Ethereum News

MOONs live on as r/Cryptocurrency to renounce smart contract igniting 149% surge

MOONs live on as r/Cryptocurrency to renounce smart contract igniting 149% surge

In a significant move reshaping the landscape of community-driven cryptocurrencies, r/Cryptocurrency mods have announced the renouncement of its MOONs contract, marking a pivotal shift towards complete decentralization.

This decision, expected to be finalized by the end of the month, signifies a permanent change, rendering the MOONs contract immutable. As a result, no further MOONs can be created, ensuring that all exchange listings remain intact and that MOONs can continue to be listed and traded as before.

This move, effectively relinquishing Reddit’s control over the contract, underscores a strategic commitment to decentralization, where neither Reddit nor the moderation team will have control over the contract’s future.

MOONs burn and decentralization.

Further accentuating this shift, the mods have decided to burn all MOONs held in the Community Tank, reducing the total supply from approximately 125.97 million to 83.21 million. This action transitions MOONs from an inflationary to a deflationary token, potentially impacting its market dynamics and value perception.

The Reddit community and its moderators now face charting a new course for MOONs, including distribution strategies involving the community wallet, possibly based on contributions, tipping, and contests. The moderation team is also considering whether MOONs from banner rentals and Ask Me Anything (AMA) sessions should be burned or redistributed back to the community. In tandem with these developments, initiatives like a flair bot to display MOON totals next to usernames and a tipping bot are underway, aiming to enhance the utility and engagement around MOONs.

This move follows Reddit’s announcement in October to discontinue its blockchain Community Points beta and Special Memberships features, citing the lack of a scalable path and an uncertain regulatory environment as critical reasons. While the Community Points program aimed to empower communities and contributors, it faced scalability…

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