According to CoinDesk, Reddit is closing its approximately three-year-old blockchain-based Community Points program. Tim Rathschmidt, Reddit's director of consumer and product communications, told TechCrunch that the resources needed for the program were too high to justify, and the regulatory environment has since added to that effort. As a result, Moons [MOON], the native token of Reddit's r/CryptoCurrency community, has dropped 85% in value, while Bricks [BRICK], distributed as a reward for contributions in the r/Fortnite subreddit, is down 67%. Additionally, Donut [DONUT], the token representing the community points of the r/ethtrader subreddit, has decreased by 66%.
Rathschmidt explained that part of the reason for discontinuing the Community Points program is that Reddit has already launched or is actively investing in several products that accomplish the same goals while being easier to adopt and understand.
