Kraken, on August 7, announced the listing of the two Reddit community tokens, Moon and Brick, for spot trading and long-term futures.
Two Reddit users’ creations, Moons and Brick, have increased 48% and 443% in value during the past week since being launched on the cryptocurrency market Kraken.
The listing of Moons (MOON) and Brick (BRICK) for spot trading and perpetual futures was announced by Kraken on August 7. Users could only deposit the two tokens through the Arbitrum Nova network at the time of publication.
A community token named MOON was developed for the r/CryptoCurrency subreddit. For user comments and posts, tokens are awarded. In addition, users can trade MOON for emojis and badges to use on the subreddit.
The token also entitles the holder to vote in polls held by the r/CryptoCurrency community. In the meantime, Brick is a community token developed for the r/FortNiteBR subreddit of the same-named battle royale game.
BRICK is distributed to users every four weeks depending on their karma or reputation points and is kept in Reddit’s native cryptocurrency wallet, Reddit Vault. Then, within r/FortNiteBR, BRICK can be swapped for exclusive memberships and unlocked perks.
At the time of publication, the market capitalization of MOON is $44.3 million, while that of BRICK is $17.0 million. 6.6 million people are active on the r/CryptoCurrency subreddit, as opposed to 2.7 million on r/FortNiteBR.
As part of the Reddit Community Points program to reward content creation, Reddit has been introducing new coins from 2021. Reddit will pay the necessary gas costs when users trade their community tokens for rewards. Additionally, token owners can take part in governance initiatives that give the tokens new features.
