Reddit has announced that it will shutter its blockchain-based rewards service Community Points come November 8, citing scalability issues.
in the r/cryptocurrency subreddit, a Reddit team member said while the platform saw “some future opportunities for Community Points, there was no path to scale it broadly across the platform.”
The Community Points service, including the special memberships feature, will be wound down 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 team member wrote.Each subreddit had its own token, with the Moons token being the native crypto asset of the r/cryptocurrency board, while Bricks was for the r/FortNiteBR subreddit. Users could spend these points on badges and exclusive items for their avatars.
In response to the original statement, the r/cryptocurrency moderator “CryptoMods” explained they had only just learned of the decision and were “disappointed” by the move.“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 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. Pseudonymous trader Byzantine General told his 163,000 followers on X that Reddit had essentially “rugged” their community, adding a screenshot of MOON’s price, which had fallen around 90%.“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.
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