Wait, did you burn $MOXIE or Wake tokens? I'm confused

Moxie Official

Former skydiver, current lecturer, lawyer & Nat Geo C. awardee photographer from Turkey /curatedbydilek
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the key thing to understand is "bonding curves." if you understand that fan tokens are priced according to a bonding curve - and how moxie is held by that bonding curve contract - the rest should make sense.

when a fan token is purchased, the moxie isn't "spent" - it's "stored" inside the contract. that's why fan tokens have value: they can always be traded for some deterministic amount of moxie.

specific to bonding curves, whenever 1 fan token is purchased:
✔️ price moves up one step
✔️ token quantity moves up one step

whenever 1 fan token is sold:
✔️ price moves down one step
✔️ token quantity moves down one step

BUT, if you buy and DESTORY the token instead, that money stays inside the token's contract FOREVER.

whenever 1 fan token is bought and burned:
✔️ price moves up one step
✔️ token quantity moves down one step

see the functional difference yet? buying and burning stores money inside the token contract AND reduces the supply FORCING token price to increase.

I like pleasure spiked with blockchain and music is my aeroplane. It's my aeroplane. /pizzadao underboss and /pixelwooks co-lead. Featured in "Number Go Up" 📖

it burns wake fan token.

https://warpcast.com/wake.eth/0x23abbf24

So this burn in the frame is from your Moxie earnings being used by the contract to buy and burn right? At first I thought you set a couple grand on fire haha

Oh wow, so my initial reaction was right. Quite a bag to dispose of. As I'm a FT holder I say thank you!

it's moxie i bought from market, then used to buy ~1000 wake fan tokens. then i burned those tokens and locked the money away forever.

the moxie doesn't /burn/ per se, but it isn't likely coming out of the contract either. so functionally burned. lightly singed, maybe.