Reddit has decided to end its “Community Points” initiative that it launched for its crypto-friendly users in 2020. Citing stability concerns, the feature allows Reddit users to earn Ethereum rewards based on votes positive things they got from contributing to a subreddit with insightful content or volunteering to moderate the community. In an official statement released on October 17, the social media platform informed its users that its Community Points program would end on November 8.
“One of the reasons we are removing Community Points is because we are able to evolve multiple products that accomplish what the Community Points program was trying to accomplish, while being easier to adopt and understand. While we saw future opportunities for Community Points, there was no way to scale them widely on the platform,” the official Reddit post said.
The Ethereum-based ERC-20 tokens, which were rewarded by eligible Redditors, were mined from the “Reddit Vault,” which is the platform’s own crypto wallet service.
Reddit’s MOON and BRICK crypto tokens have seen a sharp price drop since news of the withdrawal of Community Points was published on its blog. Meanwhile, a debate has started on X regarding Reddit’s decision among community members.
While some people on foreseen.
Damn, Reddit (yes, actually the Reddit company) just brutalized its users by “disrupting” their native cryptocurrency.
-90% just like that. pic.twitter.com/lzuqs1KNsX
– Byzantine General (@ByzGeneral) October 17, 2023
So in general if a company releases a feature it should continue until eternity?
–Pratik (@Pratik_in_Web3) October 17, 2023
Reddit, as of yet, has not responded to these claims.
“We still love the idea that inspired Community Points. Specifically, finding better ways to improve community governance and empower communities and their contributions. Although the moderators and communities who have supported Community Points have been incredible partners, as it has evolved, the product is no longer scaling,” the announcement reads.