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

cyptouser4 weeks agoCryptocurrencies News16

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 challenges and regulatory hurdles.

Reddit is now refocusing its investments toward products serving a broader demographic, aligning with its strategic pivot while not wholly abandoning the core concepts of community points. Reddit’s previous ventures into web3, including MOONs and BRICKs tokens associated with the /r/Cryptocurrency and /r/FortniteBR subreddits, respectively, have highlighted the platform’s role in introducing web3 concepts to a broader audience, despite the scalability challenges not fully accounted for in earlier strategies.

The unfolding scenario around Reddit’s MOONs presents a nuanced picture of the evolving digital currency landscape, where community-driven initiatives intersect with broader technological and regulatory challenges.

MOONs soared 149% in last 24hrs.

Following Reddit’s initial announcement regarding the end of its blockchain Community Points beta, MOONs experienced a notable market reaction, witnessing a steep decline of 47% in value. This downturn reflected the market’s initial uncertainty and apprehension about the future of the token in the wake of Reddit’s strategic shift.

However, the subsequent announcement of MOONs’ decentralization and the burning of tokens in the Community Tank marked a turnaround in investor sentiment. In the 24 hours after this update, MOONs saw a substantial resurgence, climbing by 149.8% to $0.127509.

This dramatic upswing underscores the market’s positive reception to the news of MOONs’ decentralization and the burning of tokens in the Community Tank. Although experiencing a slight dip of 8.4% in the last hour, the overall trend in the past week has been upward, with a 108.1% increase, suggesting growing investor confidence in the token’s future post-decentralization.

The future of MOONs, now in the hands of its community, will serve as a compelling case study in the decentralized governance of digital currencies, potentially setting a precedent for other community-focused cryptocurrency projects.

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