In defiance of Reddit’s apparent wishes, crypto traders have devised a way to exchange the social platform’s ‘community points’ tokens for fiat — and it’s resulted in a pretty surprising market cap.
In May Reddit announced it would begin distributing ERC-20 rewards tokens on the Rinkeby testnet among users of its cryptocurrency and Fortnite subcommunities in the form of ‘MOONs’ and ‘BRICKs.’ The tokens are distributed according to a user’s contributions to the respective subreddits.
xMOON pairings appeared on xDai network exchange Honeyswap last week after Reddit introduced a feature allowing Moons to be converted into ‘coins’.
MOON holders can now trade the tokens by converting them to xMOON via xmoon.exchange, and then exchanging the xMOONs for xDAI — which can be converted to the stablecoin DAI 1:1 — via Honeyswap.
Reddit’s crypto community token is…