The social media platform Reddit has announced its plans to gradually eliminate and discontinue the use of blockchain-based community point tokens (known as MOON and BRICK) by November. The decision comes as a result of resource limitations and regulatory risks, which make it difficult to expand the use of Community Points across the platform. These tokens have played a crucial role in incentivizing Reddit users to contribute high-quality content and have contributed to the platform's growth. However, starting from November 8, users will no longer earn points, and the reward program will be phased out. The Community Points are ERC-20 tokens that were launched in 2020 to reward positive engagement on specific subreddits. They could be exchanged for special features and stored in Reddit's Vault. The challenges of scaling the program and the backlash from users have led to the decline in the value of MOON and BRICK tokens.
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