the potential market and solidifying Moxie’s position as a leading SocialFi protocol.
Current Situation and Potential Future Developments
The cumulative market value of Fan Tokens on the Moxie protocol is approximately $2.5 million, with a daily transaction volume of around $168,000. These figures highlight an expanding ecosystem supported by a liquidity structure based on logarithmic bonding curves designed to stabilize token prices.
Moxie also accounts for a significant share of activity on Base, contributing approximately 5.4% of the total transaction volume. This achievement stems from its Fan Token economy and auction structure, which promote active, decentralized participation. Users have generated increasing demand for Fan Tokens, fueled by continuous auctions and trades using $MOXIE as the primary currency.
This proposal marks a strategic step toward greater scalability and expansion across the Base blockchain ecosystem. If approved — an outcome that seems increasingly likely — Moxie could evolve into a central hub for Fan Tokens, opening new opportunities for both users and investors.
For a detailed comparison of how Moxie differentiates itself from other projects, see the in-depth analysis in the article Moxie vs. Hamcaster.
These are not financial advice. DYOR!
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