Hey r/CryptoCurrency, we know everyone has been waiting to see what the result of Reddit sunsetting Moons will be in terms of the project’s future.
We appreciate everyone's patience and understanding while we were waiting for confirmation from the admins on the contract status. We received a solid response and we are very excited to get started building the future of Moons together as a community.
The Reddit admins will be renouncing the Moons contract, and it is expected to be complete by the end of this month. This action is permanent and once complete it will be impossible for any further changes to be made to the contract. The implications of this are:
- No new Moons can be created.
- All exchange listings remain intact.
- Moons can continue to be listed and traded by exchanges and wallets as before.
- The contract will forever remain unchanged, rendering Moons completely decentralized.
Tldr – This means that Reddit will give up control of the contract and send it to a burn address, so that effectively no one will have control of the contract. Not Reddit, not the mod team.
More info about contract renouncement for those interested: https://quickintel.io/blog/what-does-a-verified-or-renounced-contract-mean-in-crypto
- Reddit admins will be burning all Moons held in the Community Tank, and this is also expected to be completed by the end of the month. This lowers the total supply from around 125,969,899 to 83,205,951.
Tldr – This means that the number of Moons will be reduced, and Moons will no longer be an inflationary token. If Moons are burned, it will become deflationary.
Future of Moons
- The mod team will work with the community to develop a plan forward for Moons. This includes a way to distribute the remaining Moons in the community wallet, which may be based on contributions in the community, tipping and contests.
- The mod team will work out whether Moons from banner rentals and AMAs should be burned or redistributed back to the community.
- The mod team is working on a flair bot to show moon totals next to usernames and a tip bot for tipping of Moons.
- The mod team will continue to develop bots and use the available API to improve the utility of Moons.
- Moons will continue to be listed on exchanges and can still be traded.
There are details that will still need to be discussed and finalized, and we will solicit community feedback in r/CryptoCurrencyMeta to ensure we make the right decisions for Moons going forward.
Thank you all for your patience, and we look forward to working with you to make Moons a success into the future.