An Arbitrum token holder has unveiled a brand new grant proposal to take over the famend r/Cryptocurrency subreddit, which might value the group almost $788,000.
An Arbitrum group memeber MeLLoN98 began a grant proposal to safe 450,000 ARB (round $788,000 as of press time) in funding to accumulate the r/Cryptocurrency subreddit and culminating within the acquisition of MOONs, the subreddit’s native governance token deployed by Reddit in 2022 on Arbitrum Nova.
In a discussion board put up, MeLLoN98 outlined a plan beginning with promoting initiatives on the subreddit, emphasizing that r/Cryptocurrency has been “the largest crypto group since 2013.”
“[…] this proposal permit sustaining Arbitrum dominance by sponsoring the subreddit, and implement Arbitrum into the group (Adverts, dialogue, favorable governance).”
MeLLoN98
Key specs of the proposal embody that includes the Arbitrum emblem on the r/Cryptocurrency banner, in addition to the implementation of computerized sponsored posts at six-hour intervals to introduce and clarify Arbitrum to the subreddit’s group.
Moreover, the proposal suggests buying a considerable quantity of MOONs, totaling 2 million, to be allotted to the Arbitrum Treasury. These tokens would function a safeguard in case of emergencies or in conditions the place unfavorable governance polls might probably hurt Arbitrum’s pursuits straight or not directly.
In line with MeLLoN98, the proposed timeline for the takeover initiative spans from June to December 2024, aligning with anticipated bull run cycles within the crypto market. Emphasizing the importance of sustaining a pro-Arbitrum stance throughout the r/Cryptocurrency group, MeLLoN98 asserts that the proposal “is important for Arbitrum Dominance,” including “there’s huge inflow of retail and new traders to this subreddit, they arrive to be taught and start their crypto journey.”
Nevertheless, the proposal remains to be topic to group approval, and particulars concerning the voting timeline stay unclear.
In December 2023, Reddit relinquished management over the Moons token on the r/Cryptocurrency subreddit’s Arbitrum Nova community. As crypto.information reported, Reddit determined to close down the Moons venture launched in 2020, citing the difficult regulatory panorama and points with scalability as main causes for the transfer.
In its early days, the Group Factors program was constructed on the Ethereum (ETH) blockchain. Nevertheless, to cut back transaction charges and handle scalability issues, it transitioned to the layer-2 community known as Arbitrum Nova in August 2022.