Discord, Twitter, Telegram; crypto enthusiasts use these and other social platforms to discuss the latest news and share their opinions. Many may not be aware, however, that their hours spent talking online could be paying them in crypto.
Reddit’s r/CryptoCurrency subreddit rewards their over 6 million subscribers with Reddit Moons, an ERC-20 token using Arbitrum Nova as a Layer-2 solution. With a current market cap of nearly $16 million, investors shouldn’t scoff at one of the first cryptocurrencies to come out of one of the world’s largest websites.
What are Moons?
One of Reddit’s current initiatives is the development of Community Points, tokens on the blockchain that are unique to their associated subreddit communities. Reddit’s vision for Community Points is to provide a way for communities to foster quality content and encourage social engagement.
r/cryptocurrency is one of the first to have their own token, Moons (r/FortniteBR and r/ethtrader launched their own around the same time). Moons are used to vote on Governance Polls, tip other community members, rent banner space in the subreddit, purchase special benefits, and more.
How are They Earned?
Moons are distributed every 28 days to the r/cryptocurrency subreddit. The amount a user receives depends on their “Contribution Score.” Reddit’s karma system for upvoting quality content is used to determine this number.
Submitting an original post that is heavily upvoted will award you a high Contribution Score. Memes could potentially pay a user a decent sum; the top five meme posts receive a bonus payment.
Surprisingly, a high karma count on comments is worth twice as much to the Contribution Score as the posts they are under. The philosophy behind this is that more value is placed on conversation between community members than anything else.
Several additional modifiers impact the amount of Moons users receive. Scoring on comments starts to decline to discourage spam and there is a cap to how many Moons a user receives during a distribution. r/cryptocurrency has an extensive breakdown of how their currency works on the Moons wiki.
The Reddit Vault
Built into the official Reddit app is an Ethereum wallet called the Vault. With roughly ten times the amount of downloads as MetaMask, the Vault could be considered the most commonly downloaded cryptocurrency wallet in the world. From crypto enthusiasts to naysayers, tens of millions are carrying a crypto wallet in their pockets and probably don’t even know it.
The Vault is currently exclusively used for holding and managing Community Points and Reddit’s Collectible Avatars NFT collection. Users simply need to activate it from within the app. Once activated, r/cryptocurrency users will start to automatically receive their Moon allotments.
Crypto investors are looking to add to their portfolios whenever possible and free crypto is always a welcome addition. If one spends a little time frequenting the right communities, such as r/cryptocurrency, their portfolios may just take them to the moon.
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