Reddit has officially renounced the contract of its cryptocurrency Moons, marking a significant milestone in completing the decentralization of the token.
In a post on the “r/CryptoCurrency” community, Reddit administrators confirmed the completion of the renouncement of the Moons contract. This move not only caps the supply but also ensures that no further modifications can be made to the contract, establishing Moons as a fully decentralized entity within the crypto community.
Following the burning of Reddit’s remaining 98,000 MOON tokens, the total supply has been reduced from approximately 125,969,899 to 83,205,951, according to Reddit’s estimates. This action renders Moons effectively deflationary.
Reddit Announced to Renounce Contract in October
In October, Reddit administrators announced their intention to renounce the contract, a process that has now been finalized. A post from the “r/CryptoCurrency” community highlighted, “The contract will forever remain unchanged, rendering Moons completely decentralized.” This move ensures that no further alterations can be made to the contract, solidifying its status as a fully decentralized digital asset.
With the renouncement now complete, Reddit has set a new precedent in the community-driven governance of blockchain projects. The post outlined, “No new Moons can be created, and Moons can continue to be listed and traded by exchanges and wallets as before.” This maintains the token’s accessibility and liquidity in the cryptocurrency market. The achievement marks a significant step in Reddit’s efforts to foster a decentralized and community-driven ecosystem for its cryptocurrency, Moons.
The forum’s sector remains the largest crypto community, and advertisers still need to purchase MOON for their advertising space. Many users celebrated the renouncement, expressing joy with comments like, “Over 40 million moons being burned and nobody owning the contract ever again is the best thing that could have happened.”
Reddit’s decisive action underscores a significant shift toward community empowerment in the digital currency space, reflecting a growing trend of decentralization and user-driven governance in blockchain ecosystems.
According to the announcement, the moderation team will “continue to work on bringing back and improving features such as memberships, governance and tipping” and explore “restarting distribution, though exactly how that will work remains to be seen.” This indicates an ongoing commitment to enhancing the functionality and user experience within the community-driven ecosystem of Moons on Reddit.
MOON Price Rises Following Renouncement
As of the current moment, Moons are trading at $0.16, reflecting an 11.5% increase from yesterday and a notable 153.7% surge over the past 30 days, as reported by CoinMarketCap. Following the final renouncement, the price experienced an upward push to $0.18, marking the highest point in the past seven days. The price movements suggest an increased market interest and positive sentiment surrounding Moons in the wake of Reddit’s efforts towards decentralization and the completion of the contract renouncement.