Arbitrum Community Proposes Takeover of r/Cryptocurrency Subreddit
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Home > News
Published: 21/03/2024
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Author: Leexim
Arbitrum Community Proposes Takeover of r/Cryptocurrency Subreddit
An Arbitrum token holder reveals an ambitious grant proposal aiming to acquire control of the prestigious r/Cryptocurrency subreddit, with an estimated cost to the community of nearly $788,000.
Azcnews (4)
A member of the Arbitrum community, by the name of MeLLoN98, began offering to sponsor the existence of the r/Cryptocurrency subreddit and even buy back MOON, the subreddit’s native token, which Reddit deployed on Arbitrum Nova in 2022. In a forum post, MeLLoN98 presented a plan that includes advertising on the subreddit, with an emphasis on the development of r/Cryptocurrency as “the largest cryptocurrency community since year 2013”. He explained that the proposal aims to maintain Arbitrum’s status through subreddit sponsorship and Arbitrum’s community outreach, including advertising, discussion, and facilitated governance.
Key elements of the proposal include the display of the Arbitrum logo on r/Cryptocurrency’s banner and the automatic posting of sponsored posts introducing and explaining Arbitrum over a six-hour period on the subreddit. In addition, the proposal also mentions the purchase of a large amount of MOON, a total of 2 million tokens, for distribution to the Arbitration Treasury, to ensure safety in the event of an emergency or when governance difficulties arise may affect Arbitrum.
Arbitrum
Arbitrum
According to MeLLoN98, the planned implementation period from June to December 2024 is said to be consistent with the bullish cycle in the cryptocurrency market. He emphasized that maintaining the support of the r/Cryptocurrency community is important to Arbitrum, especially with the influx of new investors to the subreddit who come to learn and take action their progress in the field of cryptocurrency.
However, for this proposal to be approved, community consensus is needed and details about the voting time have not yet been clarified.
Related: Arbitrum Shows Signs of Recovery Amid Whale Movement
In December 2023, Reddit decided to relinquish control of the Moons token on the Arbitrum Nova network of the r/Cryptocurrency subreddit. According to crypto.news, Reddit has decided to stop working on the Moons project launched in 2020, citing complex legal issues and difficulties in expansion, as the main reasons for this decision.
Initially, the Community Points program was implemented on the Ethereum (ETH) blockchain. However, to reduce transaction costs and address scalability issues, it switched to a layer 2 network called Arbitrum Nova in August 2022.
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