Reddit is discontinuing its blockchain-based Community Points system, affecting tokens like MOON, BRICK, and DONUT used in specific subreddits for tipping and premium features.
The announcement led to a drastic decline in the value of these tokens, with MOON losing more than 85% of its value shortly after the news.
Reddit cited scalability issues and regulatory concerns as reasons for the discontinuation, shifting focus to its newer Contributor Program that rewards users with actual money.
After November 8, Community Points will be removed from users' Vaults, and any remaining points will be "burned" by year-end; however, Reddit's NFT marketplace will remain operational.
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