Reddit has determined to close down its ‘Neighborhood Factors’ initiative that it launched for its crypto-friendly customers again in 2020. Citing stability issues, the characteristic let Reddit customers earn Ethereum rewards primarily based on the up votes they acquired on contributing to a subreddit with insightful content material or by volunteering to reasonable the neighborhood. In an official announcement launched on October 17, the social networking platform knowledgeable its customers that its Neighborhood Factors programme will likely be coming to an finish on November 8.
“A part of why we’re winding down Neighborhood Factors is as a result of we’re capable of scale a number of merchandise that accomplish what the Neighborhood Factors program was making an attempt to perform, whereas being simpler to undertake and perceive. Although we noticed some future alternatives for Neighborhood Factors, there was no path to scale it broadly throughout the platform,” mentioned Reddit’s official put up.
The Ethereum-based ERC-20 tokens, that have been rewarded to eligible Redditors, have been extracted from the ‘Reddit Vault’, which is the platform’s personal crypto pockets service.
Reddit’s crypto tokens MOON and BRICK have seen a pointy value decline for the reason that Information of neighborhood factors being withdrawn broke on its weblog. In the meantime, a debate has began on X regarding Reddit’s resolution amongst neighborhood members.
Whereas some folks on X are claiming that Reddit might have ‘rugged’ the buyers of MOON and BRICK with this transfer, others are defending the platform saying that it is sensible for it to close down options that aren’t performing as anticipated.
What the fuck, Reddit (sure truly the corporate Reddit) simply rugged their customers by “discontinuing” their native cryptocurrency.
-90% similar to that. pic.twitter.com/lzuqs1KNsX
— Byzantine Normal (@ByzGeneral) October 17, 2023
So, typically, if an organization begins a characteristic they need to proceed until eternity?
— Pratik (@Pratik_in_Web3) October 17, 2023
Reddit, as of now, has not addressed these claims.
“We nonetheless love the concept that impressed Neighborhood Factors. Particularly, discovering higher methods to enhance neighborhood governance and empower communities and contributions. Although the moderators and communities that supported Neighborhood Factors have been unimaginable companions – because it’s developed, the product is not set as much as scale,” its announcement famous.