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.
  • Nobody@lemmy.worldEnglish
    3·
    1 year ago

    Reddit figures out cryptoscams are a thing 2 years too late and screws up the rollout. They should think about pushing back the IPO indefinitely. It’s going to be a bloodbath.