More

    Reddit Rolls Out Community Points on Arbitrum Nova

    Cryptory.net - Reddit has partnered with Arbitrum Nova to onboard its crypto-powered Community Points rewards program.

    Arbitrum, the leading layer-2 scaling solution on Ethereum, announced a partnership with Reddit to help this social giant move its community points system to Ethereum. Arbitrum currently runs two layer-2 solutions, Arbitrum One, which has been in operation since 2021, and Arbitrum Nova, a new chain in beta stage. Arbitrum Nova is a new Ethereum scaling solution built for games and social apps with strong security guarantees.

    Reddit said it will rebuild their Community Points system on Arbitrum Nova, allowing users to develop more apps from there. “One of the beautiful things about Reddit doing community points on Nova is that it’s an open public network where anyone else can launch points, contracts, and applications on,” Arbitrum CEO Steven Goldfeder commented.

    Reddit has been testing Community Points since 2020 but it is only available on Ethereum’s Rinkeby testnet and then Arbitrum. Currently, only two Community Points have been created, MOON and BRICK, for r/CryptoCurrency and r/FortniteBR respectively. Although they have no actual value, they are still traded between users.

    Reddit revealed it will partner with FTX, ConsenSys, P2P, and Quicknode to support new tokens on Arbitrum Nova. Reddit users will be able to buy ETH directly from the FTX Pay app, then use it as gas fees for Community Points transactions. Other projects that are expected to launch on Arbitrum Nova soon include Maker’s stablecoin DAI and DEX exchange SushiSwap.

    Follow our channels for more crypto news:

    Most Popular

    Related Posts