- Reddit’s r/CryptoCurrency community token moons 69% in a day.
- Reddit switches community points to blockchain-only, stored on ETH.
- Kraken teases potential $MOON listing as it hits $29M market cap.
The crypto-friendly social platform Reddit has made a significant breakthrough in its Web3 journey. Launched in 2020 by Reddit admins, the r/CryptoCurrency community’s native coin has gained utility as the Community Points on the board are now stored exclusively on Ethereum (ETH).
With a global market cap of $29 million, Moon (MOON) is an ERC-20 token on the Arbitrum Nova blockchain. It can be traded on SushiSwap and is already listed by two major exchanges – MEXC Global and Gate.io.
Representatives of Kraken, the fifth largest crypto exchange, hinted at listing the Reddit $MOON token on Twitter, which sparked a 69% increase in $MOON’s price. At press time, MOON trades at $0.261353, according to CoinGecko.
Get Paid in MOON for Memes
Compellingly, active members of the Reddit crypto community can receive their share of $MOON every 28 days, which depends on “the share of the subreddit’s total karma.” Previously, users had to claim the $MOON airdrop manually. Now it’s being sent automatically if the member has a Vault set up.
The MOONs are then stored in an Ethereum wallet, or the Vault, which can be accessed on Android and iOS. Additionally, users can participate in trivia, crypto price predictions, and other community contests. Finally, the five best crypto memes in r/CryptoCurrencyMemes receive rewards in $MOON airdrops every month.
Reddit’s Web3 Switch: Important Changes to Terms of Service
The recently updated terms of service for Reddit suggest a highly-anticipated switch from Web2 to Web3—the new TOS hints at discontinuing regular virtual goods like non-blockchain coins and awards. There is a clear separation between Virtual Goods (Web2) and Verified Virtual Goods (Web3).
The new Verified Virtual Goods present a decentralized ownership approach. The ownership of these NFTs or $MOON tokens can be verified via the Arbitrum Nova blockchain and belong to the users with the keys to the built-in Ethereum wallet.
On the Flipside
- Reddit has wholly moved from using the term non-fungible tokens (NFTs). Instead, the terminology used is digital collectibles as a part of verified virtual goods.
- The latter is a Web3 term, meaning users can sell these Reddit avatars, Community Points, wearables, and other blockchain-based add-ons on marketplaces and exchanges.
Why This Matters
Reddit is one of the largest social networks, with an average of 1.66 billion active users per month.
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