CryptoMediaClub
Friday, August 29, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home All news

Reddit Winds Down Blockchain-Based Community Points, Cratering Related Tokens

18.10.2023
A A
0
126
VIEWS
ShareShare

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.

At the time, the experiment seemed fun and allowed users of the platform to show off their flair in a way that proved that they had earned it.

However, the website’s administration has called it quits, citing a lack of scalability – or rather, a price tag too high for the amount of scalability they would need. The FAQ page regarding these rewards has since gone dark.

Looking For Alternatives

Tim Rathschmidt – Reddit’s director of consumer and product communications – announced that the program would end by early November and stated that the cost of keeping the system live exceeded its benefits.

According to Rathschmidt, only a few subreddits would be severely affected by the decision. The original project – which was to put every user on Reddit in touch with blockchain – would be prohibitively expensive.

“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.”

In 2022, Reddit tried to cut costs by moving the project to Arbitrum Nova. However, even Layer-2 solutions proved to be too expensive.

As a result, Reddit’s administration has decided to end the program and look for alternative ways of rewarding its users.

Uncertain Regulation Contributed To The Decision

Another nail in the Community Points coffin was the uncertain regulatory environment surrounding cryptocurrencies, according to Rathschmidt.

“Though we saw some future opportunities for Community Points, the resourcing needed was unfortunately too high to justify. The regulatory environment has since added to that effort. Though the moderators and communities that supported Community Points have been incredible partners — as it’s evolved, the product is no longer set up to scale.”

Although it’s unlikely that the SEC would have decided to take aim at Reddit of all platforms, the perceived unpredictability of the regulator still gave the administration pause.

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 to CoinGecko. DONUT, the EthTrader subreddit’s community points token, has also plunged by over 50%.

SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

Share10Tweet6ShareSharePin2

Related Posts

Bitcoin Price Prediction: $1B Bets & Nasdaq Debut Fuel BTC’s Path to $130K
All news

Bitcoin Price Prediction: $1B Bets & Nasdaq Debut Fuel BTC’s Path to $130K

29.08.2025
0

Bitcoin is holding above $112,000 as blockchain adoption grows in traditional markets. The US Department of Commerce announced that Chainlink...

Read moreDetails
Best Crypto to Explore Today 28 August – XRP, Pi Network, Dogecoin

Best Crypto to Explore Today 28 August – XRP, Pi Network, Dogecoin

29.08.2025
Crypto Treasury Boom Triggers Insider Trading Concerns – Fortune Report

Crypto Treasury Boom Triggers Insider Trading Concerns – Fortune Report

29.08.2025
Google’s Gemini AI Predicts the Price of XRP, Solana, and Cronos by the End of 2025

Google’s Gemini AI Predicts the Price of XRP, Solana, and Cronos by the End of 2025

28.08.2025
Pepe Price Prediction: No Buyers, No Volume – Is This Meme Coin About to Fade Into Oblivion?

Pepe Price Prediction: No Buyers, No Volume – Is This Meme Coin About to Fade Into Oblivion?

28.08.2025
Load More
Next Post

Realistic Bitcoin Price Prediction for the Next BTC Bull Run

5 1 vote
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

SEC Calls for Summary Judgement in Do Kwon And Terraform Labs Lawsuit

2 years ago
Singapore to Develop Commercial Aspects of Tokenized Assets

Singapore to Develop Commercial Aspects of Tokenized Assets

10 months ago
Former CFO indicted for diverting $35M to cryptocurrency venture

Former CFO indicted for diverting $35M to cryptocurrency venture

2 years ago
TerraUSD Classic (USTC) Witnesses 20% Surge in Price

TerraUSD Classic (USTC) Witnesses 20% Surge in Price

2 years ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Treasury Secretary Bessent’s stablecoin push could drive $34 trillion into Ethena, Etherfi, Hyperliquid

Crypto Treasury Boom Triggers Insider Trading Concerns – Fortune Report

PYTH rockets 48%, CRO 38%: 24 hour altcoin gainers you can’t ignore

Google’s Gemini AI Predicts the Price of XRP, Solana, and Cronos by the End of 2025

Solana DeFi TVL nears all-time high at $11.7B but daily fees remain stuck under $2 million

Pepe Price Prediction: No Buyers, No Volume – Is This Meme Coin About to Fade Into Oblivion?

Trending

Bitcoin Price Prediction: $1B Bets & Nasdaq Debut Fuel BTC’s Path to $130K
All news

Bitcoin Price Prediction: $1B Bets & Nasdaq Debut Fuel BTC’s Path to $130K

29.08.2025
0

Bitcoin is holding above $112,000 as blockchain adoption grows in traditional markets. The US Department of Commerce...

Top crypto protocols generate $1.2B in revenue after recording 9.3% monthly growth

Top crypto protocols generate $1.2B in revenue after recording 9.3% monthly growth

29.08.2025
Best Crypto to Explore Today 28 August – XRP, Pi Network, Dogecoin

Best Crypto to Explore Today 28 August – XRP, Pi Network, Dogecoin

29.08.2025
Treasury Secretary Bessent’s stablecoin push could drive $34 trillion into Ethena, Etherfi, Hyperliquid

Treasury Secretary Bessent’s stablecoin push could drive $34 trillion into Ethena, Etherfi, Hyperliquid

29.08.2025
Crypto Treasury Boom Triggers Insider Trading Concerns – Fortune Report

Crypto Treasury Boom Triggers Insider Trading Concerns – Fortune Report

29.08.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz