Reddit announced on 17 October its decision to wind down its Ethereum-based Community Points by 8 November.
Users on the platform reacted sharply to the decision; some critical, others appreciative.Reddit’s Community Points are ERC-20 tokens, i.e. fungible tokens created using the Ethereum blockchain. The social media platform introduced Community Points in 2020.
“Though we saw some future opportunities for Community Points, the resourcing needed was unfortunately too high to justify… The regulatory environment has since added to that effort.” If we look at the price charts of these tokens post the announcement, it was nothing short of mayhem. Notably, MOON’s value dropped by 85%. At press time, it was trading at $0.033.“Kinda gutted since I spent well over 25k on moons .. lesson learned I guess, nothing else but BTC and eth from now on”“Maybe this change will have a positive impact and users who were here just for the points will slowly leave.
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