The community points initiative which is made to reward the user with Ethereum tokens in return for their contribution to the subreddit and was launched in 2020 is going to be shut down by Reddit

Highlights:

• Reddit is shutting down its Community Points initiative on November 8.
• The platform cited scalability concerns as the reason for the shutdown.
• Reddit's crypto tokens MOON and BRICK have seen a sharp price decline since the news broke.

Details:

Reddit's Community Points initiative was launched in 2020 to reward users with Ethereum tokens for their contributions to subreddits. Users could earn tokens by upvoting and downvoting content, moderating subreddits, and creating original content. The tokens could then be used to purchase exclusive items on Reddit or exchanged for other cryptocurrencies.

However, Reddit has decided to shut down the Community Points initiative on November 8, citing scalability concerns. In an official announcement, Reddit said that it is able to scale several other products that accomplish what the Community Points program was trying to accomplish, while being easier to adopt and understand.

The shutdown of the Community Points initiative has led to a sharp decline in the price of Reddit's crypto tokens MOON and BRICK. MOON is currently trading at around $0.03, down from its all-time high of $0.40. BRICK is trading at around $0.002, down from its all-time high of $0.01.

The decision to shut down the Community Points initiative has been met with mixed reactions from Reddit users. Some users are claiming that Reddit has "rugged" the investors of MOON and BRICK, while others are defending the platform saying that it makes sense to shut down features that are not performing as expected.

It remains to be seen what impact the shutdown of the Community Points initiative will have on Reddit's ecosystem. However, it is clear that the move has disappointed many of the platform's crypto-friendly users.