Moons, the native token of the r/CryptoCurrency subreddit, is about to get a major upgrade. Celer, a leading layer 2 scaling platform, has announced a partnership with r/CryptoCurrency to enable users to bridge their Moons from Arbitrum Nova, the current network where Moons are distributed and tipped, to Arbitrum One, a more popular and liquid network that supports a variety of DeFi applications and multisig wallets.

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1. Why Bridge Moons to Arbitrum One?
2. How Will Moons Distributions and Governance Work?
3. What Does This Mean for the Moons Ecosystem?

The bridge, which is expected to go live by March 20, 2024, will be multidirectional, meaning users can move their Moons back and forth between the two networks at their convenience. This will provide users with more flexibility and choice in how they use their Moons, as well as access to new opportunities and benefits.

Why Bridge Moons to Arbitrum One?

Arbitrum One is a layer 2 scaling solution for Ethereum that leverages optimistic rollups to achieve high throughput, low latency, and low gas fees. Arbitrum One has attracted a lot of attention and adoption from the crypto community, with over $2.76 billion in total value locked (TVL) as of February 13, 2024. Arbitrum One hosts several popular DeFi protocols, such as Uniswap, Aave, Maker, Compound, and more, as well as NFT platforms, such as OpenSea, SuperRare, and Rarible.

By bridging Moons to Arbitrum One, users will be able to tap into this vibrant ecosystem and enjoy the following advantages:

• More liquidity: Users will be able to trade their Moons on Uniswap or other decentralized exchanges on Arbitrum One, where they can find more buyers and sellers, as well as better prices and slippage. Arbitrum One has a much larger and more active user base than Arbitrum Nova, which has only about $30 million in TVL.
• More utility: Users will be able to use their Moons as collateral, borrow, lend, or earn interest on DeFi platforms on Arbitrum One, such as Aave, Maker, or Compound. Users will also be able to buy, sell, or create NFTs with their Moons on platforms like OpenSea, SuperRare, or Rarible. These are some of the ways that users can increase the value and utility of their Moons, as well as diversify their portfolio and income streams.
• More security: Users will be able to store their Moons in multisig wallets on Arbitrum One, such as Gnosis Safe or Argent. Multisig wallets allow users to require multiple signatures or approvals before executing a transaction, which adds an extra layer of security and prevents unauthorized access or theft. Multisig wallets are especially useful for community funds, such as the ones held by u/TheMoonDistributor, the official account that distributes Moons to users every month based on their activity and karma on r/CryptoCurrency.
• More stability: Users will be able to avoid the potential shutdown of Arbitrum Nova, which is a less popular and less supported network than Arbitrum One. Arbitrum Nova is currently running on a testnet version of Arbitrum, which means it is not fully secure or reliable, and could be shut down by the developers at any time. Arbitrum One, on the other hand, is running on a mainnet version of Arbitrum, which means it is more stable and robust, and has a stronger commitment from the developers and the community.

How Will Moons Distributions and Governance Work?

Moons distributions and tipping will still occur on Arbitrum Nova, as this network offers lower and more stable gas fees than Arbitrum One. Gas fees on Arbitrum One can vary significantly depending on the network congestion and demand, and could be higher than what users are willing to pay for receiving or sending Moons. Arbitrum Nova, however, has a fixed gas fee of 0.01 gwei, which is negligible compared to the mainnet or Arbitrum One gas fees.

Moons bridged to Arbitrum One will retain full voting power in snapshot governance, which is the mechanism that allows users to propose and vote on changes or improvements to the Moons ecosystem. Users with Moons on both networks in one wallet can simply connect and vote with their full balance. If the Moons are held in different wallets on different networks, then both wallets can be connected and vote with their respective balances.

What Does This Mean for the Moons Ecosystem?

The partnership between Celer and r/CryptoCurrency is a promising step towards developing the Moons ecosystem and enhancing its value proposition. By bridging Moons to Arbitrum One, users will be able to access more liquidity, utility, security, and stability for their Moons, as well as participate in the wider crypto space and DeFi movement. This will also increase the exposure and adoption of Moons, as more users and projects will become aware of and interested in the token and its community.

Celer and r/CryptoCurrency remain committed to evolving the Moons ecosystem, continuously exploring new partnerships and utility features. The community is encouraged to stay tuned for further developments as these initiatives unfold.

Sources:

Celer is Partnering with r/CryptoCurrency to Bridge Moons to Arbitrum One! : CryptoCurrency – Reddit

Celer Partners with r/CryptoCurrency to Bridge Moons to Arbitrum One – Crypto News