Lemmy NZ

Reddit’s blockchain-based “Community Points” rewards crash after sunsetting::Tokens based on subreddit reputation saw dips over 85% after the announcement.

• Reddit is discontinuing its blockchain-based Community Points system, affecting tokens like MOON, BRICK, and DONUT used in specific subreddits for tipping and premium features.
• The announcement led to a drastic decline in the value of these tokens, with MOON losing more than 85% of its value shortly after the news.
• Reddit cited scalability issues and regulatory concerns as reasons for the discontinuation, shifting focus to its newer Contributor Program that rewards users with actual money.
• After November 8, Community Points will be removed from users' Vaults, and any remaining points will be "burned" by year-end; however, Reddit's NFT marketplace will remain operational.

This is an automated archive made by the Lemmit Bot.

The original was posted on /r/technology by /u/chrisdh79 on 2023-10-18 21:24:51.