Convert Reddit Moons to DAI / Ethereum – redeem Reddit coins in 10 minutes
Reddit Moons is a new crypto currency that is awarded to users on reddit but there is no value attach to it. Well, that has changed since there is a portal that actually gives your Reddit moons some value.
For that, you will need to extract private keys. Reddit moons are basically Ethereum’s ERC20 tokens that run on Ethereum blockchain.
Step 1 – extracting private keys
So, first we need to extract Etheruem address and its private key. Fire up Reddit wallet on your mobile device and write down its recovery phrase on your computer.
Hit up https://iancoleman.io/bip39/ on your computer, set words to 12 and paste those words in BIP39 text field. Select “ETH-Ethereum” from Coin’s drop down.
Scroll down and you will find Ethereum address and its private key. This is where Reddit stores your Moon coins. Copy and paste this private key in Metamask.
Store both of these in safe place.
Throw some Ethereum into your Ethereum address – around 30 dollars worth will be enough.
Step 2 – Buying DAI
You will need DAI. This is a stable coin that is pegged to US dollar so 1 DAI = 1 USD. You can buy DAI from Uniswap or from Kyber network. Many Ethereum decentralized exchanges let you buy DAI. I used Kyber network as it is noob friendly. Click on “Swap tokens” button that is located on top right corner.
Connect your Metamask and buy 20 DAI from Kyber network.
Step 3 – Getting some free Ethereum from Ethereum testnet
Since the Reddit moons are still on Ethereum’s testnet, Rinkeby to be exact, you will need some Ringkeby ETH to pay for fees. Fortunately, you don’t need to pay a dime for this as there is a free faucet for this.
Fire up https://faucet.rinkeby.io/. Make a tweet or facebook public post mentioning your Ethereum address and paste post’s URL on this webpage. Click on “Give me ether” and select “3 Ethers / 8 hours”. You will get them in few seconds.
Step 4 – Converting Moons to real money
Go to https://xmoon.exchange/. We need to convert some DAI to xDAI. Make sure you are on Ethereum mainnet. Scroll down and click on DAI to xDAI. Convert 20-something DAI to xDAI. This process can take sometime to complete.
Now, select Rinkeyby testnet from Metamask and click on “Moon and xMoon”. This should not take much time to complete.
Now, we need to create a custom RPC on Metamask https://dai.poa.network
This is xDAI network. Make sure this is selected on Metamask. Xmoon exchange may reload.
Click on “xMoon to xDAI“. You are now converting your Reddit moons to xDAI that is stable coin on POA network. This is why we needed DAI in first place which we later converted to xDAI.
Update – To get best price, use honeyswap. It has much better liquidity. Make sure to have Poa network selected.
Once you have xDAI in your account, scroll down and click on xDAI to DAI to convert back to real money. Make sure not to withdraw entire amount. Leave something like 0.2 DAI for converting transaction costs. This process can take sometime as Etheruem network is pretty clogged right now.
And that is it -you have successfully converted Reddit moon coins to real money. You can convert this DAI to ETH or whatever token using Kyber network or Uniswap.
This video recorded by one of our writers explains everything what we have said so far.