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woj ツ
@woj.eth
engagement tokens tokens mineable by engagement on farcaster - assign every faracaster user a rank using @openrank. seed it with people you value - distribute tokens on daily / weekly cadence for posting - rewards are based on engagement weighted by the user rank - attach a funny meme, build a cult, profit essentially proof of work distribution but based on social signal rather than computing power
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Stephan
@stephancill
in my head tokens have taps that dictate supply and sinks that dictate demand and in the case of successful tokens the sinks are greater than the taps engagement is a tried and tested distribution mechanism as we've seen with tipping tokens and moxie the problem that remains unsolved is the lack of sinks to sustainably support creators realizing their gains (dumping) staking is a common sink. fan tokens are an interesting spin on staking, but ultimately has the same outcome imo feels like we're onto something here but are missing one or two more important innovations to make it sustainable
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woj ツ
@woj.eth
"token sinks" are overrated bitcoin, doge, wif, degen in april, nothing has any demand built in it's a perfect midcurve — cult and distribution is the only thing that matters
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Stephan
@stephancill
memeability is a sink
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woj ツ
@woj.eth
if it counts then yeah
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Stephan
@stephancill
it counts but it's rarely sustainable unless it basically becomes crypto canon
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