Enhancing $MoFi Utility: Expanding Use Cases in the travel industry
Since its launch, $MoFi has played a crucial role in the MobiFi ecosystem. One of its standout features is its real-world application: users can pay for parking in the Netherlands using $MoFi, making it one of the first tokens used beyond trading. However, the full potential of $MoFi's utility is yet to be fully realized.
To further strengthen the $MoFi utility and invigorate the MobiFi community, we have designed several new practical use cases for the token.
The Problem with Current Travel Industry Practices
In today's travel industry, particularly among online travel agencies (OTAs), hotel groups, and airlines, there is a significant gap in the universality and flexibility of loyalty point systems. For example, booking a hotel within the Hilton group earns you about 5% cashback points, but these points can only be used within the Hilton group and often expire within a year.
OTAs like Booking.com offer their own loyalty systems, such as Genius, allowing users to earn and redeem points across various services. However, OTAs charge high commission fees to hotel owners (e.g., Booking.com charges 10-25%, Airbnb charges 3-15%, Trip.com charges 10-25%), significantly increasing the listing prices on these platforms.
Despite the benefits, users remain confined within the OTA's point systems. Similar limitations exist in the airline industry. The core issue is that the points earned cannot be consumed or traded outside the respective platforms, as they are merely numbers stored in proprietary databases. We found many paper explains and help companies to understand and create better loyalty program to explore the profits from their customers [2] [3] [4], but we rarely find any scientific research to help consumer to find a better solution. 🤷♀️
Our proposal
To address these issues, we have developed a new utility flow for the $MoFi token. This proposal aims to create a more transparent and flexible loyalty system that benefits users across various services in the travel industry.
Step 1:
As a user, you log in to the MobiFi dApp using your wallet, such as Metamask, or via email with our smart wallet. When you spend x amount to book a hotel room, you will receive a y amount of $MoFi tokens via the Reward Contract upon completing your stay. We will establish a $MoFi reward pool to supply these tokens. Assuming the cashback rate is a and the 7-day SMA $MoFi price is b, the calculation for y is:
Meanwhile, the platform will use the profit from the hotel booking, p, to purchase $MoFi tokens from the market (both CEX and DEX) on a weekly basis to replenish the reward pool. MobiFi will contribute an initial 10 million $MoFi tokens to kick-start the flow. Note that p from each booking can be smaller, equal to, or greater than the cashback amount a, depending on commercial decisions and the overall volume required in the reward pool. (p ≤ a or p≥ a)
Step 2:
Users can choose how to utilize the $MoFi tokens in their wallet. A traditional use is to deduct costs on future bookings, similar to current offerings by hotels and airlines. The innovative aspect is that even non-crypto users will gain an understanding of the crypto market, as booking at a high $MoFi price can save more money than booking when the price is low. We believe our use case uniquely promotes cryptocurrency adoption among ordinary people.
Additionally, users can stake their $MoFi tokens into a staking contract, receiving an NFT token in return. These NFTs will be categorized to mimic a membership program, with higher membership statuses providing more benefits and discounts on our platform. Essentially, the NFT will serve as proof of token-gated benefits.
Other scenarios (in dashed boxes and lines)
In the longer term, the MobiFi team will partner with other well-known crypto projects to distribute extra reward tokens to users' wallets when they book services on our platform or hold membership NFTs.
MSBT (MobiFi Soulbound Token) or the future MobiFi Governance token will be rewarded during Step 1 or Step 2, granting community users voting rights to help manage the platform and guide the project's direction.
Lastly, the $MoFi token will play a pivotal role in connecting the travel industry—from hotels to airlines, food, local experiences, and beyond. Reward points will no longer be confined to loyalty programs but will instead offer an open and rewarding experience.
Looking at the future
We foresee the demand of $MoFi token will surge overtime, in an organic and sustainable way. There is no staking for the sake of staking, we use real world business to empower staking and make it more valuable and sustainable.
Please note that this is an initial proposal, and some features are still under development. We anticipate making changes and improvements over time to optimize the $MoFi utility flow.
Stay tuned for updates as we continue to enhance the MobiFi ecosystem and bring more value to our community with $MoFi.
References
[1] https://prenohq.com/blog/ota-commission-rates-expedia-booking-com-more
[2] https://link.springer.com/chapter/10.1007/978-3-319-56941-3_5
[4] https://journals.sagepub.com/doi/abs/10.1177/0092070303031003002