Kraken on August 7, announced the listing of the two Reddit community tokens, Moon and Brick, for spot trading and long-term futures. At press time, Kraken users could only deposit the two tokens through the Arbitrum Nova network.
The two tokens r/FortNiteBR Bricks (BRICK) and r/CryptoCurrency Moons (MOON) have been at the centre of the top cryptocurrency gainers in the recent past; which is the likely reason as why Kraken decided to list them.
Reddit community cryptocurrencies’ hype
Reddit launched its cryptocurrencies in 2021 after a beta test in 2020 as part of the Reddit Community Points (RCP) initiative to incentivize content production on the platform. Interestingly, when Reddit users exchange their community tokens for rewards, Reddit pays the gas fee needed for the transaction. In addition, community token holders can participate in governance proposals that seek to introduce new functionality to the tokens.
Currently, the two main Reddit Community tokens are r/FortNiteBR Bricks (BRICK) and r/CryptoCurrency Moons (MOON).
MOON is a community token developed for the Reddit subreddit r/CryptoCurrency. It is used to award Reddit users for comments and posts. In addition, users can trade Moon for emojis and badges to use inside the subReddit. The token also entitles holders to the right to vote in polls held by the r/CryptoCurrency community.
BRICK, on the other hand, is a community token developed for the Battle Royale Game subReddit r/FortNiteBR. Every four weeks, bricks are distributed to users based on their Karma, or reputation points, and stored in Reddit’s native cryptocurrency wallet, Reddit Vault. The bricks can then be traded in for exclusive memberships and unlocked features on r/FortNiteBR.
