The developers of the Reddit Moons project recently announced that Moons will be ported to a new expansion network. This is part of the overall plan to bring Reddit Moons to the Ethereum Mainnet. Scaling remains a huge hurdle in the blockchain industry and the developers behind Reddit Moons are working on scaling the Moons Network.
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The new network expansion was announced on July 22nd and pinned to the CryptoCurrency subreddit. The benefits of scaling could mean faster and more efficient transactions. Users will no longer have to claim their satellites every month. Once the measurement is complete, Moons will be automatically deposited into the users’ Vault. The upgrade took two hours and is now live.
What are reddit moons?
Reddit Moons is the original cryptocurrency in the CryptoCurrency subreddit. Users receive satellites for their contributions to the community.
Pirce of Moons currently up 30% in the past 24 hours | Source: Moons on xDai on tradingView.com
Reddit introduced Vaults on the platform about a year ago. Reddit users get community-based tokens in their vaults. Moons was the first subreddit-based cryptocurrency to be produced on the Reddit platform, and Vaults is based on the Ethereum network.
The satellites give community members a chance to own a piece of their favorite community. In this case, a piece of the subreddit r/CryptoCurrency.
Migrate to Ethereum Mainnet
The end of the game is the successful migration of Moons to the Ethereum Mainnet. The developers are first releasing a new expansion network built on Arbitrum technology. Arbitrum is a Layer 2 crypto platform that provides fast and private scalability services for smart contracts on the Ethereum blockchain.
The team chose Arbitrum because of the decentralization it offers. Also, Arbitrum is developer friendly and has broad ecosystem support, according to the team.
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The project had announced Scaling Bake-Off back in February. This was in conjunction with the Ethereum Foundation in order to extend Community Points to the Ethereum Mainnet.
After conducting significant research, the team finally settled on the optimistic Arbitrum complexes. Because this was the most promising scalability technology for community points.
The new network will be tested on the Rinkeby Testnet before migrating to the Ethereum Mainnet. This upgrade introduces millions of users to the Ethereum network.
“We look forward to continuing to work with them and the Ethereum Foundation to bring Ethereum to production on Reddit scale in ways that will benefit the entire ecosystem.”
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The community responded positively to this news as the price of Moons rose rapidly following the announcement. r/CryptoCurrency Moons are currently trading at $0.1299 at the time of writing, with a total supply of 250,000,000.