Reddit community tokens soar on Kraken listing

Cryptocurrency

Moon and Brick, two tokens created by users of social media platform Reddit, are up 48% and 443%, respectively, in the past week after being listed on cryptocurrency exchange Kraken.

In an Aug. 7 announcement, Kraken announced the listing of Moon and Brick for spot trading and perpetual futures. At the time of publication, users could only deposit the two tokens via the Arbitrum Nova network. 

Moon is a community token created for the r/CryptoCurrency subReddit. Tokens are given as rewards for users’ comments and posts. Users can also exchange Moon for badges and emojis for use within in the subReddit. The token also grants voting rights for r/CryptoCurrency community polls.

Meanwhile, Brick is a community token created for the namesake Battle Royale Game’s subReddit r/FortNiteBR. Bricks are stored in Reddit’s native crypto wallet, Reddit Vault, and distributed to users based on their Karma, or reputation points, every four weeks. Bricks can then be exchanged for special memberships and unlock features within r/FortNiteBR.

At the time of publication, Moon has a fully diluted market cap of $44.3 million, while Brick has a fully diluted market cap of $17.0 million. The r/CryptoCurrency subReddit has 6.6 million members compared to 2.7 million for r/FortNiteBR.

Since 2021, Reddit has been launching its cryptocurrencies as part of the Reddit Community Points (RCP) initiative to incentivize content production. When users exchange their community tokens for rewards, Reddit will cover the gas fee needed for the transaction. In addition, token holders can participate in governance proposals that introduce new functionality to the tokens. 

The Kraken listing announcement in the r/CryptoCurrency subReddit

Magazine: DeFi faces stress test, DoJ fears run on Binance, Hong Kong’s crypto trading

Articles You May Like

Biden allows Ukraine to strike Russia with US-made long-range missiles
Muni buyers focus on primary, traders ignore more UST losses
California’s Santa Barbara borrows for police station and park
Anatomy of a deal: the University of Chicago’s Midwest winner
Young adults are holding off on moving out of their parents’ house — here’s what’s behind the trend