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Reddit Is Killing Crypto Community Points Tokens—And Holders Are Dumping Their Bags
Reddit is removing its blockchain tokens due to regulatory and "resourcing" concerns, and prices for MOON and BRICK are plunging.
Reddit is getting rid of its crypto-powered “Community Points” reward tokens. The tokens were first launched three years ago in an effort to reward Reddit users for making high-quality contributions to the social media platform, but the site plans to fully phase them out by November 8, TechCrunch first reported.
Reddit’s Community Points are ERC-20 tokens that were initially minted on the Ethereum network, but later moved to scaling network Arbitrum Nova. The tokens could be redeemed for different perks on Reddit, like badges, emotes, GIFs, and other features.
Holders have been selling off the two tokens—MOON and BRICK—causing prices to nosedive. MOON (from the r/Cryptocurrency subreddit) is down 84% today to a current price of $0.035, while BRICK (from r/FortniteBR) has plunged about 59% over the past 24 hours to a current price of $0.041, per CoinGecko. Read More
Binance US Suspends Withdrawals in US Dollars
Crypto exchange Binance US has suspended withdrawals in U.S. dollars. Users who want to withdraw their USD funds must first convert them into stablecoins or other cryptocurrencies, which can then be withdrawn.
Binance US Updates Dollar Withdrawal Policy:
Binance US, the U.S.-based cryptocurrency exchange affiliated with Binance, updated its terms of use on Tuesday. The Binance US trading platform is run by BAM Trading Services Inc., an affiliate of Binance.
The U.S.-based crypto exchange explained that users can access their USD funds through BAM-issued stored value wallets denominated in U.S. dollars (BAM Fiat Wallets). Binance US emphasized:
In the event you wish to withdraw U.S. dollar funds from your account, you may convert such U.S. dollar funds to stablecoin or other digital assets, which can subsequently be withdrawn. Read More
Bitcoin Amsterdam highlights hurdles for consensus over improvement proposals
The ongoing development of the Bitcoin protocol has long been a point of contention for the ecosystem, as was evident in historical events like the block size debate in 2017.
Bitcoin core developers have long been at odds over Bitcoin improvement proposals (BIPs) to address the pain points of the protocol, as was apparent in a heated panel discussion during Bitcoin Amsterdam 2023.
Long-time Bitcoin developers Paul Sztorc and Peter Todd brought this to the fore in Amsterdam, with the latter coming across as highly critical of Sztorc’s work in the ongoing development of Drivechains.
Sztorc’s LayerTwo Labs has been working on BIP-300 for nearly six years, which advocates for the creation of layer-2 sidechains that have the potential to address several problems without requiring base layer changes to the Bitcoin protocol.
The ensuing debate, which was at times heated, with Todd talking over Sztorc, highlighted the difficulty in reaching a consensus over BIPs that could potentially improve the overall functionality of the Bitcoin protocol. Read More
Coinbase open sources code for layer-2 network Base
Layer-2 network Base has announced the open sourcing of its code repositories and smart contracts as part of its quest to build “in the open.”
Coinbase layer-2 network Base has announced it has open-sourced its code repositories and smart contracts to increase transparency and accountability while simultaneously allowing public contributions to the project.
In an Oct. 19 blog post, Base announced that as of today, developers would be granted full access to the network’s codebase.
“By sharing our work openly, we enable the community to track our progress and ensure that we’re living up to our commitments.”
“Open source is a win-win for our onchain future. Builders get access to a trove of knowledge, improve on what’s already been done, and in turn inspire others in the space,” Base added. Read More
Innovations that will change the way we work and interact online.
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We have a dynamic social media interface and growing community with a strong collaborative ethos, with SaaS and broadcasting capabilities already operational. We are not waiting for the launch to access the services; they are already there for you to use to help you facilitate your business and increase your reach and following.
Markethive is enhancing and bringing the platform into the future internet with our new technology and interfaces, but still in keeping with the human touch. Read More
Circle launches Web3 development platform for Web2 developers
Circle announced the launch of a new platform that uses pre-vetted templates to make building Web3 apps easier for traditional developers.
Stablecoin issuer Circle has launched a new tool that it says will allow developers to “remove the complexity” of building Web3 apps, according to an announcement and accompanying social media post on October 19.
Called “Smart Contract Platform,” the new tool allows developers to deploy smart contracts using a set of pre-vetted code templates and either a console or REST APIs, making it potentially easier for traditional Web2 programmers to use.
Circle also released a Gas Station tool that lets developers pay for their users’ gas fees, which they claim may make onboarding users easier.
When developers deploy smart contracts, they usually rely on Web3 developer tools like Truffle or Hardhat to perform the deployment. When using these tools, contracts have to be written in Solidity, a language that some conventional programmers do not know very well. They also require developers to create and run blockchain deployment or “migration” scripts, a process that some Web2 developers are unfamiliar with. Read More
Stablecoins on Bitcoin? Lightning Labs Aims to 'Bitcoinize the Dollar'
Lightning Labs launches Taproot Assets, enabling stablecoins and other assets to be tokenized on top of Bitcoin.
Expecting the greenback to be replaced by Bitcoin? One company is bidding to “Bitcoinize the dollar” by enabling stablecoins and other assets built atop Bitcoin via the Lightning Network.
Lightning Labs, one of the main companies working on Bitcoin’s layer-2 Lightning Network, released “Taproot Assets” on mainnet Wednesday, allowing for the issuance of stablecoins and other financial assets on the Bitcoin blockchain.
According to the press release, the new set of developer tools will allow for Bitcoin to become a multi-asset network, taking the protocol to the next financial level. Read More
Polygon Paves Way for Governance 2.0 with Introduction of Protocol Council
Polygon takes another step towards decentralized governance, unveiling a new proposal to form a new 13-person protocol council.
A new Polygon Improvement Proposal (PIP-29) has been introduced that would establish a 13-person governance body to execute upgrades to system smart contracts for existing and future Polygon protocols.
The proposed members of the inaugural Protocol Council include Polygon co-founder Jordi Baylina, Viktor Bunin, protocol specialist at Coinbase, the Ethereum Foundation researcher Justin Drake, ️and Cometh CEO Jerome de Tychey, among others.
Polygon is an interoperability and scalability solution for building Ethereum-compatible blockchains, with the MATIC token playing a key role in governance, staking, and covering gas fees. Read More
Clearinghouse DTCC Snaps Up Blockchain Startup Securrency
The deal will see Securrency become a fully-owned subsidiary of DTCC and operate under the name DTCC Digital Assets.
Depository Trust & Clearing Corp. (DTCC) today announced that it had agreed to buy digital asset infrastructure firm Securrency in a bid to make bigger inroads into the blockchain space.
In a Thursday announcement, the U.S. clearinghouse said that it had signed an agreement to acquire Securrency—but did not say for how much.
Bloomberg citing anonymous sources reported that DTCC bought Securrency for about $50 million. DTCC told Decrypt that it could not reveal the financial terms of the acquisition. Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
