Moxie’s Leap to Base: Elevating the Onchain Social Economy
I took some time to explore Moxie Protocol. In this deep dive, we'll learn how it works, its impressive numbers, and what's next
I’m thrilled to partner with Moxie Protocol as they expand to the Base network! I first heard about Moxie directly from its cofounder, Jason Goldberg, during our podcast episode. Back then, Moxie was just days into its journey, and Jason shared an ambitious vision for the protocol. Fast forward three months, and the team has executed on that vision at lightning speed.
In this deep dive, we’ll cover:
What is Moxie protocol and what have they accomplished in a short period of time?
Powering the onchain economy:
Tokenizing fandom with Fan Tokens
Promoting and earning with Moxie Earn
Novel Buy and Burn mechanics
Expansion to Base
Integrating X, Github and Basenames
The Base Network Token
Tokenomics and market analysis, is Moxie undervalued?
In just over four months, Moxie has powered thousands of Fan Tokens, serving as a foundational layer for the onchain social economy within Farcaster. Fans enjoy rewards, revenue sharing, and access to exclusive experiences. For fellow data enthusiasts, here are some impressive stats: +3,000 Fan Tokens launched, $1.7M in locked value, and $3.7M in volume.
How Does Moxie Work?
Fan Tokens
At the heart of the Moxie Protocol are Fan Tokens—a fresh take on tokenized fandom. Fan Token holders gain access to paid rewards, revenue sharing, and perks like Frame access, experiences, games, and other creator-enabled benefits.
On the technical side, Fan Tokens are ERC-20 tokens with an underlying bonding curve on the Base network.
Fans can acquire these tokens through a pre-sale auction that uses a fair pricing and distribution model. Here’s how it works: bidders set the max price they are willing to pay and their total budget. The Auction contract finds the highest price that will generate the most revenue and everyone who bid above that price gets an allotment —pretty neat, right?
Once you hold a Fan Token, you’re eligible to earn rewards tied to the creator’s success. Creators have the flexibility to set the revenue split, deciding how much of the earnings flow back to token holders and how much stays with them. Many creators lean toward generous splits, often returning 80% or even 100% of earnings to their fans.
And while I’ve been saying "creator," the potential goes way beyond individuals. Fan Tokens can represent groups, companies, and even abstract ideas, creating opportunities for all kinds of communities to flourish.
Buy and Burn Mechanism
Moxie Protocol introduces a clever feature called ‘Buy and Burn’. This mechanism automatically uses a portion of each Creators’ earnings to buy and burn their Fan Tokens, which increases the price without diluting the ownership.
In addition, the protocol burns fees from every transaction, already resulting in over 40 million (of 10B) Moxie burned, and nearly 3% of the circulating supply burned.
Finding this deep dive useful? Join +15,000 newsletter subscribers below
Moxie Earn
Moxie has been rolling out some interesting features, and one of them is a fully onchain advertising product. Think X or Facebook Ads, but built on Farcaster rails. This tool is already available for anyone to use—whether you’re looking to promote your content or earn some extra income by sharing content you find worthwhile.
To see how it works, the Moxie team set up a campaign for one of my articles, using 65,000 Moxie tokens (around $80), giving me a chance to test it out and analyze the data firsthand.
Here’s what I found:
After 24 hours, my cast generated 6,009 engagements, 3,458 likes, 1,419 replies, and 169 quotes from approximately 600 users. The 65,000 Moxie tokens were distributed among those who engaged, using a system called the Moxie Score.
This scoring system evaluates multiple factors, including onchain activity, Farscore, and other data sources, to determine fair rewards. As a result, bots and accounts with low scores received little to no tokens, while high-quality engagements were rewarded appropriately. This approach ensures that only genuine and valuable interactions are incentivized.
Until now, Moxie has operated on Farcaster, leveraging distribution technologies like Frames and Farcaster's open graph to drive Fan Token launches and the Moxie Earn product.
But that changes today—Moxie is expanding to Base. So, what does this mean?
Moxie Expansion to Base
While Moxie already operates on Base, its features until now have only worked on Farcaster. That’s changing. From today, anyone can buy Fan Tokens on moxie.xyz, and in the coming days you’ll be able to launch Fan Tokens for any user or brand on X/Twitter, Github, Basenames, and more!
This expansion also means that the Moxie Score will now incorporate onchain activity in addition to Farcaster activity. In other words, the more active you are on the Base network, the higher your score.
Additionally, Moxie Earn is coming to X. If you want to promote a product on X, you can now do so in a similar way to the experiment I ran. You can also share Moxie Earn campaigns with your X audience to earn rewards—especially useful if you already have a presence on the platform.
Base Network Token
Moxie is also introducing the Base Network Token through its pre-sale auctions. This token incorporates the buy and burn mechanism, reinvesting all emissions back into the ecosystem to support its growth and sustainability.
The auction will launch in mid December.
Market Analysis - Is Moxie undervalued?
Given Moxie's recent progress and its expansion to Base, it's natural to wonder: Is Moxie undervalued?
Predicting markets, tokenomics, narratives, and interest is complex, so I can't provide a definitive answer. However, here's a comparison of Moxie with other notable tokens:
Currently, Moxie’s market value is about 1/30 of Clanker, 1/250 of Degen, and 1/380 of Virtuals. While it’s impossible to predict or estimate its future potential, there’s an argument to be made. Considering the growing utility and capabilities being built into Moxie, there is a fair chance the project is undervalued.
Moxie combines elements of token launchpads like Virtuals and Clanker while introducing a touch of the now-defunct Friend.tech. At its peak, Friend.tech was generating $10M in daily revenue, highlighting the potential of onchain social products that drive adoption.
To wrap things up, I just want to emphasize Moxie’s stellar execution in just a few short months, with impressive achievements like powering over 15M Fan Tokens (held by fans), $1.7M in locked value, and nearly $4M in Fan Token trading volume. From Fan Tokens and the Moxie Earn to the introduction of the Base Network Token, the protocol is redefining what’s possible in the onchain social economy.
Their expansion to Base opens up even more possibilities for creators, fans, and communities, making it easier than ever to tap into this growing ecosystem. Whether you’re looking to experiment with Fan Tokens, explore Moxie Earn, or just curious about what’s happening next, it’s worth checking out.
Until next time,
- Kaloh
Disclaimers
This is a paid collaboration with Moxie Protocol.
None of my articles are financial advice.
📣 Interested in sharing your product, brand or content to 15,000 onchain enthusiasts? Reach out at hi@kaloh.xyz
🤝 Let’s connect on YouTube, X, Instagram, and Farcaster
⏭ Did someone forward this to you? Click here to join +15,000 readers