There appears to be a lot of enthusiasm regarding Reddit’s new Moon tokens. It is a very interesting asset built on top of Ethereum, and one that appears to get cryptocurrency enthusiasts rather excited.
It has been coming for some time now, but different subreddits now have
their own ERC-20 tokens.In the case of /r/cryptocurrency, the token is called Moon.
It is very similar to how /r/Ethtrader approached the concept of a native token several years ago.
With more of these tokens being introduced for different subreddits, things are bound to get interesting.
Claiming the Moon token – or any other asset native to a subreddit – requires the Reddit mobile app.
In the app, users can collect tokens from their “vault”.
So far, tokens have been distributed based on one’s previous activity in that particular subreddit.
The bigger question is what purpose the tokens will serve exactly.
After all, they are not designed to have any value, albeit they will be tradable in the future.
It is also worth noting that this will not replace the existing Karma system either.
Users can spend Moon on specific features on the subreddit, but otherwise, the functionality remains very limited.
Elon Musk has implied the possibility of Dogecoin (DOGE) returning as a payment method for…
September 2024 is pivotal for Ethereum's DeFi ecosystem, with several tokens poised for significant growth.…
With the cryptocurrency market entering the final quarter of the year, analysts are expecting altcoins…
The 1inch team has been strategically maneuvering within the crypto market, recently executing a significant…
Penpie, a protocol built on top of Pendle, recently experienced a significant security breach that…
Aave continues to dominate the DeFi sector, boasting over 80,000 monthly active users. However, recent…