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Fibo / Scryptoguy
@fibo112358.eth
About Ⓜ️oxie Power I know we are all curious about MoxiePower(formerly FarPower) -- So here's what we can observe from the contract so far. Keep in mind that it's still a draft, and also the interpretation, done by ChatGPT(o1-preview), can be off. I personally found this interesting: "multiplier is constant value eg 1.2" How Moxie Power Works in Practice 1. Staking Process i)Deposit & Lock: Users call one of the depositAndLock methods to stake their existing Fan Tokens. Tokens are transferred to the contract and locked for the specified duration. Users receive a boost(e.g. 1.2x Moxie value) in their far-score proportional to their stake. ii)Buy & Lock: Users without Fan Tokens can use Moxie Tokens to purchase and stake Fan Tokens in one step. This process minimizes transaction fees and simplifies the staking experience. (continue)
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Fibo / Scryptoguy
@fibo112358.eth
2. Lock Management i)Extending Locks: Users can extend the lock period of their staked tokens using the extendLock methods. Useful for maximizing the far-score boost or adjusting staking strategies. ii)Withdrawing Tokens: After the lock period expires, users can withdraw their tokens. The withdraw method allows retrieval of staked tokens, making them available in the user's wallet again. 3. Beneficiary Feature The contract supports specifying a beneficiary address. This allows one user to stake tokens on behalf of another, which can be useful in various scenarios like gifting or pooling resources. 4. Events and Transparency The contract emits events for key actions, enabling transparency and easy tracking of staking activities. These events can be monitored by off-chain services or front-end applications to update user interfaces in real-time.
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Fibo / Scryptoguy
@fibo112358.eth
Ⓜ️ Technical Considerations Non-Reentrant Guards: The nonReentrant modifier is used to prevent reentrancy attacks, ensuring the contract's security during token transfers. Valid Lock Periods: The onlyValidLockPeriod modifier ensures that the lock period specified by the user meets the contract's requirements. Price Dependency: The boost calculation depends on the price of the Fan Token, which implies integration with an oracle or price feed mechanism to fetch real-time prices. Ⓜ️Use Cases and Benefits Incentivizing Engagement: By offering a boost in far-score, users are incentivized to stake more tokens for longer periods, enhancing network participation. Flexible Staking Options: Multiple methods provide users with flexibility, whether they want to stake existing tokens, buy new ones, or stake on behalf of others. Streamlined Experience: Combining buying and staking into one transaction reduces complexity and transaction costs for users.
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