Reddit has revealed that it’s phasing out its blockchain-based Community Points, which are different blockchain-based tokens distributed to users of its r/CryptoCurrency, r/Ethtrader, and r/FortniteBR communities.
The move, which was announced by a Reddit employee on the platform, led to a significant sell-off of the associated tokens – which include r/CryptoCurrency’s Moons, r/FortniteBR’s Bricks, and r/Ethtrader’s Donuts. Some Reddit users flagged transactions occurring shortly before the announcement they believed were suspicious.
Community Points will be discontinued by November 8, with Reddit’s announcement citing an inability to scale this feature extensively across the platform as the reason behind its closure, as well as a regulatory environment that has “added to scalability limitations.”
Per Reddit, the Community Points feature “wouldn’t migrate well” to the updated platform experience “without an outsized commitment to resources.” The firm is instead now working on the newly launched Contributor Program, letting users turn Reddit gold into real money.
The Community Points feature was launched back in 2020 and rewarded high-quality posters through Ethereum-based tokens that could be spent on badges and emojis. Users were also able to withdraw and trade the tokens on exchanges.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/oct/18/
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