According to TechCrunch, Reddit is ending its Community Points program, which was founded on blockchain technology and lasted for about three years.
“Though we saw some future opportunities for Community Points, the resourcing needed was unfortunately too high to justify,” Tim Rathschmidt, Reddit’s director of consumer and product communications, told TechCrunch. “The regulatory environment has since added to that effort,” he added.
Reddit’s native currency, Moons (MOON), is down 85% on the announcement, while Bricks (BRICK), which is given out as payment for contributions on the r/Fortnite subreddit, is down 67%.The coin called DONUT, which stands for the r/ethtrader subreddit’s community points, is currently 66% off.
“Part of why we’re moving past this product is that we’ve already launched, or are actively investing in, several products that accomplish what the Community Points program was trying to accomplish, while being easier to adopt and understand,” said Rathschmidt.