Reddit shuts down blockchain-based community points service, native token Moons plummets in value

ChainCatcher news, according to TechCrunch, Reddit has decided to terminate its nearly three-year-old blockchain-based community points service. Reddit's Head of Consumer and Product Communications, Tim Rathschmidt, stated, "While we see some future opportunities for community points, the resource investment required is too high to sustain. Additionally, the regulatory environment has added to the challenges in this area." Reddit will discontinue community points on November 8.

It is reported that after the announcement, the native token Moons (MOON) of the Reddit r/CryptoCurrency community dropped by 85%, the Bricks (BRICK) token of the r/Fortnite subreddit fell by 67%, and the Donut (DONUT) token representing the community points of the r/ethtrader subreddit decreased by 66%.