On November 14, the Reddit-linked r\/CryptoCurrency Moons (MOON) token jumped 229% after presentations by the team of plans for further development of the project.<\/p>\n
At the time of writing, MOON’s 24-hour price growth had cooled to 175.3%, according to CoinGecko<\/a>.<\/p>\n It is expected that the platform will abandon the contract \u2014 it will become decentralised.<\/p>\n No new tokens will be issued, and the remaining MOON in Reddit’s treasury will be burned. As a result, the supply will shrink from 125 million to 83 million. Listings on exchanges will remain unchanged.<\/p>\n Moderators have promised to roll out a number of tools in coming months to boost the asset’s value. In particular, developers will focus on building bots and using the API<\/span>.<\/p>\n “We have received solid feedback, and we are very excited to start building the future of Moons together as a community,”<\/em> wrote one of the project’s representatives.<\/p>\n<\/blockquote>\n In May 2020, Reddit launched the Community Points program in beta testing to reward users for posting content. It used assets of the ERC-20<\/a> standard on the Ethereum blockchain.<\/p>\n For scaling<\/a> the initiative, the platform used second-layer solution<\/a> Arbitrum. Participants of subreddits received different tokens. For example, in the r\/Cryptocurrency thread these were MOONS, and in r\/FortniteBR \u2014 BRICKS.<\/p>\n On October 17, 2023, Reddit announced<\/a> the winding down of Community Points. The team cited unreasonably high resource costs for the initiative and suggested that more scalable solutions to reward loyalty may exist.<\/p>\n\n