Reddit has decided to shut down the “Community Points” program it launched in 2020 for its crypto-friendly users. For stability reasons, the feature allows Reddit users to earn Ethereum rewards based on the votes they receive for contributing to Reddit subreddits for insightful content or for moderating the community through volunteering. In an official announcement released on October 17, the social networking platform informed its users that its community points program will end on November 8.
“Part of the reason we are phasing out Community Points is so we can scale multiple products to achieve what the Community Points program is trying to achieve while being easier to adopt and understand. While we see some opportunities for Community Points in the future, there is no way Expanding it broadly across the platform,” Reddit said Official post.
The Ethereum-based ERC-20 tokens awarded to eligible Reddit users are drawn from the “Reddit Vault,” the platform’s own crypto wallet service.
The prices of Reddit’s crypto tokens MOON and BRICK have fallen sharply since news of the withdrawal of community points was revealed on its blog. Meanwhile, community members took to X to debate Reddit’s decision.
While some on
What the heck, Reddit (yes, actually Reddit the company) just empowered their users by “discontinuing” their native cryptocurrency.
-90% is what it is. pic.twitter.com/lzuqs1KNsX
— Byzantine General (@ByzGeneral) October 17, 2023
So, generally speaking, if a company launches a feature, should they last forever?
— Pratik (@Pratik_in_Web3) October 17, 2023
As of now, Reddit has not responded to these claims.
“We still love the idea of inspiring Community Points. Specifically, finding better ways to improve community governance and empower the community and contribute. Although the moderators and communities that support Community Points have been incredible partners , but as it evolves, the product is no longer set to scale,” its announcement states.
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