Reddit partners with FTX to issue its Community Points on Arbitrum

The community points system of the Reddit platform is coming to Arbitrum Nova, the new network recently launched by Offchain Labs. Additionally, Reddit is partnering with giant FTX to allow its users to purchase Ether to pay for transaction fees.

Reddit, FTX and Arbitrum team up

Arbitrationthe most important second hand solution (or level 2) of Ethereum (ETH) in terms of total value locked (TVL), joins forces with Reddit to incorporate the community points system of the latter into its network.

Specifically, this will happen thanks to the new solution developed by Offchain Labs : Referee Nova. Totally independent from Arbitrum One, the existing network, the latter was developed using new technologies AnyTrust Referee who promises ultra low transaction fees.

Therefore, Reddit will take advantage of this novelty to do so develop your loyalty program based on the blockchain and the FTX platform will act as a support to allow its users to do sobuy ether in order to pay the transaction costs incurred.

Created in 2020, this rewards system established by Reddit allows its community to do sointeract directly with the content that interests him on the platform. For example, users can use their points for reward certain users goods or to take governance decisions.

As part of an interview with our colleagues at Decrypt, Tim RathschmidtReddit’s director of consumer communications, said that according to the platform, the future of Web 3.0 rests on communities:

“We believe that technology must serve something far more fundamental to human interaction and connection. Like everything we do in Reddit, our participation will be open, self-directed, empowered and community centered. “

👉 To learn more: Layer 2, scalable solutions for current blockchains

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A long trial period for Reddit

Launched in 2020the Reddit community points systemit was already addressed to Arbitrum in 2021 with 2 tokens, the MOONS for the r / CryptoCurrency subReddit and the BRICKS for the r / FortNiteBR subReddit. The first receives 5.2 million members and the second 2 millions.

The points earned, often depending on theuser activityallow him to earninfluence in any of the Reddit spaces and are indicated directly next to his nickname. They allow them to stand out from other people.

According to the press release, these community points will be visible on thethe entire Arbitrum Nova network and not just on Reddit, even if it’s not specified as.

Niraj ShethReddit’s chief software engineer welcomed the large-scale collaboration:

“We are always working to empower communities and introduce new ways to use Reddit, and decentralized and autonomous blockchain technology allows us to do that. By working with FTX we are able to do this on a large scale. “

👉Read: According to Vitalik Buterin, ZK Rollups will become the benchmark for Ethereum (ETH) level 2

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Source: FTX

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