The crypto community from Reddit has worked on the way to sell its $MOON currency for cash.
Launched in May, Moons are ERC-20 tokens awarded to those who will contribute to the cryptocurrency section of the social media site. The better the contribution, the more Moons will be received.
The purpose is to have the users of r/Cryptocurrency own a part of the community. The reputation is shown within the subreddit, and this can be used to unlock the exclusive features or add weight to votes in the polls on the platform.
However, they are ERC-20 tokens (tokens that run on the Ethereum Blockchain – they have hosted a test version of the Ethereum, meaning it cannot be swapped, for example, ETH.
The Ethereum developer Austin Griffith has created a way to transfer the tokens from one blockchain to another in July. This lets the users turn the tokens into cash.
A Reddit user has recently posted instructions on how to do it, explaining in detail that turning Moons into cash may require some Ethereum, DeFi token, Dai, and MetaMask.
The Rinkeby Ether is also needed to cover fees, along with MetaMask and some other cryptocurrencies.
How to exchange Moons to cash
The steps on how to convert the Moons to cash was posted in Reddit.
First, transfer Moons to the MetaMask wallet. It can be sent from MetaMask to Griffith’s xMoon exchange and changed to xMoons. This places the token on the xDai blockchain.
Once the user has the xMoons, it can be sold on the decentralized exchange named Honeyswap. From there, the cryptocurrency that received in exchange to xMoons can also be traded if desired, to another exchange for Fiat.
According to some Reddit users, the method implemented is already a success.
Yesterday, a user wrote that discovering how to sell Moons “was like winning a small lottery,” further adding: “I am just so happy to have something good come out of this nightmare of an altcoin bear market.”
Now, the crypto Twitter community also shared the tricks to turn the tokens into cash too.
As of now, $402,387 of $MOON has been dealt in the past 24 hours on Honeyswap, according to the exchange’s stats. Today, the token trades for $0.16.