Enthusiasts have found a way to monetize …

Enthusiasts have found a way to monetize …

Enthusiasts Have Found a Way to Monetize Useless Reddit Tokens

Contents

Enthusiasts have found a way to monetize useless Reddit tokens
CONTENT

  • Economically useless MOON tokens now have a price

  • To convert, you must have a MetaMask wallet

  • Tokens were originally conceived only to encourage activity on Reddit

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Users have come up with a way to convert the economically useless tokens of the popular Reddit service into real money

There is a hype on the Internet around the sale of MOON tokens, which are the native tokens of the r / CryptoCurrency community on the social news site Reddit. They were supposed to be used to motivate users to create quality content.. 

MOON tokens were first launched in May 2020. The nature of assets is to reward community members for contributing to the development of the crypto community section on Reddit. In addition to the fact that ERC-20 based tokens are deployed in testnet Ethereum called Rinkeby (which makes them useless from an economic point of view), the tokens themselves are stored on Reddit’s digital wallets called the Reddit Mobile Vault.

Enthusiasts have found a way to monetize ...

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Nevertheless, Ethereum developer Austin Griffith still came up with a way to get real money in exchange for MOON tokens using a sidechain called xDai Chain. One of the ways to withdraw tokens from Reddit Mobile Vault is to replace the mnemonic phrase from MetaMask. At the time of this writing, Reddit Mobile Vault still allows you to export a phrase, but whether such functionality will remain in the future remains unknown.

Swapping coins

To transfer tokens between networks, it is necessary to have several ETH tokens for the Rinkeby network and Dai tokens in advance to cover the commission costs.

Users then connect MetaMask to a Honeyswap, xMOON Exchange, or equivalent in the Heroku cloud storage. After MetaMask synchronization, users can convert MOON tokens to xMOON. It is with the help of such an exchange that the transition from the Rinkeby test network to the xDai sidechain is carried out, giving the tokens a price.

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After the conversion, holders of xMOON tokens can exchange assets for xDai (not to be confused with the STAKE cryptocurrency), and later withdraw them into the stablecoin itself. … With … More Dai. After enthusiasts found a way to monetize tokens from Reddit, the distribution of MOON tokens in the community itself did not undergo major changes..

Source: twitter.com

At the time of this writing, there are 29 million tokens in circulation, while the first 100 MOON hodlers own over 68% of the total circulation of assets, the maximum issue of which is 250 million units. At the same time, the total number of MOON Hodlers barely reaches 8000.

Enthusiasts have found a way to monetize ...

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