Two New Reddit Assets Soar

Two digital assets, Moon and Brick, formulated by Reddit users, have seen substantial growth over the past week, surging 48% and 443%, respectively, following their addition to the cryptocurrency exchange Kraken.

Kraken made a public announcement on August 7th about including Moon and Brick in their offerings for spot trading and perpetual futures. As of the moment, the deposit of these two tokens is exclusively possible through the Arbitrum Nova network.

Moon serves as a community token, specifically designed for the r/CryptoCurrency subreddit. It’s distributed as rewards for valuable comments and posts within the community. Aside from that, users can exchange Moon tokens for various community-related items like badges and emojis, and they hold the power to vote in community polls.

On the other hand, Brick is tailored for the popular Battle Royale Game’s subreddit, r/FortNiteBR. Reddit’s in-house crypto wallet, known as Reddit Vault, keeps Bricks, which are allocated to users in proportion to their reputation or Karma points every month. These tokens can be traded for exclusive memberships and additional features within the subreddit.

As of the article’s release, Moon’s total market value stands at $44.3 million, while Brick’s is at $17.0 million. Comparatively, the r/CryptoCurrency community boasts 6.6 million members, whereas r/FortNiteBR has 2.7 million.

Since the previous year, 2021, Reddit has been actively launching cryptocurrencies under the Reddit Community Points (RCP) program, aiming to promote content creation. When these community tokens are redeemed for various perks, Reddit bears the gas fee for the transaction. Token owners also have the opportunity to contribute to governance proposals, fostering new functionalities for the tokens.