An Arbitrum token holder has unveiled a new grant proposal to take over the renowned r/Cryptocurrency subreddit, which would cost the community nearly $788,000.
An Arbitrum community memeber MeLLoN98 started a grant proposal to secure 450,000 ARB (around $788,000 as of press time) in funding to acquire the r/Cryptocurrency subreddit and culminating in the acquisition of MOONs, the subreddit’s native governance token deployed by Reddit in 2022 on Arbitrum Nova.
In a forum post, MeLLoN98 outlined a plan starting with advertising initiatives on the subreddit, emphasizing that r/Cryptocurrency has been “the biggest crypto community since 2013.”
“[…] this proposal allow maintaining Arbitrum dominance by sponsoring the subreddit, and implement Arbitrum into the community (Ads, discussion, favorable governance).”
MeLLoN98
Key specifications of the proposal include featuring the Arbitrum logo on the r/Cryptocurrency banner, as well as the implementation of automatic sponsored posts at six-hour intervals to introduce and explain Arbitrum to the subreddit’s community.
Additionally, the proposal suggests acquiring a substantial amount of MOONs, totaling 2 million, to be allocated to the Arbitrum Treasury. These tokens would serve as a safeguard in case of emergencies or in situations where unfavorable governance polls could potentially harm Arbitrum’s interests directly or indirectly.
According to MeLLoN98, the proposed timeline for the takeover initiative spans from June to December 2024, aligning with anticipated bull run cycles in the crypto market. Emphasizing the significance of maintaining a pro-Arbitrum stance within the r/Cryptocurrency community, MeLLoN98 asserts that the proposal “is critical for Arbitrum Dominance,” adding “there’s massive influx of retail and new investors to this subreddit, they come to learn and begin their crypto journey.”
However, the proposal is still subject to community approval, and details regarding the voting timeline remain unclear.
In December 2023, Reddit relinquished control over the Moons token on the r/Cryptocurrency subreddit’s Arbitrum Nova network. As crypto.news reported, Reddit decided to shut down the Moons project launched in 2020, citing the challenging regulatory landscape and issues with scalability as primary reasons for the move.
In its early days, the Community Points program was built on the Ethereum (ETH) blockchain. However, to reduce transaction fees and address scalability concerns, it transitioned to the layer-2 network called Arbitrum Nova in August 2022.
Source: https://crypto.news/arbitrum-holder-seeks-450k-arb-to-take-over-r-cryptocurrency-subreddit/