Devs of the Reddit Moons project recently announced that Moons are going to be moved to a new scaling network. This is part of the overall plan to bring Reddit Moons to the Ethereum Mainnet. Scaling continues to be a big bottleneck in the blockchain industry and developers behind Reddit Moons are working to scale the Moons network.
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The scaling to the new network was announced on July 22nd and pinned to the CryptoCurrency subreddit. The benefits of the scaling would mean faster and more efficient transactions. Users will no longer have to claim their Moons each month. Once scaling is complete, users will have Moons automatically deposited in their Vault. The upgrade took a couple of hours and is now live.
What Are Reddit Moons?
Reddit Moons is a cryptocurrency native to the CryptoCurrency subreddit. Users receive moons in exchange for their contributions to the community.
Pirce of Moons currently up 30% in the past 24 hours | Source: Moons on xDai on tradingView.com
Reddit introduced Vaults on the platform about a year ago. Reddit users get their community-based tokens in their Vaults. Moons were the first subreddit-based cryptocurrency produced on the Reddit platform, and Vaults are based on Ethereum network.
Moons give community members a chance to own a piece of their favorite communities. In this case, a piece of the r/CryptoCurrency subreddit.
Migration To Ethereum Mainnet
The endgame is to successfully migrate Moons to Ethereum Mainnet. The devs are first launching a new scaling network that is built on Arbitrum technology. Arbitrum is a Layer 2 crypto platform that provides fast and private scalability services for smart contracts on the Ethereum blockchain.
The team chose Arbitrum due to the decentralization which it offers. Also, Arbitrum is developer-friendly and has broad ecosystem support, according to the team.
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The project had announced the Scaling Bake-Off back in February. This was in conjunction with the Ethereum Foundation in order to scale Community Points to the Ethereum Mainnet.
Following significant research, the team finally settled on Arbitrum’s optimistic rollups. Because this was the most promising scalability technique for Community Points.
The new network will be tested on the Rinkeby Testnet before the migration to the Ethereum Mainnet. This upgrade introduces millions of users to the Ethereum network.
“We look forward to continuing to work with them and the Ethereum Foundation to bring Ethereum to Reddit-scale production in ways that will benefit the entire ecosystem.”
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The community responded positively to this news as the price of Moons rose swiftly after the announcement. r/CryptoCurrency Moons are currently trading at $0.1299 at the time of this writing, with a total supply of 250,000,000.