Reddit Deprecates The MOON Bridge To Arbitrum Nova, Users To Lose 4.77 Million Tokens
2023年2月5日 - 12:48AM
NEWSBTC
The MOON Bridge to Arbitrum Nova has been deprecated per a
statement on February 3. Bridge To Be Deprecated Approximately
4.77 million MOON tokens will be burnt next week. MOON, which will
be sent to an unrecoverable address in Ethereum, was part of tokens
that weren’t bridged to Arbitrum Nova. Arbitrum Nova is one of the
many layer-2 scaling solutions in Ethereum. The platform uses smart
contracts and roll-up transactions off-chain before confirming them
on the mainnet. This translates to higher transaction throughput,
relieving the Ethereum mainnet and helping push down the cost of
transaction fees. The high block demand in Ethereum and the low
transaction processing power in the mainnet influence transaction
fees. Related Reading: Crypto Tidbits: Bitcoin Halving,
Reddit Using Ethereum, JP Morgan Dabbles in Crypto The deprecation
of the MOON Bridge means users who held tokens in the Arbitrum Nova
Bridge can do nothing. They won’t move tokens from the Rinkeby and
Arbitrum Testnet to the Mainnet. The mainnet for Reddit’s community
points was launched over five months ago. Users were given up to
three months to move their tokens from testnets or other supported
bridges. By shifting to the mainnet, Reddit notified the
community that users would have to pay network fees for
transferring community points, like MOON. In Arbitrum Nova, which
uses AnyTrust Technology for efficiency, fees are lower, but users
still need to pay. Rewarding Activity in Reddit MOON is the
community point of the r/Cryptocurrency forum on Reddit, the social
media platform. The subreddit has more than four million
subscribers and is dedicated to discussing crypto-related topics,
ranging from general news, DeFi, NFTs, metaverse, and more. MOON is
part of Reddit’s community points and was launched in 2020.
Considering the size of the r/Cryptocurrency subreddit, the RPC was
first experimented in, among other forums, the crypto-centric
forum, where its token was labeled as “MOON”. As a reward system,
the objective is to reward active contributors and influencers for
participating in various forums on Reddit. A subreddit that
supports Reddit Community Points (RCPs) like MOON, in
r/Cryptocurrency’s case, means users who actively engage in the
forum stand to receive crypto assets. Related Reading: Reddit User
Calls Out KuCoin Over ≈$50,000 Stuck On Exchange The difference
between RCPs like MOON and Karma points is that every MOON in
circulation has monetary value. Accordingly, their value can be
determined independently by the market. The influence of supply and
demand can see the price of MOON to fluctuate over time.
Moreover, MOON is launched on the Ethereum blockchain. Each
address can be tracked as a fungible token on the public chain,
just like other coins and tokens such as ethereum (ETH) and
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