Redditâ€™s native ERC-20 token can be sold for fiat. Itâ€™s a long process, but hereâ€™s how to do it, according to a Redditor.
- Reddit launched a cryptocurrency called $MOON in May.
- Users of the platform are rewarded with the ERC-20 token for posting.
- The tokens can be sold for cash, Reddit users have shown.
Redditâ€™s crypto community has worked out a way to sell its $MOON currency for cash.
Moonsâ€”launched in Mayâ€”are ERC-20 tokens awarded to those who contribute to the cryptocurrency section of the social media site. The better your contribution, the more Moons youâ€™ll receive.
The point is to let users of r/CryptoCurrency own a part of their community. They show your reputation within the subreddit, and you can use them to unlock exclusive features or add weight to votes in polls on the platform.
And though theyâ€™re ERC-20 tokensâ€”tokens that run on the Ethereum blockchainâ€”theyâ€™re hosted on a test version of Ethereum, meaning you canâ€™t swap them for, say, ETH.
But Ethereum developer Austin Griffith in July created a way to move the tokens from one blockchain to anotherâ€”from the testnet, called Rinkeby, to an Ethereum sidechain, xDai. This lets users turn the tokens into cash.
And yesterday, a Reddit user posted instructions on how to do this. It explains in detail that turning Moons into cash requires some Ethereum, the decentralized finance (DeFi) token, Dai, and MetaMask.
Youâ€™ll also need some Rinkeby Etherâ€”a currency used for powering the Rinkeby blockchainâ€”to cover fees, and MetaMaskâ€”a plugin that allows users to store Ether and other ERC-20 tokensâ€”and some other cryptocurrencies.
How to convert Moons to cash
So hereâ€™s how to convert your Moons to cash, according to the Reddit post.
First, send Moons to the MetaMask wallet. They can then be sent from MetaMask to Griffithâ€™s xMoon exchange, and changed to xMoons. This puts the token on the xDai blockchain.
Then, once the user has the xMoons, they can sell them on the decentralized exchange Honeyswap. From there, the cryptocurrency received in exchange for the xMoons can be sold on another exchange for fiat, if desired.
The method is already a success, according to some Reddit users.
One user wrote yesterday that discovering how to sell Moons â€œwas like winning a small lottery,â€ adding: â€œI am just so happy to have something good come out of this nightmare of an altcoin bear market.â€
And the crypto Twitter crypto community was sharing the tricks to turn the tokens into cash today, too.
So far, $402,387 of $MOON has been traded in the past 24 hours on Honeyswap, according to the exchangeâ€™s stats. Today, the token trades for $0.16.
Prolific r/CryptoCurrency Reddit users better snap up the tokens quickly.