Reddit, which keeps its community scores on Ethereum’s Rinkeby testnet, moves its data to Arbitrum’s Nova.
The latest example of FTX’s buying frenzy in the bear market was its agreement with Reddit. Cryptocurrency exchange FTX has worked with Arbitrum in an agreement with Reddit to reach an agreement for the token to be issued to allow users to gas payment for Reddit’s “community points” tokens.
Launched on Reddit in 2020, “community points” appear as a blockchain-based application that allows users to distribute rewards and interact on the social platform. The most viewed topic on Reddit in 2021 was crypto money, and this location of Reddit provides an environment for users or investors to read ideas and discuss new views.
In 2021, Arbitrum won the competition to build the Community Points blockchain, and the company announced that it will run on the Ethereum network. Community Points allowed subreddit active members to be rewarded and also to take part in decision-making mechanisms.
Reddit Community Points Will Be Held on Arbitrum Nova Network
Reddit is one of the most actively used platforms, especially by crypto communities. Reddit, which has taken another step towards Blockchain, especially with the community scores announced in 2020, has agreed with Arbitrum this time. Users also chose the FTX exchange to pay their gas fees. Amy Wu, director of FTX Ventures, said, “Users must pay gas fees to be able to transact with on-chain Community Points. For that, they need Ethereum, and FTX Pay allows them to do that.” said.
Also, Steven Goldfeder, CEO of Arbitrum developer Offchain Labs, told Blockworks that he hopes Reddit will develop new use cases around cryptocurrencies.
Goldfeder said in a statement:
We have created the entire token earning and security mechanism, but we allow other things to be developed in this ecosystem. It’s not just Reddit that started the Community Points system. Others may also be in this area. For example, a game developer might say, ‘I’m launching a game and the currency in my game is Reddit Community Points’.
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