In a surprising move, Reddit is set to retire its revolutionary “Community Points” feature on November 8, attributing the decision to scalability challenges. The blockchain-based rewards service, in operation since May 2020, is known for its Ethereum-based ERC-20 tokens stored in the platform’s native crypto wallet service, the “Reddit Vault.”
A Reddit team member, in an official announcement on October 17 within the r/CryptoCurrency subreddit, acknowledged the platform’s recognition of “future opportunities” for Community Points. However, the absence of a viable path to scaling it broadly across the platform prompted the decision to shut down the service, including the special membership feature.
Effective November 8, users will no longer witness the presence of Points in their Reddit Vault, nor will they accrue more Points in their respective communities. The move has sparked disappointment among the r/CryptoCurrency community, with a moderator expressing their discontent upon learning about the decision.
Despite the discontinuation, it’s crucial to note that the value of the Reddit tokens, MOON and BRICK, experienced a significant decline following the announcement. This led to widespread disappointment and anger among Reddit users and crypto enthusiasts. The sentiment was encapsulated by a pseudonymous trader, Byzantine General, who characterized Reddit’s action as essentially “rugging” their community.
In response to the upheaval, a prominent Reddit user, u/Bunker_Beans, conveyed their frustration by stating, “Reddit essentially f—ed over every r/cc user in hours. I’ve canceled my special membership. I’ll never use this f—ing platform again. I hope whoever runs this cesspool rots in hell. What a f—ing joke.” The incident sheds light on the challenges and repercussions associated with innovative features in the dynamic landscape of online communities.
