The MOON (Reddit Moons) tokens saw their value increase by more than 105% at the start of August 2023. The surge was fueled by various crypto exchanges that listed the token. The MOON is used to reward users on the Reddit social network. Most users already have the tokens. So what can they do with them? We will teach you how to buy and sell MOONs in this guide.
Why Do Reddit Moons Exist?
Reddit Moons have been around over the last three years, but they grew in popularity in January when Reddit Avatar NFTs launched. Users who get rewarded with MOONs can use them to tip others, vote on various proposals, buy membership to an exclusive subreddit, and even build decentralized applications.
How Do You Earn Moons or Where Can You Buy Them?
The only way to get rewarded with Reddit Moons is by contributing to the community by publishing meaningful comments and posts. Note that you first earn “Karma points,” which you can then convert into MOONs.
You can sell your Reddit Moons on both centralized and decentralized exchanges. Moreover, you can provide liquidity to MOON pools.
If contributing to the Reddit community is overwhelming, you can buy MOON tokens instead. There are several centralized crypto exchanges that list the crypto asset, including Gate.io and Kraken. You can also buy MOONs from decentralized exchanges like SushiSwap, ArbSwap, and RCP Swap by following these simple steps: First, connect your Ethereum-compatible crypto wallet to any of the DEXes that support trading of the MOON token.
After that, head over to the “Swap” section and pick a trading pair. It could be MOON/BRICK, MOON/USDC, or MOON/WETH. In our case, we had USDC in the crypto wallet, so we bought MOONs with it.
How Do You Sell MOONs?
If you earn MOONs by being active on the Reddit platform, those tokens will be stored in something called Reddit Vault, which functions just like a crypto wallet. So, how do you cash in your MOON tokens? Well, follow this simple procedure.
Step 1: Get Your Reddit Vault Ready
As stated, all earned MOONs are sent to Reddit Vault. Therefore, you need to create an account with this vault. For security purposes, you will be required to provide a unique password, and a seed phrase will also be generated.
Step 2: Import Reddit Vault to MetaMask
This step requires you to install the MetaMask wallet first. After installing and opening it, two options will appear: import an existing wallet or create a new one. Select the former and key in the seed phrase generated while creating a Reddit Vault account. You have now successfully linked your Reddit Vault with MetaMask.
Step 3: Ensure Gas Fees Are Paid
It is worth highlighting that the MOON tokens live on Arbitrum Nova, a network designed for decentralized applications and users who need their transactions to be processed quickly. Regarding gas fees, once you’ve connected your MetaMask wallet with your Reddit Vault, go to the r/cryptocurrencyMOONs subreddit, then type ‘!gas Nova’ under any post. Within a few seconds, a Reddit bot will transfer ETH to your Arbitrum Nova address to cover gas fees.
Step 4: Convert Your MOONs to ETH
You now have enough ETH to carry out transactions on the Arbitrum Nova network. We suggest you swap your MOONs for ETH on a decentralized exchange like SushiSwap. To do this, connect your metaMask wallet to the DEX and switch the network to Arbitrum Nova. After that, select MOON as the token to be swapped and ETH as the token to be received. Preview the transaction and then confirm it. The ETH tokens should arrive in your wallet within a minute or two.
The reason for converting MOONs to Ethereum is that the latter is widely listed, making it easy to move it from one exchange to another.
Step 5: Bridge the ETH Tokens
Remember that the ETH you received is on Arbitrum Nova. Most centralized exchanges do not support this network, so depositing the tokens could be a huge challenge. Therefore, you will need to bridge the ETH to the Arbitrum One network, which is largely supported. To do this, use the Orbiter Finance bridging platform. Note that a gas fee will be deducted from the ETH being bridged.
Step 6: Transfer Bridged ETH to a Centralized Exchange
You now have Arbitrum One-based ETH. The next step is to deposit the tokens to your centralized exchange account. Some of the CEXes supporting the Arbitrum One network include Kraken and Binance. Ensure you choose the right depositing address to avoid losing your funds. Once the ETH reaches your trading account, you can convert it to fiat through the P2P platform.
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