moxie fan token go through 3 phases in their lifecycle:

1. Presale auction 

Fan Tokens are launched with an initial public presale batch auction which allows for fair participation and price discovery. This enables everyone to get the same public sale price, before listing (public, fair, & no snipers!)

A fixed initial supply of the fan token is available during the auction and bidders name their maximum price (in $moxie) and maximum budget. 

2. Moxie bonding curve.

Once on the bonding curve there is an infinite number of Fan Tokens available. Every purchase increases the price on the curve and every sale decreases the price.

3. Graduation to Uniswap V3 (coming very soon)

Once certain conditions are met (e.g. market cap and number of fans/holders) the Fan Token Creator can opt-in to graduate their Fan Token outside of the Moxie Protocol to Uniswap V3.

🎓 The graduation feature is in the final development stages and will be launched soon.