Reddit has announced that it will be shutting down its blockchain-based rewards service called “Community Points” due to scalability concerns. This decision has caused the value of Reddit tokens, MOON and BRICK, to plummet, leading to disappointment and anger among Reddit users and crypto enthusiasts. The move has been criticized by traders and users, with some accusing Reddit of betraying its community. The Community Points feature, which was launched in May 2020, rewarded users with points for positive engagement in specific subreddits and aimed to incentivize high-quality content. The points were Ethereum-based ERC-20 tokens stored in Reddit’s in-house crypto wallet service called the “Reddit Vault.” However, the platform has now decided to wind down the service, including the special memberships feature, on November 8. Despite the backlash, Reddit has clarified that users will still retain ownership of their tokens and will be able to transfer them as the smart contract functionality will not be shut off.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | 🇺🇸 |
| Sentiment | negative |
| Relevance Score | 1 |
| People | Byzantine General, Bunker Beans |
| Companies | Ethereum, Arbitrum, Reddit, NASA, Epic Games |
| Currencies | r/FortNiteBR Bricks, r/CryptoCurrency Moons |
| Securities | None |
