In order to increase the liquidity of the MOON token, the r/CryptoCurrency subreddit has recently joined the Onsen dual rewards program offered by SushiSwap. As part of this program, liquidity providers (LPs) will be eligible to receive exchange fees, SUSHI, and MOON rewards. This move was outlined in a governance post from February.
According to Truda Hamzik, the business development lead at SushiSwap, the team is thrilled to have formed a relationship with r/CryptoCurrency and plans to continue working closely with them in the future.Hamzik explained that the collaboration began when SushiSwap came across r/CryptoCurrency’s governance proposal. She then reached out to the team, shared a brief article on how the Onsen program operates, and arranged a call to answer their questions. The following day, the r/CryptoCurrency team confirmed their interest in joining the program.
SushiSwap is a decentralized exchange that has been forked from another popular exchange, Uniswap. It allows users to trade and lend various cryptocurrencies on its platform. The project has its own native governance token called SUSHI, which gives token holders the ability to vote and propose changes to the platform. As a result, SUSHI holders have a say in the development and direction of the project.
MOON is the official token of the r/CryptoCurrency subreddit, which happens to be the largest community on Reddit dedicated to cryptocurrency topics, with over 6.1 million users. Members of the community can earn MOON tokens by actively contributing to the subreddit. These tokens can be stored in the Vault mobile app-based cryptocurrency wallet from Reddit, which integrates with the MetaMask wallet for Ethereum.. As a result, community members can earn MOON tokens for their contributions, and use them for various purposes, including voting on proposals, tipping other users, and more.
Apart from being stored on Reddit’s Vault wallet and used for tipping other users, MOON tokens have other utilities within the r/CryptoCurrency subreddit. They can be used to rent advertisements in the subreddit, vote on polls, and for other activities. However, the use of MOON tokens for banner rentals has been infrequent, possibly due to the potential increase in the token’s price caused by low liquidity resulting from buying MOON tokens to rent a banner.
SushiSwap provides addition reward
The recent Onsen dual rewards program by SushiSwap provides additional reward for liquidity providers. LPs can earn a daily reward of 1,260 MOON tokens, valued at approximately $292 at current prices, as well as 7.5 SUSHI tokens. In addition, they can receive a share of the trading fees generated by other users swapping between ETH and MOON tokens, which can result in a total return of 11.73%. Moreover, LPs can also earn 35.47% in both MOON and SUSHI tokens for participating in the program.
The ETH-MOON pool’s liquidity has improved since the launch of the new rewards scheme; it is currently hovering around $335,000. As a result of the additional rewards, the circulating supply of MOON tokens is expected to increase by approximately 0.5% at the current rate.