One month after the blockchain-based rewards service “Community Points” was shut down, Reddit recently posted an update on changes in the contracts of MOON – the native token of r/CryptoCurrency community, showing signs of revival of this service.
According to a Nov 14 update, Reddit admins will give up control of the Moons contract by the end of this month and burn more than 30% of the total its supply. This action will make the r/CryptoCurrency community’s native token completely decentralized.
Reddit admins plans to burn approximately 34% of the tokens held in the “Community Tank”, reducing the total supply from 126 million to 83 million. MOON continues to be traded on centralized exchanges and digital wallets.
The mod team said it will work with the community to develop a plan forward for Moons, including how to distribute the remaining Moons on the community wallet, which may be based on contributions in the community, tipping and contests. They are also working on tech improvements to enhance token utility and user experience.
Moons (MOON) is a subreddit reward token, connected to Reddit’s Community Points program. Community Points were first introduced in 2020, with the aim of rewarding members based on their contributions in Reddit’s small communities, such as receiving many upvotes for comments or posts.
Points earned are ERC-20 tokens, and are stored in the platform’s Reddit Vault crypto wallet. Users can then use Community Points to purchase emoticons or badges, etc. Community Points initially operated on the Ethereum network, but then moved to layer-2 Arbitrum Nova in August 2022, aiming to reduce transaction fees and improve system scalability.
MOON jumped 240% from $0.05 to $0.17 after this news. At the time of writing, MOON is trading at $0.205 on CoinMarketCap.
