A detailed guide to trading Reddit moons as a currency

A year ago, Reddit drew out its beginning digital currency as an analysis inside the r/Cryptocurrency subreddit. The coins, called Moons (MOON), exist on the Ethereum testnet, which implies—in principle—they have no worth. 

Yet, the crypto local area immediately got imaginative and cleared a path for anybody to purchase and sell them in a decentralized design. Furthermore, presently, since the cost of Moons has developed essentially, 10 Moons gets you around $1.15. Which, shockingly, implied I could turn the 17,500 Moons I had aggregated by being a functioning Redditor into $2,000. 

However, it was difficult. 

 

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Accomplice 

Along with Decrypt 

In July 2020, Reddit initially acquainted the Moon tokens with the cryptographic money subreddit. They were intended to compensate the individuals who added to the local area and a test with decentralized innovation. Those with Moons can decide on what they are appropriated for (upvoting, remarking and so forth) and they are given out each month on a fixed timetable. They do have some utility incentive on Reddit and can be traded for coins, that let you purchase identifications, or used to pay for a 'extraordinary enrollment' that allows you to do things like adding GIFs in remarks. 

Indicating Reddit's Moons 

Reddit offers local area focuses for r/digital money and r/fortnite. Picture: Reddit. 

At the point when Moons initially showed up, Decrypt investigated how to transform Moons into crypto. Around then, it was a three-venture measure utilizing three devices. It's as yet similar cycle yet lamentably a portion of those apparatuses at this point don't work so some of it must be done physically. 

The cycle is additionally costly. Because of rising Ethereum expenses, nowadays you can hope to pay $40 or so to change your Moons over to DAI—in addition to $15 in the event that you need to, at that point move the DAI around, in addition to any charges associated with moving Ethereum in the event that you don't as of now have it in your wallet. Yet, in the event that you have a great deal of Moons, it very well may be justified, despite any trouble. 

Bitcoin 

Redditor Makes Over $24k in Bitcoin by Trolling r/CryptoCurrency 

An accomplished financial backer has revealed to Reddit that he transformed his Moon tokens into Bitcoin to receive genuine benefits—all from "images and shitposting." The 31-year-old Reddit client, Cryptorich13, who cla... 

News 

Business 

Mathew Di Salvo 

Dec 27, 2020 

3 min read 

One proviso: This entire interaction is trial and hazardous. It's not difficult to lose your cash doing this. So I don't prescribe it to the danger disinclined. Reddit additionally exhorts against it since its hazardous to play with 

A short outline 

The fundamental method to transform MOON into DAI is by trading the MOON onto the xDai blockchain—a sidechain running close to Ethereum that is quicker and less expensive. At that point, on the xDai chain, the xMOON tokens are traded for xDAI tokens (additionally on the xDai chain). Ultimately these xDAI tokens are transformed into ordinary DAI on the Ethereum blockchain (the costly piece). 

Reddit fabricates a local area 

Reddit needs to make a decentralized ideal world. Picture: Reddit. 

What fixings did I need? Well I required enough mainnet ETH to pay for the large exchange expenses toward the end, a minuscule measure of xDAI to pay for certain charges and some testnet ETH to 'pay' for additional expenses. I'll clarify how I got every one of these further down. 

To do this, I needed to utilize MetaMask for putting away and cooperating with the tokens at each stage. I likewise utilized MyEtherWallet to play out the agreement calls for transforming MOONs into xMOONs. 

Stage 1: Turning MOONS into XMOONS. 

So the principal thing I did was send my Reddit moons from my wallet inside the application to my MetaMask wallet (on the other hand you can import your Reddit account into MetaMask yet then you should support that wallet with ETH). 

This is genuinely clear. In the application, I made an exchange and sent the MOONs to my Ethereum wallet (reordered from MetaMask). The MOONs moved rapidly since they are running on the Ethereum testnet. 

Famous Ethereum wallet MetaMask has revealed an update. 

MetaMask is a Web 3 wallet. Picture: MetaMask. 

On MetaMask, notwithstanding, the MOONs didn't promptly show up. I needed to add them to MetaMask. First I chose the Rinkeby testnet, at that point I clicked "add tokens" and added the agreement "0xDF82c9014F127243CE1305DFE54151647d74B27A." (If this doesn't show in full, see guidelines here—yet note that the remainder of the guide is obsolete). An odd characteristic of MetaMask implies I needed to click "next," at that point "back" at that point add the quantity of decimal spots, which is 18. 

The MOONs showed up in my record. Then, I expected to transform them into xMOONs on the xDai blockchain. That is the place where the sites at this point don't work that used to do the work for you. So all things being equal, I needed to physically call the agreements. 

To do that, I required some testnet ETH. I utilized this facuet, which expected me to make a Facebook post (despite the fact that I prescribe Twitter since it's simpler to get the connection of a post). Presently, 3 gleaming, new testnet ETH showed up in my wallet. 

Rinkeby spigot hands ETH out 

The spigot gives out testnet ETH. Picture: Rinkeby spigot. 

I at that point utilized this manual for get my tokens onto the xDai blockchain. It made me through the particular strides I expected to utilize MyEtherWallet to transform MOONs into xMOONs. In spite of the fact that it looks confounded, it's a genuinely direct interaction. Simply follow the formula. 

Be certain you've chosen the Rinkeby testnet on the grounds that that is the place where this is all occurring. Something else to remember is that you need to add 18 decimal spots when adding values in Wei. So to move 20 Moons, you would have to compose 20000000000000000000 in the Value and Amount fields. Math is entertaining! 

Presently I had some xMOONs. To see them in MetaMask, I expected to add the xDai blockchain to MetaMask and add the XMOON tokens to it, as well. There's a straightforward guide for adding the xDai blockchain here; adding xMOON tokens was a similar method as in the past (subtleties can be found here). 

Trading XMOON tokens for XDAI 

Presently we go to the simple part: we do a straightforward exchange on the xDai blockchain starting with one symbolic then onto the next. The lone interesting piece is that we need some xDAI to make the exchange. 

I initially got some DAI however then acknowledged it was costly to transform it into xDAI. All things considered, I mooched some DAI by begging on Twitter. A thoughtful outsider caused me out. He at that point disclosed to me that the most ideal approach to get xDAI was to either enter the 1Hive people group and address individuals there, or utilize this spigot—$0.01 is fine, you needn't bother with a lot. 

HoneSwap runs on xDai 

The HoneySwap decentralized trade. Picture: HoneySwap. 

DAI close by, I utilized the HoneySwap trade to trade the tokens. This is a decentralized trade that was cloned from Uniswap V1. Ensure you have the xDai blockchain chosen in MetaMask and you're all set. 

I entered the number of tokens I expected to trade and chose xDAI as the token to get. There was a little charge in xMOONs (around 50 tokens, worth $5, on the off chance that I review). At the point when I took a stab at doing all the tokens on the double, the exchange flopped so I traded them in a couple of clumps. 

Before long, I had 2,100 xDAI in my MetaMask wallet. 

Trading XDAI for DAI 

The third step was to transform the xDAI tokens on the xDai blockchain into DAI tokens on the Ethereum mainnet. This is certainly not a fundamental advance (there are alternate approaches to exchange xDAI tokens for mainnet tokens) however it's simpler to exchange DAI on numerous large trades. 

I utilized the xDai connect (which suggests utilizing Chrome and empowering pop ups) for this work, which was really direct: I put in the measure of xDAI I needed to trade on the xDai chain for mainnet DAI. At that point I clicked "Solicitation." 

Transforming xDAI into genuine DAI 

Trading xDAI for DAI. Picture: xDai connect. 

A MetaMask spring up inquired as to whether I needed to pay $40 in exchange charges. Hesitantly, I acknowledged, and put the exchange into action. This is a two-venture measure, so after a second MetaMask sprung up again and I needed to affirm the subsequent part. 

Not long after the DAI showed up in my wallet. I had changed over Reddit MOONS for DAI. 

From here, it was conceivable to exchange the tokens for different coins (like ETH) inside MetaMask (which is genuinely costly) or send the DAI tokens to a brought together trade to trade for different coins. Since sending DAI requ