- Reddit pulled the plug on its crypto rewards program last month.
- Efforts are underway to revive the program as a mod-led project.
- A response on Reddit handing over the MOON contract is expected shortly.
Reddit has become a popular platform for cryptocurrency enthusiasts to collaborate and engage with each other. The Reddit crypto rewards program awarded users cryptocurrency for participating in the relevant subreddits and was highly successful. However, last month’s sudden termination of the crypto rewards program has disappointed many users.
Following the termination of the Reddit crypto rewards program, the r/CryptoCurrency subreddit mods have taken the initiative to revive the MOON token. The mods aim to take over the MOON contract and steer the token in a new direction. In a recent update on the takeover proposal, Reddit mod “CryptoMaximalist” stated that they will soon receive a decision about taking over the contract.
Reddit Mod Update
Reddit mod CryptoMaximalist updated MOON holders by saying the team will get an answer from Reddit regarding the fate of the MOON contract by the end of the week. CryptoMaximalist reminded holders that their MOON tokens still exist on the blockchain, alongside community-built utilities like banner ads and burns. However, without Reddit’s distribution mechanism, new MOONs are not currently being minted.
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With the future of the MOON token uncertain, CryptoMaximalist reached out to the community for feedback and suggestions on potential new use cases and building functionalities like governance and token distribution methods. Despite the revival proposal being in limbo, the mod expressed confidence in bringing MOON back to life and the project’s future direction.
“With Reddit out of the way, a lot more possibilities are opened up in my opinion. It's been almost a year since they actually implemented anything, but we can be much more agile with changes,” stated CryptoMaximalist.
Despite CryptoMaximalist’s confidence in reviving MOON, the path ahead remains murky after Reddit’s abrupt decision to sunset the crypto rewards program.
MOON Gets Canned
On October 17, Reddit abruptly announced it would sunset its crypto community tokens program. The company cited regulatory uncertainty surrounding cryptocurrencies as the reason it would phase out tokens by November 8. Since then, existing tokens held in users’ Vault wallets would no longer show.
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The announcement was a shock, particularly to token holders who had invested time and effort in earning the token rewards. Adding insult to injury, it later emerged that Reddit mods were given advanced notice of the shutdown, prompting some to dump their tokens before the public announcement tanked prices.
The community widely condemned these mods for unethically profiting from insider information at the community’s expense.
On the Flipside
- Despite being removed from Vault Wallets, MOON tokens remain tradeable on the Arbitrum blockchain.
- MOON is currently up 86% from the local bottom, suggesting many holders believe the project can be revived.
- Participation in the affected subreddits has noticeably dropped, demonstrating the incentivizing effect of community tokens.
Why This Matters
The Reddit rewards program represented an easy, low-stakes way to participate in cryptocurrency. A mod-led revival would highlight the resilience of grassroots crypto efforts, further underscoring that cryptocurrency projects are nothing without a community behind them.
Learn more about Reddit pulling the plug on its crypto rewards program here:
Here’s Why Reddit Is Scrapping Crypto Tokens Despite Backlash
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