Moons Decentralized: Reddit Officially Renounces Moons Contract
Reddit has officially renounced the contract of its cryptocurrency Moons, setting a milestone completing the decentralization of the token.
The Reddit administrators published a post in the “r/CryptoCurrency” community, confirming that the renouncement of the Moons contract has been finalized. This action not only caps the supply but also ensures that no further modifications can be made to the contract, thereby establishing Moons as a fully decentralized entity within the crypto community.
With Reddit’s remaining 98,000 MOON tokens burnt, the total supply has been lowered from around 125,969,899 to 83,205,951, according to Reddit’s estimation. Moons now are effectively deflationary.
In October, Reddit administrators announced their intention to renounce the contract, a process which has now been finalized. “The contract will forever remain unchanged, rendering Moons completely decentralized,” highlighted the post from the “r/CryptoCurrency” community. This move ensures that no further alterations can be made to the contract, solidifying its status as a fully decentralized digital asset.
With the renouncement now complete, Reddit has set a new precedent in the community-driven governance of blockchain projects. The post outlined, “No new Moons can be created, and Moons can continue to be listed and traded by exchanges and wallets as before.” This maintains the token’s accessibility and liquidity in the cryptocurrency market.
The forum’s sector remains the biggest crypto community, and advertisers still need to buy MOON for their space. Many users were celebrating the renouncement, cheering, “Over 40 million moons being burned and nobody owning the contract ever again is the best thing that could have happened.”
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