according to my calculator, that's 998.83 wake fan tokens toasted.

Is there a doc that says how many tokens there are in supply? I’ve always kind of wondered if there’s a cap because if there isn’t, burning doesn’t make sense to me.

Moxie Official

Former skydiver, current lecturer, lawyer & Nat Geo C. awardee photographer from Turkey /curatedbydilek
https://linktr.ee/fdilekyurdakul


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.

Author. Artist. Quinquagenarian. 

https://linktr.ee/nfterrybain

Oh good. Something about bonding curves. I don't think I've ever spent the time to figure out how this works. Maybe now is the time.

Honestly your explanation was so simple I'm shocked. Thank you. Makes a ton more sense to me now.