Community Points Wane: Reddit Token Values Take a Dive

Oct 21, 2023 at 08:27 am

Tokens known as MOON, BRICK, and DONUT have undergone a substantial devaluation, ranging from 60% to 90%.

According to a TechCrunch report, Reddit is discontinuing its blockchain-based Community Points initiative, which has been operational for approximately three years.

Tim Rathschmidt, Reddit's head of consumer and product communications, clarified:

 "While we saw potential future prospects for Community Points, the resources required ultimately proved to be too extensive to warrant. The shifting regulatory landscape has only added to the complexity of these endeavors."

In the wake of this revelation, the worth of Moons (MOON), the indigenous token of Reddit's r/CryptoCurrency community, has plummeted by a staggering 85%. Meanwhile, Bricks (BRICK), dispensed as recognition for contributions in the r/Fortnite subreddit, have witnessed a decline of 67%. Similarly, Donuts (DONUT), which symbolize the community points of the r/ethtrader subreddit, have undergone a downturn of 66%.

Rathschmidt further expounded:

 "One of the driving factors behind our transition from this product is that we've already launched, or are actively investing in, several products that accomplish the same objectives as the Community Points program, but in a manner that is more user-friendly and easily comprehensible."

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