Reddit has announced it is winding down its Community Points program by early November, a move that has caused the associated MOON cryptocurrency to plunge over 90% in value.
Community Points were designed to incentivize engagement on Reddit by rewarding users with blockchain-based tokens. The points took the form of Ethereum-based assets and were stored in users’ Reddit Vault wallets.
Keypoints
- Reddit’s cryptocurrency MOON has plummeted 90% in value recently, dropping from around $0.65 to $0.05.
- This massive decline was triggered by Reddit’s announcement that it will be sunsetting the Community Points beta program by early November.
- The Community Points system was tied to MOON and a key source of demand and utility for the token. Discontinuing it has removed a major reason to hold MOON.
- Reddit cited scalability limitations and regulatory concerns as the reasons for ending Community Points.
- The community is upset by the move, feeling…
