Announced this morning, r/CryptoCurrency Moons are being moved to Mainnet! They are pairing with Arbitrum Nova which is a scaling network on the ETH Mainnet. However, because of this migration, Moons will be unavailable for the near future as everything gets swapped over. This also means that now that Moons are moving to the ETH Mainnet, you will need to pay gas fees in order to move your Moons, swap, tip or gift them. You will be able to buy ETH on Reddit through FTX, which will be needed to do anything with Moons for the foreseeable future.
Following this announcement by the mod team on r/CryptoCurrency, the price of Moons shot up from $0.0825, to a whopping $0.2227, an almost 300% increase in just three hours. As the hype is settling down, the price is listed at ~$0.1425 according to CoinMarketCap.
Going to a Mainnet is pretty big news for this project, however, it could affect a few things. The first of which is the issue of Gas fees. Prior to the Mainnet, you could buy/swap/tip Moons with no penalty, meaning people with very little Moons - say 10 - could cash out and basically get their full payout minus the fluctuation from the volume change. Now, in order to cash out 100 Moons, you'd be paying more in Gas fees than you would be getting back. 10 Moons is worth approximately ~$1.50 currently. In order to swap those Moons at the current Gas prices of ~20 Gwei, you'd be paying $0.90 in gas, resulting in only $0.60 of profit. Obviously the more Moons you swap/sell/tip at a time, the less of an impact Gas fees will be, but for people that don't have a ton of Moons, which is quite a lot of people on the subreddit, this is a pretty big change.
On top of that, the ETH that you purchase through Reddit can ONLY be used for Gas! If you previously transferred your moons to the ETH Rinkeby Testnet, or the Arbitrum Testnet, your Moons will only be safe for three months according to the post, so make sure you migrate your Moons in that time or else they'll most likely be gone.
What do you think about this big change on one of the leading Cryptocurrency forums? Personally, as I've swapped most of my Moons already a while ago, I think it can be a step in the right direction, I just hope that the little fish in the pond don't get left behind.
