Reddit has taken a significant step towards decentralization by officially renouncing the contract of its cryptocurrency, Moons. This milestone marks the completion of the token’s transition to a fully decentralized entity within the crypto community. The Reddit administrators made this announcement in the “r/CryptoCurrency” community, confirming the finalization of the renouncement.
Moons Supply and Decentralization
With the renouncement of the Moons contract, Reddit has not only capped the token’s supply but has also ensured that no further modifications can be made to the contract. This action establishes Moons as a fully decentralized digital asset. According to Reddit’s estimation, the total supply has been lowered from around 125,969,899 to 83,205,951, as 98,000 MOON tokens have been burnt. As a result, Moons now stand as an effectively deflationary cryptocurrency.
Reddit’s commitment to decentralization was highlighted in a post from the “r/CryptoCurrency” community, stating, “The contract will forever remain unchanged, rendering Moons completely decentralized.” This move sets a new precedent in the community-driven governance of blockchain projects and solidifies Moons’ status as a fully decentralized digital asset. The contract’s immutability ensures that no further alterations can be made, preserving Moons’ decentralized nature.
Continued Accessibility and Liquidity
The renouncement of the Moons contract ensures that no new Moons can be created, while allowing existing Moons to continue to be listed and traded on exchanges and wallets as before. This decision maintains the token’s accessibility and liquidity in the cryptocurrency market. The Moons community forum remains the largest crypto community, and advertisers still need to buy MOON for their space.
Many users celebrated the renouncement, with one user expressing, “Over 40 million moons being burned and nobody owning the contract ever again is the best thing that could have happened.” This decisive action by Reddit highlights the growing trend of community empowerment and user-driven governance in blockchain ecosystems.
Future Plans
According to the announcement, the mod team will continue working on bringing back and improving features such as memberships, governance, and tipping. They are also exploring options for restarting distribution, although the exact details are yet to be determined.
As of the time of writing, Moons are trading at $0.16, showing an 11.5% increase from yesterday and a 153.7% increase from 30 days ago, according to CoinMarketCap. The final renouncement of the contract pushed the price up to $0.18, which is the highest point in the past seven days.
