Reddit’s Moons token took a major step towards full decentralization as admins plan to renounce control of the smart contract. This news ignited a 155%+ price surge for the formerly inflationary community token.
Moons are earned by contributors on the r/cryptocurrency subreddit. Reddit admins had previously announced they would sunset the crypto rewards program, citing regulatory concerns. This caused Moons’ price to plummet over 80% in October.
Keypoints
- Reddit admins will renounce the Moons contract, making the token fully decentralized
- Moons held in the Community Tank will be burned, reducing total supply to 83 million
- Moons will have a hard cap and no longer be inflationary, could become deflationary
- Reddit previously announced it would sunset its crypto rewards program citing regulations
- Price of Moons surged 130%+ on news of renouncing contract and supply reduction
However, Reddit is now fully relinquishing…
