In a shocking turn of events, Reddit has officially renounced the contract for its Moons token, marking a significant step towards full decentralization. The Moons token, which originated within Reddit’s r/cryptocurrency community, has seen a dramatic surge in value following the announcement, with prices soaring by over 130%.
The decision to renounce the contract was made by Reddit administrators, who have declared that the process will be completed by the end of the month. This action will render the Moons token completely decentralized, as no new tokens can be created, and the contract will be sent to a burn address, ensuring that no single entity will have control over it.
The implications of this move are profound. The total supply of Moons will be reduced from approximately 125 million to just over 83 million, as all tokens held in the Community Tank will be burned. This reduction in supply will transform Moons from an inflationary token to a deflationary one, potentially increasing its scarcity and value.
Reddit Community Embraces Moons Decentralization
Reddit’s decision comes on the heels of its announcement to sunset the crypto-based rewards program, citing the resources required to support the program and the current regulatory environment. The Moons token, initially minted on the Ethereum network, was later transitioned to the Arbitrum Nova scaling network.
The r/cryptocurrency mod team has expressed excitement about building the future of Moons together with the community. They plan to work with community members to develop a plan forward for the token, which may include distributing the remaining Moons in the community wallet and determining the fate of Moons from banner rentals and AMAs.
The community’s response has been overwhelmingly positive, with many seeing this as a pivotal moment for the token’s future. The renouncement of the contract is expected to maintain all exchange listings, allowing Moons to continue being listed and traded as before.
As the Moons token embarks on this new chapter, the r/cryptocurrency community stands at the forefront of a decentralized future, showcasing the potential for community-driven governance and tokenomics in the ever-evolving world of cryptocurrency.
