CryptoMediaClub
Saturday, August 2, 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

Perplexity AI Predicts the Price of XRP, Shiba Inu and Pepe by the End of 2025
All news

Perplexity AI Predicts the Price of XRP, Shiba Inu and Pepe by the End of 2025

02.08.2025
0

Perplexity AI predicts that several high-profile altcoins could experience strong price appreciation by the close of 2025, largely fueled by...

Read moreDetails
Why The GENIUS Act May Benefit RWA Tokenization Companies The Most

Why The GENIUS Act May Benefit RWA Tokenization Companies The Most

01.08.2025
ChatGPT’s 26-Indicator ETH Analysis Shows EMA Support Above $3,540 as BlackRock ETF Inflows Hit $29.83M

ChatGPT’s 26-Indicator ETH Analysis Shows EMA Support Above $3,540 as BlackRock ETF Inflows Hit $29.83M

01.08.2025
Visa Expands Crypto Capabilities of Its DLT Platform

Visa Expands Crypto Capabilities of Its DLT Platform

01.08.2025
WEPE Pullback Finds Strong Support Before New Test of Resistance at $0.0001249

WEPE Pullback Finds Strong Support Before New Test of Resistance at $0.0001249

01.08.2025
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

SBF says spending FTX customers’ money was part of ‘risk management’: Report

SBF says spending FTX customers’ money was part of ‘risk management’: Report

2 years ago
Fundamental Analysis, FinteqHub Anniversary, and Promising Cryptocurrencies

Fundamental Analysis, FinteqHub Anniversary, and Promising Cryptocurrencies

1 year ago
Games need decentralized randomness to be fair

Games need decentralized randomness to be fair

2 years ago
Terra Luna Classic Price Prediction as $30 Million Trading Volume Comes In – Can LUNC Reach $1 in 2024?

Terra Luna Classic Price Prediction as $30 Million Trading Volume Comes In – Can LUNC Reach $1 in 2024?

1 year ago

Categories

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

Highlights

ChatGPT’s 26-Indicator ETH Analysis Shows EMA Support Above $3,540 as BlackRock ETF Inflows Hit $29.83M

Visa Expands Crypto Capabilities of Its DLT Platform

WEPE Pullback Finds Strong Support Before New Test of Resistance at $0.0001249

Tourists in South Korea to Exchange USDT via Crypto ATMs

BNB Holders Can Now Earn Daily Passive Income Through the Officially Launched BNB Payment Integration by Find Mining

BlackRock’s BUIDL fund hit by $447M outflow after 18-month record breaking $2.8B inflow

Trending

Crypto tokens explode from 20k in 2022 to 18.9M following launchpad frenzy on Solana, Base, BSC
Analysis

Crypto tokens explode from 20k in 2022 to 18.9M following launchpad frenzy on Solana, Base, BSC

02.08.2025
0

The number of tradable crypto tokens has gone parabolic since 2022, with CoinMarketCap now tracking roughly 18.9...

Perplexity AI Predicts the Price of XRP, Shiba Inu and Pepe by the End of 2025

Perplexity AI Predicts the Price of XRP, Shiba Inu and Pepe by the End of 2025

02.08.2025
Why The GENIUS Act May Benefit RWA Tokenization Companies The Most

Why The GENIUS Act May Benefit RWA Tokenization Companies The Most

01.08.2025
ChatGPT’s 26-Indicator ETH Analysis Shows EMA Support Above $3,540 as BlackRock ETF Inflows Hit $29.83M

ChatGPT’s 26-Indicator ETH Analysis Shows EMA Support Above $3,540 as BlackRock ETF Inflows Hit $29.83M

01.08.2025
Visa Expands Crypto Capabilities of Its DLT Platform

Visa Expands Crypto Capabilities of Its DLT Platform

01.08.2025
  • 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