UPDATED: How to Sell Reddit (MOON) Tokens for Crypto (Step-by-Step)

Reddit has finally launched r/Cryptocurrency MOON tokens on mainnet! If you’re looking for a guide on how to sell Reddit tokens (MOON) for other cryptocurrencies, then you’re in the right place. This article provides a step-by-step guide on how to go from Reddit r/Cryptocurrency Moons to crypto or cash, depending on your choice.

We conducted a test transaction to make sure the entire process works, and are pleased to share the result of our findings. If you already know about MOON and want to skip the basics, feel free to jump to the guide section.

But if you’re new to all of this, then let’s get started.

What are MOON Tokens from Reddit?

MOON is an ERC-20 token (based on the Ethereum blockchain) launched by Reddit in May 2020. The token is awarded to users based on their contribution to the r/CryptoCurrency subreddit and incentivizes quality content creation.

At the time of writing, the Reddit app shows 99,955,890 tokens in circulation, with new tokens being distributed every four weeks.

What’s the Caveat With MOON Tokens?

While Reddit reportedly launched MOON tokens to incentivize active community engagement and “represent ownership in the subreddit,” the team mentioned that “Moons are independent of Reddit.”

Once users earn them, they are in charge of choosing what to do with the tokens. For instance, they can use them on Reddit to boost their post visibility or unlock other exclusive features.

But what if someone decided to sell their MOON tokens, and there was someone else interested in buying them?

That is what has happened, and thus holders can now sell MOON tokens from Reddit for cash or other cryptocurrencies.

How is This Possible?

Thanks to a partnership with layer-2 protocol OffChain Labs, Reddit has launched $MOON tokens on the Arbitrum Nova mainnet (Not to be confused with the main Arbitrum network). This transaction means that users can now send MOON off Reddit and sell them using a decentralized exchange such as Sushiswap.

To sell Reddit tokens for crypto or cash, one needs to be able to move these tokens off their Reddit Vault to a non-custodial wallet. However, the entire process might seem relatively unclear to new investors and is the reason we have prepared this guide.

In the end, you will end up with Ether (ETH) in your wallet, which you can now decide what to do with. Please ensure to read the entire guide before initiating the transaction process.

How to Convert MOON tokens to Crypto/Cash

To complete this conversion, here are the main things you need:

• A MetaMask wallet.
• An FTX.US account.
• ETH to cover fees on different networks
• A 7-day waiting period.

STEP 1: Import your MOON Wallet

The only way to get access to MOON through your Metamask is to import the recovery phrase provided on the Reddit vault (available on Reddit’s mobile app.). Hence, use the “Import Wallet” option on Metamask, or choose the “I already have a Wallet” option when installing Metamask.

NB: If you have existing accounts on Metamask, ensure you still have their seedphrases as importing a new wallet will replace them.

Once you’ve imported the wallet, you’re ready for the next step.

2. Add New Networks to Your Metamask Wallet

Arbitrum currently has two networks, that is, the main Arbitrum Network and Arbitrum Nova (where $MOON tokens live). You will need to add Arbitrum Nova to your list of supported chains on Metamask first.

To do this:

• Open your MetaMask and click on where it says “Ethereum Mainnet” at the top
• Select “Custom RPC” from the dropdown Menu
• Next, fill in the boxes provided using the Network credentials below.

• Confirm Add Network.

STEP 3: View Your Moons Balance

Ensure that the Network option on your Metamask to Arbitrum Nova. Next, find the “Import Token” option under your wallet balances. Fill out the Custom Token option that comes up using the following information:

Moon Smart Contract Address: 0x0057ac2d777797d31cd3f8f13bf5e927571d6ad0

Token Symbol: MOON

Decimals: 18

After inserting this, you will see your MOON balance which should correspond to the amount on your Reddit vault. The next step is to swap MOONs for ETH.

However, you’ll need some Arbitrum Nova-based ETH to pay network fees. The easiest way to get some is to find someone who holds Arbitrum Nova-based ETH and ask them to send you a small amount for fees. As little as $1-$5 can suffice.

If you find someone to send you, then you can skip the next step.

Step 4: How to Buy ETH on Arbitrum Nova

This is where the FTX.US account mentioned earlier comes in. Simply use the “Get Gas Funds” option on your Reddit account while on r/Cryptocurrency.

Clicking this option opens a new tab requesting logging into an FTX.US account. From here, you can use a bank card to buy some Arbitrum-based ETH. Once the transaction is completed, you will receive the purchased amount of ETH.

You will also find the purchased ETH on your Metamask since it is essentially the same address you imported earlier.

Alternatively, you can use transfer some mainnet ETH to your Ethereum address from an exchange or a personal wallet. Next, head over to the Arbitrum bridge and bridge some coins to Arbitrum Nova.

Once the bridge transaction is successful, change your Metamask Network to Arbitrum Nova. Then, go to Sushiswap DEX and connect your wallet. Select MOONs as the token to sell and ETH as the coin to receive.

Click Approve MOON and follow up with the Swap button to complete the transaction.

Note that the swap gives you WETH in exchange for Moons. You’ll need to do another transaction to unwrap WETH to get ETH which you can bridge back to the Ethereum mainnet.

Step 4: Bridge Back Assets to Ethereum

Once your ETH is visible on your dashboard, the final step is to bridge the assets back to Ethereum. Go back to the Arbitrum bridge and initiate a bridge transaction to Mainnet.

Sadly, there is currently a 7-day waiting period to be able to claim your funds on Mainnet. This is a “security” measure to protect user funds on Arbitrum Nova and lower the chances of a hack that could drain the entire ecosystem.

Unfortunately, Arbitrum does not remind users of this caveat during the initial process of transferring assets to the network. You’ll need to confirm that you agree to the waiting period and that you need to make another transaction on mainnet to complete the claim process.

Meanwhile, you will be able to claim your mainnet ETH funds by going back to Arbitrum’s Bridge page at the end of the seven-day period.

Last Updated: August 18, 2022