Web3 giant Animoca Brands officially launched MOCA Coin on July 11, 2024, marking another major step forward for the company in the Web3 ecosystem. At the same time, Animoca Brands also plans to conduct an IPO in late 2025 or early 2026 to further expand its influence in the global market. Yat Siu, co-founder of Animoca Brands, said in an interview that MOCA Coin has nothing to do with the company's stock and does not involve profit sharing or power sharing. Instead, MOCA is a utility token that is mainly used for payment and governance, aiming to promote the development of Animoca's Web3 ecosystem.
Background of the launch of MOCA Coin
Animoca Brands has been committed to promoting the development of Web3 technology since it was delisted from the Australian Stock Exchange in 2020. Although some regulators believe that most cryptocurrencies are unregistered securities, Yat Siu emphasized that MOCA Coin is a utility token whose main functions are payment and decentralized autonomous organization (DAO) voting. This announcement reiterates Animoca Brands’ commitment to creating an open, transparent and efficient Web3 ecosystem.
What is MOCA Coin?
MOCA Coin is the token of the Moca Network, an interoperable cultural economy of partner “subnets” and their respective users. The network revolves around key pillars such as music, sports, games, education, governance, and is agnostic to any virtual machine (VM), layer 1 (L1) and layer 2 (L2) chain.
Built on the LayerZero v2 protocol, MOCA Coin is a fungible token (FT) with a fixed supply of 8,888,888,888 tokens. MOCA Coin is both a utility token and a governance token within the network, embodying the three pillars of growth, culture and governance.
Utility of MOCA Coin
Payment Currency: MOCA Coin encourages partners who integrate with the Moca Network to accept it as a payment method for products and services. This not only opens their economy to users within and outside the Moca Network, but also allows for value exchange between different communities.
Some payment examples include:
SocialFi Platform: “Pay to Play” charging model, including games, products and platforms published by the network.
Commerce (In-App/In-Product): Currency for digital purchases within the Moca network, including marketplace fees, subscriptions, consumables, paywalls and offer walls.
Gameplay: MOCA Coin is used as a token to purchase premium items such as NFT minting, game item upgrades and seasonal battle passes with game utility.
Transaction Fees
MOCA Coin is the core of network operations. The network provides various services that partner projects will use to drive its development and community growth. These services can only be obtained by spending MOCA Coin on a “pay-per-use” basis. Therefore, we call it “transaction fees”.
Network transaction fee examples:
Abstract Gas Fee: One token is used to pay for Gas fees on multiple chains.
Digital Identity Services: Identity creation, management and KYC services.
Proof of Reputation Oracle: Composable identity based on reputation.
GrowthFi and SocialFi Protocol Fees: Access to products to create growth and social flywheels.
Proof of Loyalty
Users can earn rewards and unlock various benefits within the ecosystem by proving their loyalty to the network by holding MOCA Coin. Loyalty is demonstrated by the number of MOCA Coins held and the holding period. The longer a MOCA Coin is held, the more potential benefits a user can unlock.
Examples include:
Participation-oriented ecosystem rewards: users are incentivized to participate by distributing tokens through the network. Rewards are proportional to loyalty (net positive value added) within the network and the adoption of MOCA Coin.
Digital Asset Accelerator: Users have the opportunity to earn rewards for assisting in the launch of a product or NFT. Only users who stake a specific amount of MOCA Coin can access the Digital Asset Accelerator.
Governance Voting
MOCA Coin is at the core of the Moca DAO governance layer. Using MOCA Coin, participants can:
Vote for or against Moca Improvement Proposals (MIPs) adopted in the Moca DAO.
Vote on improvement proposals adopted in various partner DAOs in the form of delegated voting (Moca DAO votes on behalf of its participants).
The Moca Network covers a rich cultural vertical such as games, music, sports, etc., and will organically put MOCA Coin into the hands of active and loyal cultural users. In a reputation-based economy, composable digital identities combined with MOCA Coin will become the target audience for projects that find this specific audience attractive for product-market fit. By holding digital identities and MOCA Coins in the network, holders will have the potential to be rewarded in a decentralized manner and be attracted to other projects within the network. GrowthFi Mechanism The Moca Network contains a set of growth products that incentivize network growth. MOCA Coin is the linchpin of this incentive layer, solidifying the value proposition of all participants in the economy and acting as a flywheel for future growth. The measure of network growth is not the number of users, but economic purchasing power and reputation. The PointFi system is one such growth product that incentivizes users to participate and remain loyal to the network, further strengthening its strength. Conclusion The MOCA Coin launched by Animoca Brands is not only a new utility token, but also an important tool to drive the development of its Web3 ecosystem. Through multiple functions such as payment, transaction fees, loyalty proof and governance voting, MOCA Coin will become an important link connecting different communities and cultures, helping the Moca network achieve greater network effects and value growth in future development. Over time, the practicality and importance of MOCA Coin will become more apparent, bringing more innovation and opportunities to the Web3 world.