Reddit discontinues its blockchain rewards system soon after three many years of implementation

The costs of MOON, BRICK and DONUT tokens fell sharply soon after Reddit’s regrettable determination.

Reddit discontinues its blockchain rewards system soon after three many years of implementation. Photo: The Crypto Times

Reddit abandons reward token system

Second TechCrunchthe social network Reddit will shut down Community Points, a blockchain-primarily based neighborhood rewards system, from November eight, 2023. The solution is three many years previous as of nowadays.

Kraken 🐙 Co-founder – Jesse Powell on Reddit’s latest announcement to shut down Reddit Community Points.https://t.co/DPcIdUZEBW pic.twitter.com/eqMU8nVHN4

— r/Cryptocurrency MOON (@unofficalMoons) October 17, 2023

Tim Rathschmidt, Director of Product and Consumer Communications at Reddit, shares with TechCrunch:

“Although we see future opportunities for Community Points, unfortunately this requires too many resources. Furthermore, the legal environment is also an obstacle to maintaining and developing the This project.”

Rathschmidt additional:

“Another reason we abandoned this product is that Reddit has been actively investing in several products that are similar to Community Points, but easier to apply and understand.”

Moons (MOON), the native token of the r/CryptoCurrency neighborhood, dropped in excess of 85% following the over information. Along with that, the reward token for the r/Fortnite subreddit, Bricks (BRICK), also plummeted by 60%. At the exact same time, Donut (DONUT), the r/ethtrader neighborhood token, fell by fifty five%.

MOON price tag fluctuation in the final 24 hrs, screenshot from CoinMarketCap as of 09:00 on October 18, 2023

BRICK price tag fluctuation in the final 24 hrs, screenshot from CoinMarketCap as of 09:00 on October 18, 2023

DONUT price tag fluctuation in the final 24 hrs, screenshot from CoinMarketCap as of 09:00 on October 18, 2023

Reddit’s authentic ambition

Community Points have been examined because 2020, with the aim of rewarding members primarily based on their contributions in Reddit’s modest communities. Although it does not have fantastic sensible worth, the social network nonetheless has the ambition to boost connections with every single consumer and modest neighborhood.

The factors earned are ERC-twenty tokens and are stored in the platform’s Reddit Vault cryptocurrency wallet. Users can then use Community Points to invest in emojis or badges….

Community Points at first operated on the Ethereum network, but later on migrated to the Arbitrum Nova layer two in August 2022, to lessen transaction charges and enhance program scalability.

Coinlive compiled

Maybe you are interested:

Join the discussion on the hottest concerns in the DeFi market place in the chat group Coinlive Chats Let’s join the administrators of Coinlive!!