Reddit-Based Tokens Plunge on Report of Wind Down of Community Points

Reddit is shuttering its roughly three-year-old blockchain-based Community Points program, reports TechCrunch.

“Though we saw some future opportunities for Community Points, the resourcing needed was unfortunately too high to justify,” Tim Rathschmidt, Reddit’s director of consumer and product communications, told TechCrunch. “The regulatory environment has since added to that effort,” he added.

Moons (MOON), the native token of Reddit’s r/CryptoCurrency community, is lower by 85% on the news, while Bricks BRICK, distributed as a reward for contributions in the r/Fortnite subreddit, is down 67%. Donut DONUT the token that represents the community points of the r/ethtrader subreddit is off 66%.

“Part of why we’re moving past this product is that we’ve already launched, or are actively investing in, several products that accomplish what the Community Points program was trying to accomplish, while being easier to adopt and understand,” said Rathschmidt.