Arbitrum holder seeks 450k ARB to take over r/Cryptocurrency subreddit

An individual holding Arbitrum tokens has proposed a grant to acquire the popular r/Cryptocurrency subreddit, a move that would cost the community approximately $788,000. The proposal, presented by MeLLoN98, aims to secure 450,000 ARB (equivalent to $788,000) to purchase the subreddit and its native governance token, MOONs, which is deployed on the Arbitrum Nova network. MeLLoN98 plans to promote Arbitrum within the subreddit through advertising initiatives, including placing the Arbitrum logo on the banner and implementing sponsored posts. The proposal also suggests acquiring 2 million MOONs to safeguard Arbitrum’s interests in case of emergencies or unfavorable governance polls. While the proposal is yet to be approved by the community, MeLLoN98 anticipates executing the initiative between June and December 2024 to align with potential bull run cycles in the crypto market. The aim is to maintain a pro-Arbitrum stance within the r/Cryptocurrency community, as it serves as a popular platform for retail and new investors to learn about and enter the crypto space. Reddit had previously relinquished control over the Moons token on the r/Cryptocurrency subreddit’s Arbitrum Nova network in December 2023 due to regulatory challenges and scalability issues. The Community Points program, initially built on the Ethereum blockchain, transitioned to Arbitrum Nova in August 2022 to address these concerns.