Moon runs on Ethereum and is the official cryptocurrency for the r/CryptoCurrency subreddit. By design, they are compatible with all applications and assets built on the Ethereum Virtual Machine. The MOON token is worth $0.17 in the time of writing this article. Recently this year, the token’s price surpassed dogecoin price, which was an impressive takeover. We don’t know how much this token will be worth in the future, but hopefully its price will increase due to the limited supply and huge community support behind the token. You can find your Vault address and recovery phrase in the Settings menu.
However, there will only be 250 million MOON tokens at maximum. On top of all this, there are some MOON tokens that are held and released in other ways, such as to support r/Cryptocurrency moderators, among other use cases. Additionally, the Crypto.com App is a secure, easy-to-use wallet for storing Moons, Bricks, and other cryptocurrencies. Other use cases of Moons include hosting AMAs and giveaways in r/CryptoCurrency. However, Moons would have to be burned in order to be eligible to host the events. Finally, Moons can also be redeemed for Reddit coins, which can only be used within the r/CryptoCurrency subreddit.
You, as the auctioneer, have the power to approve or reject the bidders’ offered amount for your assets. It’s time to set the initial and last price with the auction duration. Note that the starting price is the minimum value you want to sell your asset. Once linked, head to the My Avatars tab and choose an NFT to auction. If you want to create a Vault, you must remember that it’s only accessible on mobile devices and doesn’t work using a desktop. Thus, you should first download and install the Reddit app via Google Play or App Store.
- You can check out the Reddit-specific Wiki page of Moons to know what the token distribution looks like post-wise.
- However, now that they have been listed by major crypto exchanges like Kraken, Gate.io, and more.
- Better termed Reddit’s r/CryptoCurrency Moons, these are tradable community tokens with multiple use cases.
- This means if you have more than 75% of your Vault-based MOON holdings in the vault, you are eligible for larger distributions in time.
For instance, Reddit offers karma points to contributors to reward them for their posts and comments. For that, you first need to move your MOON tokens from the vault to exchange by first setting up Metamask. Once that is done, you can connect to a DEX, swap MOON to ETH on the Arbitrum Nova network, and then bridge that ETH to the more familiar Arbitrum One network. Once on the One network, you can move the ETH to any exchange and off-ramp the same into fiat. Better termed Reddit’s r/CryptoCurrency Moons, these are tradable community tokens with multiple use cases.
How to trade Moons on CEXs?
On CEXs and DEXs, you can trade Reddit Moons directly, mostly by swapping them for some of the more liquid cryptocurrencies. Even though Reddit Moons have existed since 2020, interest in these tokens has reignited in 2023. The surge has been the next big web3-related event for the social network since Reddit’s Avatar NFTs exploded in early 2023.
You can therefore make use of the arbitrage opportunities by purchasing Moons on one platform and moving the same to the other via the Nova network. This offers a good trading opportunity for those not interested in holding MOON but only looking to ride the hype. If you are still determining where to buy Moons from, ArbSwap, RCP Swap, and SushiSwap are currently the most popular DEXs. This means if you have more than 75% of your Vault-based MOON holdings in the vault, you are eligible for larger distributions in time. This means you are better off selling up to 250 MOON tokens if you already have 1000 in your vault.
This will allow you to generate passive income using your holdings without letting go of the assets permanently. Therefore, you would require to bridge the ETH from Nova to One. You can use bridging tools like Orbiter Finance to move Nova ETH to another Arbitrum chain. The complimentary gas fees you earned should cover the transaction costs. You can also trade Bricks (BRICK) — another Reddit token representing the Fortnite Battle Royale game subreddit on a host of CEXs and DEXs.
The wallet address is essential when sending or receiving cryptos and NFTs; if you get it wrong, it will be impossible to redo the transaction. The r/CryptoCurrency subreddit formed a community-led governance where each member has the power to support or reject proposals. However, a poll can only proceed if the winning option meets the decision threshold (set not lower than 10% of Moon supply) and the majority of votes. For instance, let’s assume there’ll be 500 Moons for this month’s distribution.
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They were introduced in May 2020 to reward millions of Reddit users for their content contributions and accumulated reputation. A stablecoin is a class of cryptocurrencies that attempt to offer price stability and are backed by a reserve asset. The r/Cryptocurrency subreddit was the most intuitive subreddit to start this experiment due to the large community of cryptocurrency enthusiasts it has. The subreddit announced the MOON token, which represents ownership in the subreddit and can be earned and spent on various items within the community. In order to maintain its reputation as “the front page of the internet”, Reddit always rewards its content creators and those who post quality content.
Stark, an active Redditor, earned 21 out of 100 community points, accumulating 21% of the contribution score. The same percentage determines her reward, which is 21% of 500 or 105 Moons. Just so you know, at press time, MOON is trading at $0.512, with its circulating supply closing in on 107 million. However, as we move towards the tail end of the bear market, several exchanges are giving into the craze for community tokens by listing MOON and BRICK, among other tokens. If you look at the MOON trading markets, you will know that the price/token varies across exchanges.
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This allows transactions generated on Polygon to be much cheaper than on Ethereum. As you can see, it’s quite easy to get your hands on some MOONs. It isn’t the most revolutionary asset out there, but the straightforward use case and acquisition make it worth giving a try. There are other ways to acquire MOON tokens, but Celesti is one of the easiest ways to do so. Once you’ve completed this process, the MOON will show up in your vault in due time.
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Why Does MOON Have Value?
And with the added opportunity for people to make an income by engaging in Reddit conversations, Moon’s impact may continue to grow. Initially, Moons were developed on Ethereum and therefore inherited the blockchain’s scalability challenges. The distribution of Moons was a slow and inefficient process, and users had to claim their tokens periodically actively. Moons are distributed through a system known as “community points.” First, moderators decide the number of Moons to award for various activities within a specific subreddit. This means the number of Moons awarded may differ from one subreddit to another. Now you have successfully swapped your moons into Ethereum mainnet tokens.
In the Reddit Vault, users can check Community Points from multiple subreddits, transfer them to other users, and spend them. Moons are burnt in two ways; the purchase of premium memberships or the redemption of moons for Reddit coins. In both instances, they are sent directly to a burn address upon initiating the transaction. Meanwhile, admins burn moons on your behalf when you pay for premium memberships with cash.
These include reputation building, purchasing specialized services on Reddit, and even trading to make use of the price surges. If you do not seek to convert MOON to USD or any other fiat, you can directly withdraw the MOON tokens or the covert crypto to any other compatible wallet. The wallet you plan to deposit for transferring MOON should be on the Nova network.
Moons can also be used for voting on governance polls on the subreddit, which can influence how the community is governed and the future distribution of Moons. A user’s voting weight is determined by their amount of earned Moons. Users can earn Moons by creating posts or comments that receive upvotes from other users. The more upvotes a post or comment receives, the more Moons the user earns. Users can also earn Moons by participating in community polls and other activities.
You can also search for the collectible name for it to appear instantly. But wait; you have to bid higher than others to increase your chances of securing the avatar. Farming Moon increases community points, allowing you to be eligible for automatic transfers into the Reddit Moons vault every 28 days. In case you already have an active vault, check and confirm the MOON token balance. Please note that the availability of the products and services on the Crypto.com App is subject to jurisdictional limitations.
How Do You Earn Reddit Moons?
Lastly, you need to swap your xDai to Dai using the bridge we used earlier. Please note that it will take some time for your Dai to show up in your Metamask wallet. The transaction usually takes one hour but it may take longer depending on the network condition. Because the moon contract was deployed to the Rinkeby testnet Ethereum network, the moon token didn’t have any actual value. Once done, head to the auction page and apply the price filter; set it on low price to match your budget or high price to find potentially valuable assets. On the other hand, you can use your recovery phrase to access the Vault; it’s handy when you forget your password or lose your device by accident.