Within days of launching on the Rinkeby testnet, Reddit’s Ethereum (ETH)-based Community Points rewards system has seen more than 10,000 addresses created.
Reddit’s points were rolled out across two subreddit communities pertaining to the topics of the popular video game Fortnight (r/fortniteBR) and cryptocurrency (r/cryptocurrency) from March 13 to March 15.
Perhaps surprisingly, over 80% of wallets created on the testnet so far represent the Fortnight community.
Reddit ‘Community Points’ wallets tag five-figures
Within three days of completing its rollout, over 10,000 users have signed up to receive Reddit’s Community Points as a reward for their activity on the popular social platform.
2,295 transactions have been executed by Moon wallets, while Brick wallets have produced 9,584 — producing identical per-wallet activity of 1.1 transactions per address so far.
Will Reddit spike Gas prices?
Reddit plans to migrate its Community Points system on the Ethereum mainnet after the summer. A timeline is yet to be given for when Reddit plans to offer the crypto-based rewards to its entire 450 million user base.
While many Ethereum users have welcomed Reddit’s use of the protocol as a likely catalyst for widespread adoption, others are concerned that its Community Points could drive up Gas prices once it migrates to mainnet.
Joseph Spezzano received a Masters Degree in computer science from The University of Massachusetts. Joseph has been working as a full-time blockchain programmer for the past 5 years. In his spare time, Joseph enjoys writing for CryptocurrencyInvestments.com and traveling.