Following the decision by Reddit to wind down the crypto community points, the value of BRICK, MOON, and DONUT had dropped about 50%, 84%, and 28 percent respectively in the past 24 hours as the liquidity on different DeFi platforms drained.
Reddit has undeniably struggled to keep up with the high competition in the social media industry amid the emergence of socialfi platforms and the fast growth of X, formerly Twitter.
After running the blockchain-based community points program for months, Reddit, a United States-based social news platform with more than 50 million users, has announced plans to wind down the project in favor of the rewards program.
Notably, Reddit highlighted that the resources needed to keep the blockchain-based community program running were not justifiable amid notable regulatory crackdown on crypto-related projects that are owned and governed by private companies.
Moreover, it was only a matter of time before the United States Securities and Exchanges Commission

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