Reddit users have discovered they can farm memes for ERC-20 tokens and earn returns comparable to minimum wages in Sub-Saharan Africa
A new form of crypto agriculture appears to be taking shape, with Reddit’s “community points” tokens facilitating the emergence of spam-farming.
Reddit’s community points are given to users based on their activity within a given subreddit, with the feature currently activated for the platform’s cryptocurrency and Fortnite communities as ERC-20 tokens, dubbed Moons and Bricks, respectively.
With the xDai-based decentralized exchange Honeyswap recently launching pairings for wrapped versions of the tokens, Reddit users can now farm memes for profit.
Reddit’s community points are distributed monthly based on user activity. The tokens were initially issued retroactively based on the “Karma” — Reddit’s long-standing site-wide reputational point system — historically accrued by users.
The Fortnite community has demonstrated significant interest in the tokens, with more than 39,026 Redditors creating Bricks wallets since the feature went live. By contrast, 8,910 users currently own wallets containing Moons.
So far, 34.6 million Bricks and 35.3 million Moons have been distributed. With the former currently trading for $0.047 and the latter changing hands for $0.063, the tokens currently boast market caps of roughly $1.6 million and $2.2 million, respectively.
The data suggests the content generated by the roughly 47,935 Redditors participating in both subreddits over the five months since the tokens’ launch is valued at $3.8 million.
However, it is unlikely that DeFi yield farmers are to be speaking of a spam-farming “flippening” any time soon, with users in the r/cryptocurrency subreddit earning the equivalent of $1.64 per person daily — about 10% less than the minimum in Sudan.
However, r/Fortnite users are generating a meager $0.27 for their activity each day — roughly one-quarter of the minimum wage in Sierra Leone.
If the tokens were evenly distributed among wallets, r/cryptocurrency users would hold roughly $247 worth of Moons each, while r/Fortnite users would each be sitting on roughly $0.41 worth of Bricks.
The initial retroactive distribution has created relative whales among Moons and Bricks hodlers, with Cointelegraph identifying one r/Fortnite user holding 91,000 Bricks worth $4,235, and an r/cryptocurrency user who has amassed 467,000 Moons, worth nearly $30,000.
However, 24-hour volume for xMOON on Honeyswap is $46,531, and just $19,392 for xBRICKS, indicating the community points markets are yet to attract enough liquidity to allow whales to offload their tokens.