Reddit has shut down its blockchain-based community points service, causing a sharp drop in the value of related tokens.

According to BlockBeats news on October 18th, Reddit has decided to terminate its blockchain-based community points service, which has been in operation for nearly three years. Tim Rathschmidt, Reddit's consumer and product communications manager, stated that "while we see some future opportunities for community points, the resources required are too high to continue. In addition, the regulatory environment has added to the difficulties." Reddit will cancel community points on November 8th. After the announcement, the native token Moons (MOON) of the Reddit r/CryptoCurrency community fell by 85%, the Bricks (BRICK) token of the r/Fortnite subforum fell by 67%, and the Donut (DONUT) token representing the community points of the r/ethtrader subforum fell by 66%.