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Reddit Issues Tokens On Arbitrum Nova

Social network Reddit has chosen Arbitrum Nova as the platform to issue its Community Points community reward token.

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Arbitrum, the leading layer-2 scaling solution on Ethereum, announced that it has partnered with Reddit to tokenize the social network’s Community Points onto the blockchain.

Arbitrum currently operates two layer-2 solutions, Arbitrum One, operating from 2021, and Arbitrum Nova, a new platform that is currently in beta. Arbitrum Nova is a network designed specifically for gaming and social networking applications while maintaining the high level of security inherited from Ethereum.

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Reddit said it will rebuild its Community Points system on Arbitrum Nova, allowing social network users to develop more applications from there.

Arbitrum CEO Steven Goldfeder commented:

“It has been a pleasure working with the Reddit team to introduce the project and we are proud to see Reddit Community Points get deployed on the Arbitrum Nova chain.”

Reddit revealed it will be partnering with FTX, ConsenSys, P2P, and Quicknode to support new tokens on Arbitrum Nova.

Community Points have been tested by Reddit since 2020, but only exist on Ethereum’s Rinkeby testnet and are then posted to Arbitrum.

Only two Community Points have been created so far, MOON and BRICK, for the r/CryptoCurrency and r/FortniteBR communities respectively, rewarding content creation and community engagement. Although they have no actual value, they are still traded between users.

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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.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.