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Jason Goldberg Ⓜ️ 💜
@betashop.eth
a couple of important Moxie updates: 1. We're making a change to the bidding flow later today to make it more clear based on feedback. Instead of being asked "what price" & how many" Fan Tokens you want, it will be: a. What's your max. price per FT? b. What's your budget? That's the way the auction actually works. It tries to satisfy the entire budgets of everyone whose max. bid is greater than the clearing price, prioritizing highest bids first, then next, next. If your max. price is above the clearing price you will always get something. 2. The Protocol burns all protocol fees, once per day. The fees are 5% when auctions end & 2.5% whenever a FT is sold. This affects total supply, which started at 10B https://basescan.org/token/0x8C9037D1Ef5c6D1f6816278C7AAF5491d24CD527 3. Fan Token holders' sharing of rewards by "buying and burning" will start on Monday. We want to make sure that is perfect. These will always be done at random times so it cannot be frontrun. Thanks!
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Max Jackson
@mxjxn.eth
I am not going to lie, that buy and burn mechanic is freaking brilliant
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Zach Lipp
@zachlipp
the mechanism for all of this is so well thought out
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Max Jackson
@mxjxn.eth
When @betashop.eth Said he studied steemit for years I knew we had something potent going on. That was such a brilliant yet poorly executed idea. Building a better version on top of a better network is gonna change crypto social.
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Zach Lipp
@zachlipp
this is changing the game in real time and we are in the middle of it, so excited to be on Farcaster
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