After hearing everyone shilling Reddit Moons, I decided to look into how to buy it. Only to discover that there are currently only two exchanges I've never heard of before. Since the nano fiasco, I've had bad feelings about unknown exchanges. So I researched and tested how to buy Moons on a decentralized exchange without registering. I wrote this guide for anyone having trouble. This guide is not a financial advice and responsible for any loses. This is for education and entertainment purposes. So with that in mind let's go:
Before you start
There wasn't much information about Moons' technical aspects, so I had to search through various websites and contracts to discover that Moon is a token contract on an Ethereum L2 solution called Arbitrum Nova. Bare in mind that Arbitrum Nova is still in Beta; according to their website, it is a 'Beta Mainnet'. So exercise caution and adjust your risk accordingly. I believe Reddit can provide better documentation and explain why they chose a new L2 solution that many people are unfamiliar with.What do I need?
- Ethereum in your metamask wallet
- Time (setting up can take some time ~30 min, afterwards buying or selling can be done in a minute)
Which services do I use?
Step 1: Send Eth over a bridge to Arbitrum Nova
The first step is to wrap our Ethereum to the L2 Arbitrum Nova chain. Go to https://bridge.arbitrum.io and link it to your metamask. After that, as shown in the pic. 1, select Mainnet in the first input and Arbitrum Nova in the second. Because there are two different L2 Arbitrum chains, double-check that it is Arbitrum Nova. I almost misclicked... Then click 'Move funds to Arbitrum Nova' and follow the prompts. This step took about 20 minutes for me, until my Ethereum was wrapped and sent to Arbitrum Nova.
Step 2: Add Arbitrum Nova network to metamask
We can check the wrapped Ethereum in our metamask wallet once you receive a positive response. As a result, go to Sushi Swap and link it to your wallet. You can see which network you are currently connected to in the upper right corner. In pic 2, you can see that I was connected to Ethereum at the time. When you click on the symbol, a popup window appears. There, you must select Arbitrum Nova Network. Your metamask will prompt you to approve and switch to the network. When everything is ok, your wrapped Ethereum will appear in your metamask wallet. |
| Pic. 2: Change network to Arbitrum Nova |
Step 3: Trading Reddit Moons
After you set up the Arbitrum Nova Network in Sushi Swap (see Step 2) you can exchange (wrapped) Ethereum for Moon. Select Trade -> Swap from the menu. Then, under the common base pair, choose Moon to trade with. Important: It must be under the common bases (see pic 3), or you risk trading against fake Moons! If you want to be certain, copy and paste the Moon contract address into the search bar. The Moon contract is available on reddit and coingecko. |
| Pic. 3: Common bases |
And with that, you can trade Reddit Moon and also become familar with several blockchain technologies.
To add: Don't send wrapped ETH to exchanges. Most exchanges don't support Arbitrum Nova. If you want to send to an exchange you need to unwrap ETH by doing step1; Set 'From: Arbitrum Nova' to 'Mainnet'.
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