The next phase of Mooncoin is going to get weird. That is intentional.
The golden days of DeFi were experiments in the madness of crowds, fuelled by what smart contracts suddenly let us do. There was Luna, but there was also Ham, Yam and Compound, and the one institutions love today: Aave. Markets are a petri dish for experiments, and blockchains let anyone run one. Somewhere along the line we put a hat on a dog and forgot that the point was never just the madness of crowds. It was programmable money.
It is time to return to the basics. I have been tweaking Mooncoin to allow for seigniorage, yield, minting and APYs that echo the glory days. The burn mechanism we are designing requires individuals to burn Mooncoin to receive Orbit. Orbit is a "pure" asset: a claim on a proportional share of SpaceX tokens routed to a vault. Because Mooncoin's supply is capped, holders are game-theoretically pushed in two directions at once.
One is to hold Mooncoin in the hope that its price appreciates.
The other is to mint Orbit as early as possible, since they are a claim on a vault that will keep receiving SpaceX tokens.
We will run separate, isolated markets that track the price of Orbit in real time.
That gives us three distinct markets:
1. One for Mooncoin, an asset whose supply is designed to decline.
2. A redemption avenue for Orbit where users claim their share of SpaceX stock which grows with every day of Mooncoin trading.
3. A liquid market for Orbit. This can trade at a multiple from the tokens backing it. The NAV and asset’s price can diverge.
This blend of seigniorage, burns and asset-backed instruments is new to Robinhood. Ethereum scaled to $64B in TVL running experiments like these. With on-chain dividends emerging and governance rights being approved at the same time, this is a rare moment to test how vaults, yield and seigniorage interact with a liquid market to unlock new behaviours. We expect bots to arbitrage across the three markets, and each round of arbitrage should push additional SPCX tokens into the vault. We have all missed the glory days of DeFi.
It is time to make DeFi great again, and the path there is with blending memes and finance.
The age of MemeFi is here.
A first look is now live at Orb.family.