Reddit will shut down its blockchain-based community points program, and its community tokens plummet across the board

Reddit will shut down its blockchain-based community points program on November 8. Reddit said that while there were some opportunities with the plan, the resources required would be too great to be sustainable. Additionally, changes in the regulatory environment have exacerbated this dilemma. The team has launched or is actively developing a number of products that will make adoption easier. It is reported that Community Points was first launched in 2020 and is designed to reward users for constructive activities in certain subreddits, such as obtaining a large number of comments or upvotes for posts. The purpose is to increase user participation. The points earned by users are stored on Reddit. ERC-20 tokens in Vault crypto wallet. Affected by this news, the price of Reddit community tokens plummeted. Among them, the native token MOON of the Reddit r/CryptoCurrency sub-section fell by 86.8% in 24H, the native token BRICK of the r/FortNiteBR sub-section fell by 58.8% in 24H, and the native token DONUT of the r/ethtrader sub-section The drop reached 57.2% in 24H. (CoinDesk)