Odaily Frontline｜Reddit "Community Points" can also generate income? The community finds a way to cash out

余YU

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2020-09-28 10:41 (UTC+8)

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Turning Moon into cash requires some Ethereum, DeFi tokens, Dai, and MetaMask.

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Turning Moon into cash requires some Ethereum, DeFi tokens, Dai, and MetaMask.

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Summary:

Summary:
Reddit launched the $MOON token in May.
Users of the platform are rewarded with ERC-20 tokens for posting.

Reddit users said the tokens could be sold for cash.

Reddit's crypto community has figured out a way to convert $MOON into cash.

This credit is part of giving r/CryptoCurrency users ownership of their community. They show your reputation within the Reddit subreddit, which you can use to unlock exclusive features or increase the weight of votes on the platform.

textOdaily Note: According toReported in May

, Reddit is testing community points in the form of Ethereum ERC-20 tokens; the first two Ethereum tokens, $MOONS and $BRICKS, will be issued to /r/Cryptocurrency and /r/FortniteBR respectively. members of a board. Community Points will first run on the Rinkeby testnet and then migrate to Ethereum.

But Ethereum developer Austin Griffith created a way to transfer tokens from one blockchain to another in July, the Rinkeby testnet transfer to the Ethereum sidechain xDai. This allows users to exchange tokens for cash.

yesterday,yesterday,A Reddit user posted how to do this

. The post explains in detail that turning Moon into cash requires some Ethereum, DeFi tokens, Dai, and MetaMask.

You'll also need some Rinkeby Ether, the currency that powers the Rinkeby blockchain, to pay for fees. You'll also need MetaMask (a plugin that allows users to store Ether and other ERC-20 tokens) and some other cryptocurrencies.

According to a Reddit post, here's how to convert Moon into cash:

First, send the Moon to the MetaMask wallet. They can then be sent from MetaMask to Griffith's xMoon exchange and exchanged for xMoons. This will place the tokens on the xDai blockchain.

Then, once users have xMoons, they can sell them on the decentralized exchange Honeyswap. The cryptocurrency obtained by exchanging xMoon can be sold on another exchange for fiat currency, if desired.

According to some Reddit users, this approach has been successful.A user wrote yesterday

, finding out how selling Moon was “like winning a small lottery,” adding, “I’m happy for the good outcome in the altcoin bear market nightmare.”。