{"id":351701,"date":"2023-10-18T13:30:13","date_gmt":"2023-10-18T08:00:13","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=351701"},"modified":"2023-10-19T01:47:29","modified_gmt":"2023-10-18T20:17:29","slug":"reddits-eth-based-community-points-to-end-in-november","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/reddits-eth-based-community-points-to-end-in-november\/","title":{"rendered":"Reddit&#8217;s ETH-based Community Points to end in November"},"content":{"rendered":"<ul>\n<li><em>Reddit introduced Community Points in 2020 for users to reward each other with tokens.<\/em><\/li>\n<li><em>Users on the platform reacted sharply to the decision; some critical, others appreciative.<\/em><\/li>\n<\/ul>\n<p>On 17 October, Reddit announced its decision to wind down its Ethereum [ETH]-based Community Points by 8 November.<\/p>\n<p>A Reddit Community team member, <a href=\"https:\/\/www.reddit.com\/user\/cozy__sheets\/\" target=\"_blank\" rel=\"noopener\">cozy_sheets<\/a>, posted the message across different subreddits such as <a href=\"https:\/\/www.reddit.com\/r\/CryptoCurrency\/comments\/17a33ql\/serious_sunsetting_community_points_beta_and\/\" target=\"_blank\" rel=\"noopener\">r\/CryptoCurrency<\/a>, <a href=\"https:\/\/www.reddit.com\/r\/ethtrader\/comments\/17a344b\/sunsetting_community_points_beta_and_special\/\" target=\"_blank\" rel=\"noopener\">r\/ethtrader<\/a>, and <a href=\"https:\/\/www.reddit.com\/r\/FortNiteBR\/comments\/17a34ss\/sunsetting_community_points_beta_and_special\/\" target=\"_blank\" rel=\"noopener\">r\/FortNiteBR<\/a>. These subs use the MOON, BRICK, and DONUT tokens, respectively, for transactions.<\/p>\n<p>Reddit\u2019s Community Points are ERC-20 tokens, i.e. fungible tokens created using the Ethereum blockchain. The social media platform introduced Community Points in 2020.<\/p>\n<p>These tokens were initially minted on the Ethereum network before being moved to scaling network Arbitrum [ARB] Nova in 2022.<\/p>\n<p>Reddit used to store these tokens in its wallet, called Vault. Users reward each other with these tokens for making meaningful contributions to the subreddits.<\/p>\n<p>Reddit\u2019s director of consumer and product communications Tim Rathschmidt <a href=\"https:\/\/techcrunch.com\/2023\/10\/17\/reddit-is-phasing-out-community-points-blockchain-rewards\/\" target=\"_blank\" rel=\"noopener\">told<\/a> TechCrunch,<\/p>\n<blockquote><p>&#8220;Though we saw some future opportunities for Community Points, the resourcing needed was unfortunately too high to justify\u2026 The regulatory environment has since added to that effort.&#8221;<\/p><\/blockquote>\n<p>Once the program is completely phased out, beta participants will no longer find their points in their Vaults or earn points in the communities.<\/p>\n<p>If we look at the price charts of these tokens post the announcement, it was nothing short of mayhem. Notably, MOON\u2019s value dropped by 85%. At press time, it was trading at $0.033.<\/p>\n<figure id=\"attachment_351707\" aria-describedby=\"caption-attachment-351707\" style=\"width: 639px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/MOON.jpg\"><img decoding=\"async\" class=\"size-full wp-image-351707\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/MOON.jpg\" alt=\"\" width=\"639\" height=\"447\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/MOON.jpg 639w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/MOON-300x210.jpg 300w\" sizes=\"(max-width: 639px) 100vw, 639px\" \/><\/a><figcaption id=\"caption-attachment-351707\" class=\"wp-caption-text\">Source: MOON\/USD, CoinMarketCap<\/figcaption><\/figure>\n<p>BRICK has lost 60% of its value; it was exchanging hands at $0.06 at press time.<\/p>\n<figure id=\"attachment_351709\" aria-describedby=\"caption-attachment-351709\" style=\"width: 634px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/BRICK.jpg\"><img decoding=\"async\" class=\"size-full wp-image-351709\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/BRICK.jpg\" alt=\"\" width=\"634\" height=\"445\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/BRICK.jpg 634w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/BRICK-300x211.jpg 300w\" sizes=\"(max-width: 634px) 100vw, 634px\" \/><\/a><figcaption id=\"caption-attachment-351709\" class=\"wp-caption-text\">Source: BRICK\/USD, CoinMarketCap<\/figcaption><\/figure>\n<p>DONUT has similarly lost around 60% of its value; at press time, it was trading at $0.006.<\/p>\n<figure id=\"attachment_351710\" aria-describedby=\"caption-attachment-351710\" style=\"width: 636px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/DONUT.jpg\"><img decoding=\"async\" class=\"size-full wp-image-351710\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/DONUT.jpg\" alt=\"\" width=\"636\" height=\"441\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/DONUT.jpg 636w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/DONUT-300x208.jpg 300w\" sizes=\"(max-width: 636px) 100vw, 636px\" \/><\/a><figcaption id=\"caption-attachment-351710\" class=\"wp-caption-text\">Source: DONUT\/USD, CoinMarketCap<\/figcaption><\/figure>\n<h4>How Reddit users responded<\/h4>\n<p>Reactions to the development poured in soon after Reddit announced its decision. One\u00a0user <a href=\"https:\/\/www.reddit.com\/r\/CryptoCurrency\/comments\/17a33ql\/comment\/k5a9zsz\/\" target=\"_blank\" rel=\"noopener\">reported<\/a> losing a large sum as the platform announced the decision.<\/p>\n<blockquote><p>&#8220;Kinda gutted since I spent well over 25k on moons .. lesson learned I guess, nothing else but BTC and eth from now on&#8221;<\/p><\/blockquote>\n<p>Another user, however, was <a href=\"https:\/\/www.reddit.com\/r\/FortNiteBR\/comments\/17a34ss\/comment\/k5ae1gh\/\" target=\"_blank\" rel=\"noopener\">positive<\/a> that this move will purge the platform of those people who are only there to farm tokens.<\/p>\n<blockquote><p>&#8220;Maybe this change will have a positive impact and users who were here just for the points will slowly leave.&#8221;<\/p><\/blockquote>\n<p>Kraken co-founder and CEO Jesse Powell\u00a0<a href=\"https:\/\/www.reddit.com\/r\/CryptoCurrency\/comments\/17a33ql\/comment\/k5ae9qu\/\" target=\"_blank\" rel=\"noopener\">commented<\/a> on Reddit\u2019s latest move, saying,<\/p>\n<blockquote><p>&#8220;I personally don\u2019t see the regulatory problems but I get that it\u2019s complicated and evolving and maybe Reddit doesn\u2019t want the hassle.&#8221;<\/p><\/blockquote>\n<p>Powell suggested the platform should offer a redemption path, such as offering Collectible Avatars or Karma, in exchange for the Community Points.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reddit recently announced its decision to wind down its Ethereum-based Community Points by 8 November.<\/p>\n","protected":false},"author":70,"featured_media":351711,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,32,66,3,4,20],"tags":[],"class_list":["post-351701","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - 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