Reddit is sunsetting its blockchain-based Community Points product, the company announced on Tuesday. Cryptocurrency tokens linked to the program immediately plunged in price by up to 90 percent.
Reddit is sunsetting its blockchain-based Community Points product, the company announced on Tuesday. A Reddit admin shared the announcement about Community Points, which uses the Ethereum blockchain, on a few subreddits, including r/CryptoCurrency , r/FortniteBR , and r/EthTrader . The value of those tokens has, predictably, fallen off of a cliff, as CoinDesk reports drops of between 60 and 90 percent.
” While the moderators and communities that supported the feature “have been incredible partners,” the admin said that “the regulatory environment has added to scalability limitations.” The admin added that Community Points “wouldn’t migrate well” to the updated reddit.com experience “without an outsized commitment to resources.
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