Social media platform Reddit is planning to shut down its blockchain-based rewards program known as Community Points.
In the statement made by Reddit management, “Due to the current regulatory environment, (the program) has limited scalability. “We partnered very well with the moderators and communities that support Community Points, but as things progressed, the program was no longer scalable.” It was said.
According to the statement, after Reddit management closed the Points program, “invest in products that provide value to more Redditors” is planning.
Reddit launched the Community Points program in 2020 to increase user interaction on the platforms and reward users for their shares.
With the news that the program would be closed, a huge decline began in the tokens on Reddit.
Moons (MOON), the r/CryptoCurrency community’s own token, after the news It lost 85% of its value. Bricks (BRICK) distributed as rewards to r/Fortnite followers are approximately 40%; The token of the r/ethtrader community is Donut (DONUT). decreased by 54%.