Reddit has stated it’s going to quickly shutter its long-running, blockchain-based rewards carrier “Community Points,” bringing up scalability considerations.
In an authentic Oct. 17 announcement within the r/cryptocurrency subreddit, a Reddit workforce member stated week the platform noticed “some future opportunities for Community Points, there was no path to scale it broadly across the platform.”
The Nation Issues carrier, together with the particular memberships attribute, shall be wound indisposed on Nov. 8. “At that point, you’ll also no longer see Points in your Reddit Vault nor earn any more Points in your communities,” the Reddit workforce member wrote.
First introduced in Might 2020, the population issues attribute rewarded customers with issues for sure engagement in sure subreddits and was once designed to incentivize higher-quality content material at the platform.
The issues had been Ethereum-based ERC-20 tokens saved within the platform’s in-house crypto pockets carrier dubbed the “Reddit Vault.”
To begin with introduced at the Ethereum community, the issues carrier then migrated to the layer-2 scaling resolution Arbitrum to facilitate greater scalability.
Each and every subreddit had its personal token, with the Moons (MOON) token being the local crypto asset of the r/cryptocurrency board, week Bricks (BRICK) was once for the r/FortNiteBR subreddit. Customers may spend those issues on badges and unique pieces for his or her avatars.
In keeping with the untouched remark, the r/cryptocurrency moderator “CryptoMods” defined that they had best simply discovered of the verdict and had been “disappointed” by way of the journey.
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“First and foremost your Moons are still yours and are not going to be burned. Transfer functionality in the smart contract is not being shut off, and Reddit is removing their control over the contract,” they wrote.
The price of the Reddit tokens MOON and BRICK plunged following the scoop, and Reddit customers and crypto fans expressed their sadness and infuriate on the choice.
Pseudonymous dealer Byzantine Normal instructed his 163,000 fans on X (Twitter) that Reddit had necessarily “rugged” their population, including a screenshot of MOON’s value, which had fallen round 90%.
What the fuck, Reddit (sure in reality the corporate Reddit) simply rugged their customers by way of “discontinuing” their local cryptocurrency.
-90% similar to that. pic.twitter.com/lzuqs1KNsX
— Byzantine Normal (@ByzGeneral) October 17, 2023
“Reddit essentially fucked over every r/cc user in hours. I’ve canceled my special membership. I’ll never use this fucking platform again. I hope whoever runs this cesspool rots in hell. What a fucking joke,” Reddit person “Bunker Beans” wrote based on the untouched put up on r/cryptocurrency.
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