Adding Reddit MOON to MetaMask

1. Import your Reddit Vault into MetaMask
2. Add the Arbitrum Nova network
3. Add the MOON token to MetaMask
4. You can now trade MOON on DEXs

Key Takeaways

• MOON is the reward token of the CryptoCurrency subreddit. Community members earn MOON for their interaction in the community. MOON is being issued on Arbitrum Nova.

• Users can access the token from the vault integrated into the Reddit mobile application or in their MetaMask and other supported wallets.

• MOON doubles as a reward token and a governance token. For the latter, holders can use their MOON tokens to vote on proposals regarding the improvement of the community.

• MOON tokens are distributed on a monthly basis. Tokens earned by each member are relative to their level of engagement and other factors that could affect the net received tokens.

• In this guide, we look at how you can import your Reddit Vault to MetaMask and transact MOON through MetaMask on Arbitrum Nova.

Early Reddit users are familiar with Karma, a tokenized measure of engagement on Reddit. It gives a numerical picture of how much content is appreciated by the community members. Upvotes have a positive effect on the Karma earned by any comment or post, while downvotes are a show of disagreement with the opinion shared in any comment. Karma has remained the principal reward system on Reddit communities, until the introduction of community tokens.

Reddit community tokens made their debut in 2020 with the r/CryptoCurrency launching the MOON token in March 2020. The second Reddit community token would quickly follow when the r/fortnite community launched the BRICK token about two months later in May 2020. But how do Reddit community tokens work and how are they relevant to Redditors?  Let’s take a look at Reddit’s r/CryptoCurrency Moons. 

What are Reddit’s r/CryptoCurrency Moons?

With every relevant contribution in the r/CryptoCurrency subreddit, you stand a chance of earning MOON, the reward token of the community. ‘Contribution’ here includes comments, posts, and participation in community governance activities. Moons reside on the Arbitrum Nova chain and are sent to your personal vault. You can access your vault and the rewarded MOON by visiting it from your Reddit mobile application.

r/CryptoCurrency Moons are distributed every 28 days. The distribution was semi-automatic at first with every user claiming their earned tokens for each month. However, with recent upgrades, Moons are automatically sent to Redditors’ wallets at the end of each cycle. Factors affecting MOON earned for each cycle include the number of tokens available for distribution for the particular cycle, the user’s Karma balance at the end of the cycle,and other key factors.

For each cycle, a specified number of MOON are made available for distribution, to reconcile the number of MOON tokens awarded per user with the karma earned; the total MOON to be distributed for the cycle is divided by the total Karma balance of the community members at the end of that cycle. Individual rewards are calculated as Karma earned by the community member multiplied by the reconciliation factor.

I.e X/Z=Y

Where X= number of MOON allocated for distribution for the cycle

          Z= cumulative Karma balance of community members at the end of the cycle

          Y= the reconciliation factor

MOON earned per cycle = Y * Karma balances at the end of the cycle.

However, a number of factors could influence the total MOON received per cycle. Some of these factors include:

• Voting in governance pools

• A special reward for comments

• Improved rewards for contributions to posts marked as ‘serious’.

• Karma earned from pinned posts is not considered for MOON rewards.

• Stripped rewards from posts removed by community moderators or the Redittor.

Suspended accounts are not rewarded for the cycle. However, they will be eligible to receive their rewards if their ban is upturned.

MOON tokens can be used for a number of purposes on the r/CryptoCurrency subreddit community and outside it. In the community, Redittors can send MOON as a reward to other community members. Projects or individuals who wish to run promotional events on the subreddit will have to use MOON tokens. For example, MOON is used to rent banners or burned to earn the right to host an AMA.

MOON tokens are also used to vote on polls created in the community, where each member’s vote weight is relative to the number of MOON tokens they hold. See other use cases for the MOON token as specified by r/CryptoCurrency admins.

Outside the subreddit, MOON tokens can be traded on centralized exchanges like Crypto.com and Kraken, along with decentralized exchanges like Sushiswap. More use cases could be explored for the token outside Reddit and the parent community in the future. Here’s how you can make your MOON token available for use outside Reddit.

Create Your Vault 

Reddit integrates a wallet on the mobile application to enable MOON holders to manage their tokens on the platform. The vault is your wallet on Reddit. It is a self-custody wallet, where vault owners hold the private key to their wallet and can move the contents to other wallet applications. You can access your vault from your Reddit profile, 

if you are yet to create a vault for your profile, click the Vault option and follow the prompt to complete the creation. Copy and safely back up the recovery phrase for your vault, ideally storing it offline.

Import Your Vault to MetaMask

To access more utility for your Reddit MOON, you can import the vault and manage your Reddit wallet from MetaMask and other supported wallets. MetaMask is a fully constituted cryptocurrency wallet with support for Ethereum blockchain and its Layer 2 networks, and standalone EVM blockchains. 

MetaMask lets you install and access any EVM network; you only need to enter the correct network details. The MetaMask wallet comes in browser extensions and applications that can be installed on mobile devices.

Just in case the reader hasn’t used MetaMask before, let’s go through the download and installation process for the MetaMask wallet. If you already have an existing MetaMask wallet, proceed to import your wallet.

Installing MetaMask on Desktop Devices

1. First, download the MetaMask extension for your web browser.

2. Visit the MetaMask website to download the extension. MetaMask extension works on Chrome, Microsoft Edge, Brave, Opera, and Firefox browsers.

3. Install the extension for your browser and proceed to set up your account.

Importing Your Reddit Vault to MetaMask

MetaMask allows you to create a new wallet or install your old MetaMask accounts or existing accounts from other wallets. To import your old wallets, your wallet private key or seed phrase will be required.

For first-time MetaMask users, after installing the MetaMask wallet, select Import Wallet.  Proceed to enter your Reddit Vault recovery phrase in the form that pops up. Set up your wallet password and complete the process by clicking Import.

Adding Arbitrum Nova to MetaMask

To access your tokens on Arbitrum Nova, you will need to add the network to your MetaMask account. To manually add the network;

1. Log into your MetaMask, click on the dropdown menu in the top left corner, and select Add Network from the drop-down.

Note that Arbitrum Nova is not yet available for selection in the list of pre-integrated networks on MetaMask, so you’ll have to add it manually.

2. Click Add a network manually at the bottom of the page.

3. In the form that pops up, fill in the following details in their respective boxes

• Network name: Arbitrum Nova

• RPC URL: https://nova.arbitrum.io/rpc

• Chain ID: 42170

• Currency: ETH

• Explorer: https://nova-explorer.arbiscan.io

Click Save, and Arbitrum Nova can now be accessed via your MetaMask wallet. Simply click the drop-down menu at the top left corner of your wallet and select Arbitrum Nova from the network list.

Adding Arbitrum Nova to Your Metamask Wallet Through Chainlist

Another way to add the Arbitrum Nova network to your MetaMask wallet is via the Chainlist platform. Chainlist is a hub of EVM networks; individual contributors register networks and allow blockchain users to add them to their wallets through a series of simple clicks.

You can follow this simple three step process to get started:

1. Visit the ChainList platform and connect your MetaMask Wallet.

2. Search ‘Arbitrum Nova’ in the search bar at the top of the page. Ensure that the network details correspond to that provided above. Note that Arbitrum Nova and Arbitrum are different platforms.

3. Tap Add to MetaMask and the verified Arbitrum Nova information will be automatically added to your extension.

You can now connect to Arbitrum Nova from your MetaMask application. Details of your Arbitrum Nova wallet will be shown once you switch to the network.

Your MetaMask is now ready to access the Arbitrum Nova network. As Ether (ETH) is the native token of the network, ensure to have sufficient ETH on your wallet to pay for gas for routine transactions. You can request ETH from peers on Arbitrum Nova, or bridge from supported asset bridges.

Next up, we will import the Reddit MOON token to the Arbitrum Nova network.

Add Reddit MOON to MetaMask

Step 1: Obtain the MOON token smart contract from CoinGecko.

Visit the MOON token profile on CoinGecko, copy the token’s contract address, and proceed to add it to your wallet.

Step 2: Add the token to your wallet

Go to your MetaMask wallet home page and scroll down to the bottom of the asset list. Click Import tokens and proceed to enter the asset’s details in the form that pops up.

Paste the contract address for the token in the designated input box, and the other details will load automatically. In case the details are not updated automatically, you can obtain them from the network’s Explorer and enter them manually, and click Add Custom Tokens to complete.

Step 3: You can now transact your MOON tokens from your MetaMask wallet.

Sending MOON via MetaMask

From your MetaMask wallet, you can send MOON tokens to peers. To transfer tokens to a friend,

Click on MOON from your MetaMask token list, and click Send from the token’s page.

On the interface that follows, enter the wallet address you wish to send the token and double-check to ensure that the right wallet is being used. After that, enter the number of tokens you wish to send.

Click Next and confirm the transfer.

Gas Fees on Arbitrum Nova

Arbitrum Nova uses ETH for gas fees, with a set floor of 0.01 gwei. This means if you want to transfer MOON on the Arbitrum Nova chain, you’ll need to hold some ETH in your wallet to pay for gas. In the above screenshot, the gas fee is 0.00000078 ETH, which is less than $0.01.

How to Trade MOON on Exchanges

Now that you have moved your MOON to your MetaMask wallet, you can look into trading MOON on exchanges, as MOON is listed on a number of centralized and decentralized exchanges. You can freely trade your tokens on any of these platforms. Here’s how you can buy or sell MOON tokens:

Centralized Exchanges

According to information from CoinGecko, MOON is listed on Kraken, MEXC and gate.io at the time of writing. You can create an account on any of these exchanges to trade MOON after passing the required KYC process. If you already have an account, you can proceed to trade MOONfmoon on these exchanges.

If you wish to sell, obtain a MOON deposit address for your account from the exchange. Ensure that you selected the correct platform and copied the right address. Use the copied address as the deposit address while sending MOON from your wallet as described in the previous section. The sent token will arrive in your exchange wallet when the required network confirmations are completed. You can now trade them.

If you wish to purchase MOON tokens from an exchange and send them to your Reddit vault or wallet: Make your purchase on the spot market. When your order is filled, move to the withdrawal section to transfer the token to your wallet.

Select the Arbitrum Nova network and enter your wallet address as the recipient address and complete the withdrawal process. MOON tokens will arrive in your vault or wallet when the withdrawal is executed from the exchange’s end.

Decentralized Exchanges

MOON is listed on Sushiswap and RCP Swap. Both decentralized exchanges support Arbitrum Nova, and you can trade MOON from the comfort of your personal wallet. Since you will be paying the transaction fees in ETH, ensure that you have at least enough ETH in your wallet to pay for the transaction fees.

We will use the Sushiswap interface for this guide – the procedure is almost the same for any other decentralized exchange.

Visit the exchange platform and connect your wallet. You will be required to switch to Arbitrum Nova if you are not already on the network.

If you wish to sell your MOON tokens, select MOON as the token you wish to trade, and also select the asset you wish to exchange MOON for. Approve MOON for trading on the platform and proceed to complete the swap. You will be required to approve the exchange from your wallet. If every requirement is met, the transaction goes to completion once this is done.

To buy MOON from the exchange, select the asset you wish to swap and MOON as the asset you wish to receive. Subsequent procedures are the same as previously described. When the transaction is completed, the specified amount of MOON tokens will be sent to your wallet.

Final Thoughts

Cryptocurrency and blockchain technology offer a flexible value presentation and exchange system. MOON and other Reddit community tokens are an example of how cryptocurrency could be adopted in diverse areas, such as mainstream social media. r/CryptoCurrency’s MOON hands many opportunities to its Reddit community: for community members, it’s a way to drive tangible value for the time spent in the community that could be turned into a good financial opportunity. For the community, incentivization of quality content is an effective growth strategy.

MOON is one of the first subreddit tokens – it is very likely that more similar programs will be launched in the future, and this could culminate in a positive development for Reddit as a whole. While these tokens could have some caveats, especially in the onset, it would be interesting to witness different communities launch and manage engagement tokens. It is also recommended that users understand the mechanics of these tokens before investing or interacting with them in other ways. This article also advises against misuse and exploitation of the community token feature.

Follow the procedures as described in the article to set up your wallet, manage your tokens and perform some basic transactions with the MOON token. Also, note that this article is for educational purposes and not financial advice.