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% 0.20
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Fear & Greed:
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Bitcoin:
$ 64.998
BTC Dominance:
% 54.2
Market Cap:
$2.37 T

Reddit Community Token MOON Soars on Eve of Celer Bridge Launch

Reddit

Reddit Community Token MOON Soars on Eve of Celer Bridge Launch! Starting March 20, the interoperability protocol Celer will enable MOON holders to transfer coins to Arbitrum One.

The native cryptocurrency of Reddit’s r/CryptoCurrency community, Moons (MOON), is experiencing a surge in value as it anticipates the launch of Celer’s bidirectional bridging feature. This feature will facilitate the movement of tokens between Arbitrum Nova and Arbitrum One.

Over the weekend, MOON reached a record high of 84 cents, surpassing its previous peak of 65 cents in July 2023, according to CoinDesk data. Currently, the cryptocurrency is trading at 50 cents, reflecting a 5% decline over the past 24 hours compared to the 7% gain in the CoinDesk 20 index.

Moons are ERC-20 tokens rewarded to users for their contributions to the r/CryptoCurrency subreddit. These tokens can be freely traded, tipped, or spent within the community.

Last month, r/CryptoCurrency announced that Celer, an interoperability protocol facilitating cross-chain fund and message transfers, would support MOON. The launch of the bridge, scheduled for March 20, will enable users to transfer their MOON tokens to the layer 2 scaling solution Arbitrum One blockchain without the usual one-week waiting period associated with Arbitrum’s official bridge.

Arbitrum operates two layers on the Ethereum blockchain – Arbitrum One and Arbitrum Nova. The former is optimized for DeFi trading activities, while the latter focuses on reducing transaction costs for high-throughput decentralized applications.

Currently listed on Arbitrum Nova, MOON holders will soon be able to bridge their coins from Nova to One and vice versa. Arbitrum One boasts higher liquidity, with $3.43 billion worth of cryptocurrencies locked in its decentralized finance ecosystem, compared to Arbitrum Nova’s $2.09 million, as per DeFiLlama.

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Bridging MOON to Arbitrum One will expose the cryptocurrency to a wider range of DeFi applications while minimizing the risk of potential shutdowns, as explained in r/CryptoCurrency’s official post.

Users who bridge MOON to Arbitrum One will retain voting power, while distribution and tipping of the token will continue over Nova due to its lower transaction costs.

Additionally, investor interest in the community token may have been influenced by Reddit’s impending initial public offering (IPO) on March 21, which Reuters reports is four to five times oversubscribed, indicating potential for a debut valuation of $6.5 billion.

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