Kraken recently announced its listing of two Reddit community tokens, Moon and Brick, for spot trading and long-term futures. As a result, the two tokens, r/FortNiteBR Bricks (BRICK) and r/CryptoCurrency Moons (MOON) have become the top cryptocurrency gainers, with BRICK hitting a high of $0.1792 after a 443% surge, and MOON hitting a high of $0.498 after a 48% surge.
Reddit launched its cryptocurrencies in 2021 as part of the Reddit Community Points (RCP) initiative which incentivizes content production on the platform. When Reddit users exchange their community tokens for rewards, Reddit pays the gas fee needed for the transaction. In addition, holders of these tokens can participate in governance proposals that seek to introduce new functionality.
MOON is a community token developed for the Reddit subreddit r/CryptoCurrency. It is used to reward Reddit users for comments and posts. It can also be traded for emojis and badges to use inside the subReddit and entitles holders to the right to vote in polls held by the r/CryptoCurrency community.
BRICK, on the other hand, is a community token developed for the Battle Royale Game subReddit r/FortNiteBR. Every four weeks, bricks are distributed to users based on their Karma, or reputation points, and stored in Reddit’s native cryptocurrency wallet, Reddit Vault. The bricks can then be exchanged for exclusive memberships and unlocked features on r/FortNiteBR.
The listing of the two Reddit community tokens has caused a lot of hype in the cryptocurrency market and has resulted in significant gains for the two tokens. Kraken’s announcement has also highlighted the potential of these tokens and the role they can play in the cryptocurrency space.