Moons Surge Double-Digits as Reddit Renounces Contract, Burns 98,000 Tokens

Moons, the crypto token of Reddit’s r/cryptocurrency group, is up by double-digits on the day after Reddit “formally renounced” the Moons contract.

The social media platform burned its remaining 98,000 Moons tokens as a part of the method, which additionally imposes a tough cap on the provision of roughly 83 million Moons.

The r/cryptocurrency subreddit’s mod crew hailed the transfer as a “important milestone” for the group in a press release, noting that it “now has assurance that there will likely be no additional modifications to Moons’ contract sooner or later.” With no requirement for a brand new token to be deployed, Moons can “simply retain present change listings,” the mod crew mentioned.

The worth of Moons presently stands at $0.158456, up 11% on the day, per CoinGecko information. Over the previous month, the token has surged over 150%, following group moderators’ announcement that they have been making ready a “plan ahead” for the token.

The r/cryptocurrency mod crew introduced yesterday that it might work on restoring options together with memberships, governance and tipping, in addition to doubtlessly restarting distribution of Moons, “although precisely how that can work stays to be seen.”

What are Reddit Moons?

Reddit Moons, or Neighborhood Factors, are ERC-20 tokens that have been initially minted on the Ethereum community and subsequently moved to scaling community Arbitrum Nova.

In October, the social media platform introduced that it might be winding down its crypto-powered rewards program, which noticed customers earn factors for posting in sure communities. The factors might be redeemed for Reddit perks together with badges, emotes and GIFs.

Reddit cited the excessive value of resourcing and the “regulatory setting” in its determination to sundown its Neighborhood Factors program.