Reddit’s r/Cryptocurrency renounces the MOON contract, embracing complete decentralization.
The final decision on the MOON contract by month-end, per the official blog
In a landmark move, the team behind Reddit’s community-driven cryptocurrency, r/Cryptocurrency, has declared the renouncement of its native token, MOON, signaling a pivotal shift toward complete decentralization.
The decision, detailed in an official blog post, is slated for finalization by month-end, permanently rendering the MOON contract immutable. This move ensures no further creation of MOON, preserves existing exchange listings, and facilitates continued trading.
Meanwhile, the aftermath of this announcement saw an astonishing 153% surge in MOON’s value within 24 hours, with trading volume experiencing a massive upswing.
Token Burn And More
Adding weight to this shift, the moderators have opted to burn all MOON held in the community tank. This action slashes the total supply from approximately 125.97 million to 83.21 million, marking a transition from an inflationary to a deflationary token.
This development comes on the heels of Reddit’s discontinuation of its blockchain Community Points beta and Special Memberships in October. The decision was motivated by challenges related to scalability and an uncertain regulatory landscape. Despite the halt, Reddit aims to redirect its investments towards products catering to a broader user base. While still holding onto the essence of community points.
Moreover, the Reddit team, now steering MOON towards a new trajectory, is exploring fresh distribution strategies involving the community wallet. This might encompass contributions, tipping mechanisms, and contest-based distributions, all aimed at redefining the MOON role within the community.