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The Story of The Moons Token
This is a story about freedom, rebirth and corporate irresponsibility. But most importantly — this is a lesson about the importance of decentralization.
Just over a month ago, on October 18, Reddit announced they are sunsetting their blockchain-based monetization programme called Reddit Community Points (RCP for short) on November 8. Reddit had, once again disappointed its user base, by essentially rug pulling a token that they themselves had created 3 years ago.
It has been a week since $MOONS — Reddit’s community points for the cryptocurrency subreddit have been sunset. In many ways, this is the best thing that could have happened to Moons.
But first —
The Reddit Community Points (RCP) were initially promoted as a chance for community members to “own” a piece of their community. Community members would also participate in governing the community, through voting or creating proposals. This would effectively create self-governing communities and a greater sense of being in this together. Because Community Points are essentially ERC-20 tokens, they would have an actual value and can be exchanged for another cryptocurrency.
As you can imagine, people were rather hype on this idea, especially considering how users would earn their community points. Tokens would be distributed each month, to all members of the community with an active wallet, based on how many upvotes they have received during the last 30 days. The ratio would often differ from month to month depending on the total number of upvotes generated during that time. The more upvotes you got, the more $MOONS, $BRICKS or $DONUTS you would stand to gain at the end of the month.
What you did with your tokens was up to you. You could keep them in your vault and use them as governance tokens, since the more tokens you have, the more weight your vote would have in governance polls. Or you could simply exchange them on Sushiswap, and more recently on exchanges such as MEXC and Kraken.
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