Moons Decentralized: Reddit Officially Renounces Moons Contract

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Hongji Feng

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Hongji Feng

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Hongji is a crypto and tech reporter. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX (Huobi Global),...

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December 1, 2023 04:50 EST

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Reddit has officially renounced the contract of its cryptocurrency Moons, setting a milestone completing the decentralization of the token.

The Reddit administrators published a post in the “r/CryptoCurrency” community, confirming that the renouncement of the Moons contract has been finalized. This action not only caps the supply but also ensures that no further modifications can be made to the contract, thereby establishing Moons as a fully decentralized entity within the crypto community.

With Reddit’s remaining 98,000 MOON tokens burnt, the total supply has been lowered from around 125,969,899 to 83,205,951, according to Reddit’s estimation. Moons now are effectively deflationary.

Reddit Announced to Renounce Contract in October

In October, Reddit administrators announced their intention to renounce the contract, a process which has now been finalized. “The contract will forever remain unchanged, rendering Moons completely decentralized,” highlighted the post from the “r/CryptoCurrency” community. 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 forum’s sector remains the biggest crypto community, and advertisers still need to buy MOON for their space. Many users were celebrating the renouncement, cheering, “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 underscores a significant shift towards 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 mod 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.”

MOON Price Rises Following Renouncement

At the time of writing, Moons are trading at $0.16, up 11.5% from yesterday and 153.7% from 30 days ago, according to CoinMarketCap. After the final renouncement, the price was pushed up to $0.18, the highest point in the past seven days.