RIP Community Points: The End of an Era
On November 8, Reddit will bid farewell to its Community Points, a blockchain gimmick that aimed to reward user engagement but ultimately fell victim to scalability issues. In an announcement on the r/CryptoCurrency subreddit, Reddit’s team lamented that while there were glimpses of a promising future, the project just couldn’t stand the test of growth.
What Were Community Points, Anyway?
Launched back in May 2020 amidst the crypto boom, Community Points allowed users to earn tokens for positive contributions in select subreddits. These tokens were more than just digital confetti; they were Ethereum-based ERC-20 tokens securely kept in the Reddit Vault, making them a tantalizing addition to the platform for many.
The Token Breakdown
- Moons (MOON): The native crypto asset for r/CryptoCurrency.
- Bricks (BRICK): The token of the r/FortNiteBR subreddit.
- Exclusive Rewards: Users could cash in on sweet goodies like badges and avatar enhancements.
The initial idea was simple – reward quality contributions with tangible value. What could go wrong?
The Arbitrum Adventure
Initially tethered to Ethereum’s mainnet, Community Points later migrated to the layer-2 scaling solution Arbitrum. This was supposed to ease the burden of transactions, allowing for a smoother, more efficient system. Sadly, even high-tech upgrades couldn’t save the program from its ultimate demise.
Community Response
The announcement sent shockwaves through the community. “Crypto Mods,” the proud guardians of r/CryptoCurrency, expressed their dismay, confirming that while Moons wouldn’t be burned, Reddit’s grasp on the contract would soon slip away. Talk about a plot twist!
Goodbye Stability, Hello Market Crash!
Following the announcement, the value of MOON and BRICK took a nosedive. Reports indicated a staggering 90% drop in MOON’s price, leading disgruntled users and crypto enthusiasts to voice their upset through the digital town square that is a subreddit.
Spicy Tweets and Hot Takes
“What the f**k, Reddit just rugged their users,” tweeted Byzantine General, accompanied by a screenshot of the price plummet. This captured the sentiment more accurately than a thousand Reddit threads.
Overwhelmed by frustration, users like u/Bunker_Beans proclaimed their irrevocable severance from Reddit, venting their disdain in colorful language that would make a sailor blush.
The Future Ahead
So, what does this mean for the broader crypto community? Community Points were supposed to be the bridge between traditional social media and blockchain innovation. In light of this closure, users might ponder if the dream of a decentralized online community is just that—a dream. But as they say, when one door closes, another one opens somewhere else, perhaps with less rug-pulling along the way.
