On top of that, the whole process of buying moons or selling moons takes just a few minutes. Moons are distributed monthly according to each user’s contributions within the r/Cryptocurrency community(posts,comments,etc..). Users will earn moons based on the karma points they accumulated during each month, but the final decision is up to the community. Moons are ERC-20 tokens that are rewarded to Reddit users for their contributions to the r/CryptoCurrency subreddit. Reddit initially launched moons on Rinkeby testnet with the plan to migrate over to the Ethereum Mainnet. However, recently, Reddit has announced that Moons will be migrated to Arbitrum Nova, i.e., a Layer-2 scaling solution built on top of the Ethereum Mainnet.
So far, $402,387 of $MOON has been traded in the past 24 hours on Honeyswap, according to the exchange’s stats. Moons—launched in May—are ERC-20 tokens awarded to those who contribute to the cryptocurrency section of the social media site. Users can transfer their ETH to a centralized wallet to cash out their crypto in USD or their native currencies.
Like most other cryptocurrencies, MOON has a maximum supply and by the time the token reaches it, its price is expected to grow. Of course, like many altcoins, its price can be highly influenced by the Bitcoin price movements. But in general, the MOON token’s value is based on the community.
How to buy Reddit Moons?
Once you have your recovery phrase copied, goto your Metamask wallet and select the “Import account” option. However, the goal of Reddit is to successfully transfer moons on the Ethereum mainnet. Now you can see the address that you are supposed to send your Moons to, and again the maximum amount of Moons you can send. (Also the minimum amount is 1 Moon at the moment.) Use your Reddit Vault or 3rd party Wallet to send your Moons to this address. The method is already a success, according to some Reddit users.
While depositing to the exchange, you must first generate a depositing address by ensuring that the same is on the Arbitrum One network, not Ethereum or anything else. Apparently, the ETH you have secured is still on the Arbitrum Nova chain. And this might not be compatible if you want to deposit ETH directly to cryptocurrency exchanges. Instead, Arbitrum One — another chain — is a more universally accepted option in this case. You can now seamlessly convert MOON to USD or any other fiat currency via cryptocurrency exchanges. Here is a thread explaining the potential impact of Reddit and Moons on crypto adoption.
Can Reddit Moons be converted into money?
They can then be sent from MetaMask to Griffith’s xMoon exchange, and changed to xMoons. At present, both spot and futures trading of MOON tokens is supported on Kraken. Just like buying Reddit Moons, you can easily sell your holding on CEXs. Also, once you sell, you can quickly convert the Reddit Moons ETH or any other crypto to ensure quick fiat conversions.
However, as we move towards the tail end of the bear market, several exchanges are giving into the craze for community tokens by listing MOON and BRICK, among other tokens. If you do not seek to convert MOON to USD or any other fiat, you can directly withdraw the MOON tokens or the covert crypto to any other compatible wallet. The wallet you plan to deposit for transferring MOON should be on the Nova network.
- Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.
- It is not an offer to buy or sell any security, product, service or investment.
- Users will earn moons based on the karma points they accumulated during each month, but the final decision is up to the community.
- And finally, once the CEX has your ETH, you can simply convert the same to fiat via P2P trades or standard counter-based selling.
- If you do not seek to convert MOON to USD or any other fiat, you can directly withdraw the MOON tokens or the covert crypto to any other compatible wallet.
- From there, the cryptocurrency received in exchange for the xMoons can be sold on another exchange for fiat, if desired.
On CEXs and DEXs, you can trade Reddit Moons directly, mostly by swapping them for some of the more liquid cryptocurrencies. Reddit Moons have pumped last week but i see a lot of people here still confused on how to sell or even trade MOON. I spent a whole day trying to learn how to trade and convert my MOON into ETH but don’t worry I’ll explain how to do it in the simplest way possible so you don’t have to break your head like me. All content on CaptainAltcoin is provided solely for informational purposes.
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While Reddit is completely centralized, the RPCs they integrated can be compared to Hive and Steemit because they are decentralized. Content creators are rewarded for their content and a part of the reward goes to curators to make the discussions within the community even more valuable. The RPCs , like their counterparts on the Hive and Steemit blockchains are distributed fairly among the subreddit users.
The complimentary gas fees you earned should cover the transaction costs. If you are new to this, start by setting up your Reddit vault. You can generate a 12-word seed phrase and keep it handy in case you ever lose access to the wallet. You can also trade Bricks (BRICK) — another Reddit token representing the Fortnite Battle Royale game subreddit on a host of CEXs and DEXs.
Currently, these tokens are unavailable in many popular crypto exchanges due to low liquidity and volume issues. However, as their popularity grows, users will be able to buy and sell their Moons in many other popular Decentralized and Centralized Exchanges. Crypto Moons are the community tokens synonymous with Reddit’s popular r/CryptoCurrency subreddit. Insightful posts or comments created within the subreddit attract positive attention and, therefore, Reddit “Karma” or community points. Based on these points, Moons are automatically credited to the Reddit Moons vault. And finally, once the CEX has your ETH, you can simply convert the same to fiat via P2P trades or standard counter-based selling.
How to Buy and Sell Crypto on Robinhood: A Step-by-Step Guide
Reddit’s developers created the smart contracts for the RCPs and the rules of their execution. The code went live on the Ethereum blockchain after being audited and reviewed. Since RPCs are Ethereum tokens, users will have to pay for gas fees with each transaction they make. The r/Cryptocurrency subreddit was the most intuitive subreddit to start this experiment due to the large community of cryptocurrency enthusiasts it has. The subreddit announced the MOON token, which represents ownership in the subreddit and can be earned and spent on various items within the community.
- SushiSwap’s token-swapping feature is one of the better ones to consider.
- Content creators are rewarded for their content and a part of the reward goes to curators to make the discussions within the community even more valuable.
- Moons have skyrocketed the instances of impression farming, with people posting to get attention.
- You can spend your moons on the r/Cryptocurrency subreddit to unlock some exclusive features such as badges and GIFs in comments.
The exchange rented advertising space on the subreddit’s banner using Moons months ago, according to Green from Kraken support. The r/CryptoCurrency users earn Reddit Moons based on their activity in the subreddit. Moons are stored in a user’s Vault, the Ethereum-based digital wallet rolled out Reddit-wide last year. Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. The physicist has couple of years of professional experience as project manager and technological consultant. Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.
Visit the Orbiter website and connect your MetaMask wallet to the site.Initiate the bridging process, allowing you to move your Ethereum from Arbitrum One to Arbitrum Nova. This post will explain how all of that works and then I’ll provide a step-by-step instruction. I sometimes receive messages of people asking me either how to earn Moons or how to cash out their Moons. The changes come as Reddit eyes a potential IPO, with plans to potentially go public sometime in the second half of this year, per The Information. Reddit was launched in 2005 by Steve Huffman and Alexis Ohanian.
Gas Matic” if you have a Polygon address and you later wish to bridge the same to Arbitrum. I’ve provided sufficient keywords in the list so that you can google how to do each step. Yes, it has a few steps, but once you understand what’s going on under the hood, the process is much clearer.
Things to know before emptying the vault
The steps mentioned above should allow you to encash the vault-residing MOON tokens. The earned MOON cryptocurrency tokens can be sold across centralized and swapped on decentralized crypto exchanges. Or, you can use them to provide liquidity to select MOON pools, as they are relatively new ones.