thenewscrypto.com
- The MOCA token launched by Moca Network and Animoca Brands went live today.
- Moca token holds a total fixed supply of 8.8 billion.
Animoca Brands’s subsidiary Mocaverse’s token MOCA went live on Thursday in the Bitget exchange. Moca Network and Animoca brands have partnered in the launch and have stated that the token brings unique utilities to Web3.
The Mocaverse’s connected network is called the Moca Network for which $MOCA will serve as the token. The token is currently listed on Bitget’s PoolX for users to stake-to-mine. Additionally, both Animoca Brands and Moca Network have announced airdrops of the token. The token begins trading with a total fixed supply of 8.8 billion.
Moreover, the Mocaverse is building a Moca ID, an omnichain identity reputation layer. According to Animoca Brands’s statement, this will bridge network effects across ecosystems and help the growth of the Web3 industry. The MOCA token provides utility across these platforms.
How Does the MOCA Token Function?
According to the Moca Foundation’s website, the token is built on the LayerZero v2 protocol and is fungible. $MOCA’s utility is believed to be revolutionary for Web3. Firstly, it yields basic token utility such as functioning as a payment currency and transaction fees. For instance, one token can be used to pay gas fees for a transaction.
Other use cases of the token consist of Proof-of-Loyalty where users gain rewards based on token holding periods. Additionally, the Network mentioned another use-case — Growth suite. This allows users to utilize growth products and services to earn rewards with their data.
Notably, the altcoin is also stated to be a representation of culture. As the network expands across various sectors such as gaming, sports, and music the token also gives accessibility to a wide range of members. Finally, the token’s utility also includes governance voting.
Moreover, the token allocation is as follows – 31.5% for network incentives, 20% for ecosystem and treasury, and 13% for strategic partners. Additionally, the team is allocated 10% of the tokens, and 10% for Liquidity purposes. LC and advisors are allocated with 7%, while operational expenses receive 5% of the total supply. Finally, 1.5% of the tokens are allocated for community sale.
Meanwhile, the MOCA token has shown price increases since its launch. Notably, the overall crypto market including Bitcoin and Ethereum indicates price recovery signs.