Ahead of the official announcement from the social platform, at least three Reddit moderators have sold their Community Points loyalty program tokens.
The social network launched the beta testing of the program in May 2020, using ERC-20 assets based on Ethereum and Arbitrum’s second-tier solution to scale it.
Different subreddit participants received specific tokens, such as MOONS in r/Cryptocurrency and BRICKS in r/FortniteBR.
However, on October 17, Reddit announced the shutdown of Community Points, citing high resource costs and seeking more scalable solutions for rewarding loyalty.
According to Lookonchain experts, 109,931 MOONS were sold for approximately $23,000 just 23 minutes before the announcement was made.
