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Back in 2020, Reddit launched Community Points, an initiative that rewarded high-quality posters by giving them Ethereum-based tokens that could be spent on badges and emojis on the platform.seemed fun and allowed users of the platform to show off their flair in a way that proved that they had earned it.
“You’d be able to count the subreddits on one hand and have a finger or two left over. Putting all Reddit users on the main Ethereum network, for example, would be infeasible and prohibitively expensive. Therefore, we have researched heavily into solutions that are decentralized, secure and yet highly scalable.”
As a result, Reddit’s administration has decided to end the program and look for alternative ways of rewarding its users.Another nail in the Community Points coffin was the uncertain regulatory environment surrounding cryptocurrencies, according to Rathschmidt. Since the news broke, cryptocurrency tokens affiliated with Reddit – such as r/CryptoCurrencies MOON token – have plunged. MOON, for instance, is down 86.4% at the time of writing, according toSix Important Considerations for the Ethereum Price Going in Q4 2023
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