Reddit’s Moons Token Takes Major Step Towards Decentralization
Moons, the community token earned by contributors on the r/cryptocurrency subreddit, is set to undergo a significant change as Reddit admins plan to renounce control of the smart contract. This move towards full decentralization has sparked a 155%+ price surge for the previously inflationary token.
Key Points of the Moons Token Update
- Reddit admins will renounce the Moons contract, making the token fully decentralized
- Moons held in the Community Tank will be burned, reducing total supply to 83 million
- Moons will have a hard cap and no longer be inflationary, could become deflationary
- Reddit previously announced it would sunset its crypto rewards program citing regulations
- Price of Moons surged 130%+ on news of renouncing contract and supply reduction
By relinquishing control of the Moons contract, Reddit is ensuring that no entity, including itself, will have control over the token. The total supply of Moons will also be reduced from around 126 million to 83 million through the burning of tokens held in the community reserve wallet.
The r/cryptocurrency mod team is planning to work with the community to develop a plan for the future of Moons, including determining the distribution of the remaining community-held tokens and building utilities like tipping bots using Moons.
The Market Reaction and Future Outlook for Moons
After initially crashing over 80% when Reddit announced it would discontinue its crypto rewards program, Moons have surged by as much as 149% in response to news of full decentralization and supply reduction. With a reduced capped supply and no more inflation, Moons is now on a new decentralized journey, which has been met with positive market reaction.
Hot Take: The Impact of Reddit’s Decentralization Move on MOONs Price
The recent announcement by Reddit to relinquish control of Moons and reduce its supply has led to a significant surge in price, signaling investor confidence in the token’s future under community governance.
Reddit’s Moons token took a major step towards full decentralization as admins plan to renounce control of the smart contract. This news ignited a 155%+ price surge for the formerly inflationary community token.
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