This story has been updated with data almost the credible error in the MOON smart contract.

In defiance of Reddit'due south apparent wishes, crypto traders have devised a way to exchange the social platform'due south 'community points'  tokens for fiat — and it'south resulted in a pretty surprising market cap.

In May Reddit announced information technology would begin distributing ERC-20 rewards tokens on the Rinkeby testnet among users of its cryptocurrency and Fortnite subcommunities in the course of 'MOONs' and 'BRICKs.' The tokens are distributed co-ordinate to a user's contributions to the respective subreddits.

xMOON pairings appeared on xDai network exchange Honeyswap terminal calendar week after Reddit introduced a feature allowing Moons to be converted into 'coins'.

MOON holders can at present trade the tokens by converting them to xMOON via xmoon.exchange, and then exchanging the xMOONs for xDAI — which tin be converted to the stablecoin DAI 1:1 — via Honeyswap.

Reddit's crypto customs token is currently irresolute easily on Honeyswap for $0.088 worth of xDAI. Pairings for xMOON have generated $174,000 in volume over the past 24 hours.

According to Etherscan, more than 30,000,000,000,000,000,000,000 (30 septillion) MOONs have been distributed to roughly 7,800 addresses, meaning that the token'due south market place capitalization is roughly $2.66 septillion.

By dissimilarity, the entire global economy was worth roughly $133 trillion in 2022, suggesting that the cosmos of MOONs has increased the value of the world'due south economic system by close to 2 trillion percent. Who said crypto wasn't good for the economy?

Yet, it seems more than than possible this is just a badly written smart contract for Moon that incorrectly states the token'due south supply is around 30 septillion. MOON's stated supply of 30 million tokens would instead give the project a market cap $2.64 million — which is much less amusing.

Later trading for approximately $0.015 for its beginning ii days of trading, xMOON rallied to post all-times of $0.35 on September 26, earlier retracing dorsum to $0.055 past September 30.

xMOON/xDAI: Honeyswap

Reddit is currently hosting a competition for developers working on scaling solutions that could facilitate the launch of the platform's tokens on the Ethereum (ETH) mainnet, ideally before 2022.