The mod team of Reddit's r/CryptoCurrency subreddit plans to implement a hard cap on the supply of its native token, MOON. Reddit administrators will abandon the MOON token contract, which is expected to be completed by the end of this month. This will make it impossible to create new MOON tokens, resulting in "complete decentralization" of MOON after the contract is destroyed.
The moderators further clarify: "In fact, no one will control the contract, including Reddit or the mod team." All MOON stored in the community will be destroyed, reducing the total supply of MOON to over 83 million. Therefore, the token will no longer be inflationary, and if MOON is destroyed in the future, it will become deflationary.
The mod team stated that they will work with the community to develop future plans for MOON, including distributing the remaining MOON in the community wallet and deciding whether to destroy or distribute MOON from advertising banner rentals and AMAs conducted by the community. In addition, the mod team will continue to develop bots and use available APIs to enhance the utility of MOON.