Reddit has determined to close down its ‘Community Points’ initiative that it launched for its crypto-friendly customers again in 2020. Citing stability issues, the function let Reddit customers earn Ethereum rewards primarily based on the up votes they acquired on contributing to a subreddit with insightful content material or by volunteering to reasonable the group. In an official announcement launched on October 17, the social networking platform knowledgeable its customers that its Community Points programme will probably be coming to an finish on November 8.
“Part of why we’re winding down Community Points is because we’re able to scale several products that accomplish what the Community Points program was trying to accomplish, while being easier to adopt and understand. Though we saw some future opportunities for Community Points, there was no path to scale it broadly across the platform,” stated Reddit’s official put up.
The Ethereum-based ERC-20 tokens, that had been rewarded to eligible Redditors, had been extracted from the ‘Reddit Vault’, which is the platform’s personal crypto pockets service.
Reddit’s crypto tokens MOON and BRICK have seen a pointy value decline for the reason that information of group factors being withdrawn broke on its weblog. Meanwhile, a debate has began on X regarding Reddit’s resolution amongst group members.
While some folks on X are claiming that Reddit could have ‘rugged’ the traders of MOON and BRICK with this transfer, others are defending the platform saying that it is smart for it to close down options that aren’t performing as anticipated.
What the fuck, Reddit (sure really the corporate Reddit) simply rugged their customers by “discontinuing” their native cryptocurrency.
-90% identical to that. pic.twitter.com/lzuqs1KNsX
— Byzantine General (@ByzGeneral) October 17, 2023
So, typically, if an organization begins a function they need to proceed until eternity?
— Pratik (@Pratik_in_Web3) October 17, 2023
Reddit, as of now, has not addressed these claims.
“We still love the idea that inspired Community Points. Specifically, finding better ways to improve community governance and empower communities and contributions. Though the moderators and communities that supported Community Points have been incredible partners – as it’s evolved, the product is no longer set up to scale,” its announcement famous.
