# Our Token and Staking

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Important: $MEMO is intended only as a utility token, and is not set to have any financial benefits beyond what we offer as redeemable.
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### $MEMO Token

Our native token has been built to run the MemoBois ecosystem and to reward holders with a range of benefits. The token supply is uncapped, and it can only be generated through staking.

### What is it?

$MEMO is a decentralized utility and reward token, that can be generated by holders of our community relative to the number of NFTs that they hold.

Our intention is to use $MEMO to offer holders a range of on and off-chain rewards, and the chance to spend any accumulated $MEMO tokens.We're glad you asked, there is a range&#x20;

Because it is decentralized, the use cases for $MEMO could potentially extend beyond what we lay out, but we will have no hand in anything that we don't explicitly announce.

### How is it claimed?

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We opted not to include a tiered system, and not to offer $MEMO based on an NFTs rarity. Minting can often feel like a lottery, so we didn't want to unequally reward those who were lucky during mint.
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$MEMO can only be earned by users that choose to stake their NFTs, at which point, supply will be generated for each day that the token is staked.

**Daily token yield** will be 10 $MEMO per day that an NFT is staked. Naturally, this applies to individual NFTs meaning that more NFTs equals more $MEMO each day.

### Can it be traded?

You can trade your $MEMO tokens, and personally register the token on secondary platforms such as Famous Fox Federation, but it is not something that we will be highlighting or encouraging.

With the total supply being uncapped, we're confident in our communities ability to passively generate enough $MEMO to adequately utilize the benefits that we have in store.

### What can I do with it?

We're glad you asked, we have a range of benefits planned for holders of $MEMO tokens and a multitude of ways that they can spend it both on and off-chain.

**On-chain benefits include:**

* NFT Raffles
* Guaranteed Gen 2 Mint
* Free Mint of Gen 2

**Off-chain benefits could be:**

* UFC Fight Tickets&#x20;
* Airplane Tickets&#x20;
* Apple Store Giftcard&#x20;
* Netflix Giftcard&#x20;
* Spotify Giftcard&#x20;
* Amazon Giftcard&#x20;
* Merch

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We would like the generation and accumulation of $MEMO tokens to be a passive activity and something that holders do without realizing. This is not the forefront of our mission, but it still remains a large part of it.
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