<\/p>\n
Reddit has said it will soon shutter its long-running, blockchain-based rewards service \u201cCommunity Points,\u201d citing scalability concerns.\u00a0<\/p>\n
In an official Oct. 17 announcement<\/a> in the r\/cryptocurrency subreddit, a Reddit team member said while the platform saw \u201csome future opportunities for Community Points, there was no path to scale it broadly across the platform.\u201d<\/p>\n The Community Points service, including the special memberships feature, will be wound down on Nov. 8. \u201cAt that point, you\u2019ll also no longer see Points in your Reddit Vault nor earn any more Points in your communities,\u201d the Reddit team member wrote. <\/p>\n First launched in May 2020<\/a>, the community points feature rewarded users with points for positive engagement<\/a> in certain subreddits and was designed to incentivize higher-quality content on the platform.<\/p>\n The points were Ethereum-based ERC-20 tokens stored in the platform\u2019s in-house crypto wallet service dubbed the \u201cReddit Vault.\u201d <\/p>\n Initially launched on the Ethereum network, the points service later migrated<\/a> to the layer-2 scaling solution Arbitrum to facilitate higher scalability. <\/p>\n Each subreddit had its own token, with the Moons (MOON) token being the native crypto asset of the r\/cryptocurrency board, while Bricks (BRICK) was for the r\/FortNiteBR subreddit. Users could spend these points on badges and exclusive items for their avatars.<\/p>\n In response to the original statement, the r\/cryptocurrency moderator \u201cCryptoMods\u201d explained they had only just learned of the decision and were \u201cdisappointed\u201d by the move.<\/p>\n Related:\u00a0Reddit community tokens soar on Kraken listing<\/a><\/em><\/strong><\/p>\n \u201cFirst 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,\u201d they wrote. <\/p>\n The value of the Reddit tokens MOON and BRICK plunged following the news, and Reddit users and crypto enthusiasts expressed their disappointment and anger at the decision. <\/p>\n Pseudonymous trader Byzantine General told his 163,000 followers on X (Twitter) that Reddit had essentially \u201crugged\u201d their community, adding a screenshot of MOON\u2019s price, which had fallen around 90%. <\/p>\n What the fuck, Reddit (yes actually the company Reddit) just rugged their users by “discontinuing” their native cryptocurrency.<\/p>\n -90% just like that. pic.twitter.com\/lzuqs1KNsX<\/a><\/p>\n \u2014 Byzantine General (@ByzGeneral) October 17, 2023<\/a><\/p><\/blockquote>\n \u201cReddit essentially fucked over every r\/cc user in hours. I\u2019ve canceled my special membership. I\u2019ll never use this fucking platform again. I hope whoever runs this cesspool rots in hell. What a fucking joke,\u201d Reddit user \u201cBunker Beans\u201d wrote<\/a> in response to the original post on r\/cryptocurrency. <\/p>\n\n