Reddit to wind down blockchain-based rewards service ‘Community Points’

Reddit has stated it will soon shutter its long-running, blockchain-based rewards service “Community Points,” mentioning scalability concerns. In an official Oct. 17 announcement in the r/cryptocurrency subreddit, a Reddit staff member stated while the platform saw “some future chances for Community Points, there was no path to scale it broadly throughout the platform.” The Community Points service, including the unique memberships feature, will be unwinded on Nov. 8. “At that point, youll likewise no longer see Points in your Reddit Vault nor make any more Points in your neighborhoods,” the Reddit employee composed. Reddits Community Points will be shuttered on Nov. 8. Source: RedditFirst released in May 2020, the neighborhood points feature rewarded users with points for favorable engagement in particular subreddits and was created to incentivize higher-quality material on the platform.The points were Ethereum-based ERC-20 tokens saved in the platforms in-house crypto wallet service dubbed the “Reddit Vault.” At first introduced on the Ethereum network, the points service later moved to the layer-2 scaling service Arbitrum to facilitate higher scalability. Each subreddit had its own token, with the Moons (MOON) token being the native crypto possession of the r/cryptocurrency board, while Bricks (BRICK) was for the r/FortNiteBR subreddit. Users could spend these points on badges and unique products for their avatars.In response to the initial declaration, the r/cryptocurrency moderator “CryptoMods” explained they had only simply learned of the choice and were “disappointed” by the move.Related: Reddit neighborhood tokens soar on Kraken listing” First and primary your Moons are still yours and are not going to be burned. Transfer performance in the clever contract is not being shut down, and Reddit is removing their control over the contract,” they wrote. The worth of the Reddit tokens MOON and BRICK plunged following the news, and Reddit users and crypto lovers expressed their disappointment and anger at the choice. Pseudonymous trader Byzantine General informed his 163,000 fans on X (Twitter) that Reddit had basically “rugged” their neighborhood, including a screenshot of MOONs cost, which had fallen around 90%. What the fuck, Reddit (yes really the company Reddit) simply rugged their users by “ceasing” their native cryptocurrency.-90% easily. pic.twitter.com/lzuqs1KNsX— Byzantine General (@ByzGeneral) October 17, 2023

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“At that point, youll also no longer see Points in your Reddit Vault nor make any more Points in your neighborhoods,” the Reddit team member wrote. The worth of the Reddit tokens MOON and BRICK plunged following the news, and Reddit users and crypto enthusiasts expressed their dissatisfaction and anger at the decision. What the fuck, Reddit (yes actually the company Reddit) just rugged their users by “stopping” their native cryptocurrency.-90% just like that.

” Reddit essentially fucked over every r/cc user in hours. Ive canceled my special membership. Ill never utilize this fucking platform once again. I hope whoever runs this cesspool decays in hell. What a fucking joke,” Reddit user “Bunker Beans” composed in reaction to the original post on r/cryptocurrency. Magazine: Blockchain investigators– Mt. Gox collapse saw birth of Chainalysis