Reddit, the popular social media platform, is planning to eliminate its crypto-powered “Community Points” reward tokens, according to a report by TechCrunch. 

What Happened: The tokens, which were introduced three years ago, aimed to incentivize high-quality contributions from Reddit users. However, Reddit intends to completely phase out these tokens by November 8.

Initially minted on the Ethereum (CRYPTO: ETH) network, the Community Points are ERC-20 tokens that were later shifted to the scaling network Arbitrum Nova. Users could redeem these tokens for various perks on Reddit, including badges, emotes, GIFs, and other features.

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