Moons, the crypto token of Reddit’s r/cryptocurrency community, expires by double-digits at the time after Reddit “formally renounced” the Moons contract.
The social networking platform burned its remaining 98,000 Moons tokens included in the process, that also imposes a tough cap around the way to obtain roughly 83 million Moons.
The r/cryptocurrency subreddit’s mod team hailed the move like a “significant milestone” for that community inside a statement, noting it “presently has assurance that there won’t be any further changes to Moons’ contract later on.” Without any requirement of a brand new token to become deployed, Moons can “easily retain existing exchange listings,” the mod team stated.
The cost of Moons presently is $.158456, up 11% at the time, per CoinGecko data. In the last month, the token has surged over 150%, following community moderators’ announcement that they are preparing a “plan forward” for that token.
The r/cryptocurrency mod team announced yesterday it works on restoring features including memberships, governance and tipping, in addition to potentially restarting distribution of Moons, “though just how which will work remains seen.”
What exactly are Reddit Moons?
Reddit Moons, or Community Points, are ERC-20 tokens which were initially minted around the Ethereum network and subsequently gone to live in scaling network Arbitrum Nova.
In October, the social networking platform announced that it might be winding lower its crypto-powered rewards program, which saw users earn points for posting in a few communities. What exactly might be redeemed for Reddit perks including badges, emotes and GIFs.
Reddit reported the cost of resourcing and also the “regulatory atmosphere” in the decision to sunset its Community Points program.
Disclaimer
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