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Reddit-Based Tokens Plunge on Report of Wind Down of Community Points
MOON, BRICK and DONUT tokens prices are each lower by 60%-90%.
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.
STORY CONTINUES BELOW
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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.
Stephen Alpher
Stephen is CoinDesk's managing editor for Markets. He previously served as managing editor at Seeking Alpha. A native of suburban Washington, D.C., Stephen went to the University of Pennsylvania's Wharton School, majoring in finance. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
