What Are Reddit’s Moons?
For those who are experienced with the cryptocurrency scene, they know MOONs are a way of life. A cult, if you may say so. Reddit is offering an actual ERC-20 token for the active members of r/Cryptocurrency. What that means in essence is that for getting upvotes while posting and commenting on that particular subreddit, you get paid with MOONs.
Redditors earn MOON tokens based on the content they produce on the r/Cryptocurrency subreddit. This could be anything from original posts to commenting on other people’s content. People make hundreds in Moons by literally posting memes and funny replies in the comments.
If you are an active user, you can earn MOONs from the protocol itself, based on the number of karma points you generate, or via tips from other Redditors.
Reddit will initially release 50 million MOON tokens to the community, with each Redditor receiving some based on the amount of karma earned in the subreddit to date. And as for the price, the current is a little less than $0.20 per MOON, with an all-time high of $0.70 as per CoinMarketCap.
According to the software rules, there will be a set number of tokens distributed monthly using the same method. Reddit also set aside a certain number of MOON to distribute to the community moderators who manage the subreddit and to Reddit itself.
Additionally, as time passes by and the user base is increasing, there will be fewer MOONs distributed for them (lowered by 2.5% every month), thus increasing MOONs’ value.
The Vault is a way for Redditors to view their MOON balance and spend them on various offerings. Vaults are only accessible through Reddit’s mobile applications. Similar to any cryptocurrency wallet, Vaults generate a public address, where the MOONs are stored, and a private key, which lets users access and utilize them. Of note, Reddit has access to the ledger balances of RCP tokens, meaning that they can use a Redditor’s public address to check their balance and send them rewards.
MOONs are an ERC-20 token, and they exist inside Rinkeby Ethereum (Testnet). The high fees in the Ethereum blockchain make it impractical for MOONs to be a part of the Mainnet, even with the layer-2 solution of Arbitrum.
Eli Maroni – The founder of MoonsSwap noted:
“Ethereum Layer 1 is currently processing 10 transactions per second, while the recent migration to Arbitrum increased that to 1,000-4,000 tps (transactions per second).
For RCPs to be fully scalable for millions of users, Reddit needs to wait for Ethereum Data Shards which will increase the tps to 100,000+. That’s the only case where Reddit can migrate MOONs into Ethereum Mainnet..”
Many people want to trade those MOONs and cash them out. Some of them know that there are alternate swaps (Which are broken after the recent migration to Arbitrum) while waiting for the well-anticipated Mainnet to launch, but many of them don’t.
This is where MoonsSwap comes strong.
MoonsSwap, launched on June 20, 2021, is the leading market for exchanging MOONs. What makes MoonSwap unique is the approach it presents to Redditors who want to swap their MOONs for cash.
What gives MoonsSwap the edge is the ability for the user to swap their MOONs and give them value, something Testnet lacks to offer.
How is that possible?
MoonsSwap is the platform for investors and Redditors need. You enter the BSC address that you want to send your BUSD into and you send the MOONs you want to MoonSwap’s address. They take care of your trade and swap your MOONs into BUSD, a transaction that will happen in seconds.
When the Mainnet goes live, MoonsSwap will also be a migrated which is expected to drive an increase in volume.
MoonsDust raised over $300,000 in its fully subscribed private and public sales to mainly MOONs investors.
In 18 days since, 31,592 Reddit MOONs have been distributed to MOOND holders from MoonsSwap profits. With an average of 1,750 Reddit MOONs distributed to MOOND holders per day, MoonsDust investors are accumulating MOONs at an accelerating rate, considering the relatively small supply and market capitalization of MOONS ($0.20 As of September 2021) – 74 million MOONs and $15 million respectively.
Practically, MoonSwap and MoonsDust are the same entity. The ecosystem around them aims to further develop Reddit’s Community Points (RCP) while making it Distributed via Tokenized Ownership Token – MOOND .
MoonsDust has additional products and governance system planned on its roadmap which will also be powered by MOOND.
Want to see a comparison? Other swaps would do this kind of swap for RCPs:
Dai -> xDai -> xRCP -> RCP L1 -> RCP L2
MoonsSwap does this instead: RCP -> BUSD
People don’t want to “farm” MOONs and that’s a logical outcome. Some people want to invest in the power of the token, treating it as a future holding investment. In MoonsSwap, investors can buy and sell MOONs and Bricks separately, something that can increase their value assuredly.
And with a 15 million market cap as of MoonsSwap metrics, it’s one reassuring investment to make, with room to flourish.
The cryptocurrency scene is shifting rapidly and no one denies that, at this point. Reddit is one of the leading places for crypto fans to learn from crypto, but also earn. The current meta doesn’t help Redditors cash out their earnings, but MoonsSwap is trying to solve this.
With the use of other, cheaper options like BSC, MoonsSwap aims to bring value to MOONs by making them easily tradable for their holders. Until the Mainnet goes live, it’s the best option available. And when the Mainnet goes indeed live, it will still be the leading option due to migrating and adapting to the future system while keeping the majority of the user-base.
If you are a Redditor and want to swap some of your MOONs, consider doing it on the MoonsSwap platform, with speed, security, and the low transaction fees that BSC offers!