Reddit-Based Tokens Plunge on Report of Wind Down of Community Points

MOON, BRICK and DONUT tokens prices are each lower by 60%-90%.

AccessTimeIconOct 17, 2023 at 7:35 p.m. UTC

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.

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.

Edited by Aoyon Ashraf.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Stephen  Alpher

Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000.