The social platform Reddit, with its hundreds of millions of users across the planet, came up with the idea to create 2 ERC-20 tokens on Ethereum in May 2020. Called MOONS and BRICKS, they quickly became a huge success. Today, Reddit is announcing an update to these cryptocurrencies, to make them even easier and more fluid to use.
‘Moons’ and ‘Bricks’ get an upgrade
As reported by The Block, among others, the social network Reddit is about to deploy a solution to improve the scalability of its MOONS and BRICKS tokens.
First of all, let’s briefly remind that these tokens are a kind of reward points to participate to the community life (“community points”) of the subreddits /r/Cryptocurrency (for MOONS) and /r/FortniteBR (for BRICKS).
In order to smooth the ramp-up of its token usage, Reddit will deploy them via the second-layer solution Arbitrum, offered by Offchain Labs.
Smoothness and lower transaction costs on the agenda
While the upgrade will initially be on the testnet, the goal for Reddit will of course be to move its tokens to the main Ethereum blockchain via Abritrum.
“You’ll notice that transactions happen much faster, and once you create a Vault, you won’t have to claim your MOONS/BRICKS every month (…) they’ll appear in your Vault [automatically] like magic.”Reddit release
This will also allow Reddit users to drastically drop the transaction costs to trade these 2 tokens.
Gas fees on Ethereum have been a big problem since decentralized finance (DeFi) arrived en masse on the smart contract network dreamed up by Vitalik Buterin. Second layer solutions, such as Arbitrum, are thus helping to relieve congestion (and lower fees) on the network, although the recent crash of ETH prices has also helped to lower gas costs on Ethereum.