An Arbitrum token holder has proposed a grant to acquire the r/Cryptocurrency subreddit, costing the community nearly $788,000.

Arbitrum community member MeLLoN98 initiated a proposal to secure 450,000 ARB (approximately $788,000) to purchase the r/Cryptocurrency subreddit and acquire MOONs, the subreddit’s native governance token on Arbitrum Nova.

MeLLoN98’s plan includes advertising initiatives on the subreddit to maintain Arbitrum’s dominance within the community. The proposal outlines featuring the Arbitrum logo on the subreddit banner and implementing sponsored posts every six hours to introduce and explain Arbitrum to the community.

The proposal also suggests acquiring 2 million MOONs to be allocated to the Arbitrum Treasury as a safeguard for emergencies or unfavorable governance polls that could potentially harm Arbitrum’s interests.

The proposed timeline for the takeover initiative is from June to December 2024, aligning with anticipated bull run cycles in the crypto market. MeLLoN98 emphasizes the importance of maintaining a pro-Arbitrum stance within the r/Cryptocurrency community to attract new retail investors and help them begin their crypto journey.

However, community approval is required for the proposal, and details regarding the voting timeline are still unclear.

In December 2023, Reddit handed over control of the Moons token on the r/Cryptocurrency subreddit’s Arbitrum Nova network. Reddit decided to end the Moons project due to regulatory challenges and scalability issues. The Community Points program initially launched on the Ethereum blockchain but transitioned to the layer-2 network Arbitrum Nova in August 2022.

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