Reddit's recently launched ‘community points', an initiative based on the Ethereum blockchain, is gradually gaining traction. Stats show that over 10,000 addresses have already been created within its ecosystem.
The popular social media network pioneered its ETH based tokens, Moons and Bricks, on the Rinkeby testnet as it prepares to integrate with the mainnet.
Figures provided by etherscan.io show that more users are signing up for Bricks; a token designed for Fortnite users (r/fortniteBR). On the other hand, Moons (r/cryptocurrency), meant for crypto users within Reddit's community, are growing at a slower rate.
Out of the 11,486 wallets created so far, close to 9,276 stems from the Fortnite community. This is roughly 81% while Moons takes up the rest with an estimated 2,210 addresses as of press date.
As for transactions, Bricks oriented wallets have facilitated around 10,257 with Moons producing 2,466. This translates to an almost 1:1 ratio when compared to the number of created wallets.
A Double-Edged Sword for Ethereum's Network?
This move by Reddit into blockchain has thrilled the crypto community, especially those loyal to Ethereum's network.
Ideally, it creates an opportunity for the community to contribute and earn points for their input. Given Reddit's existing market share, stakeholders are optimistic that the trickle-down effects in terms of growth will soon be felt. Binance CEO and popular crypto figure, CZ Binance, had tweeted that:
“Reddit introduced about 20M new users to cryptocurrency or their token in a matter of seconds. Thousands of popular websites, likely thousands of tokens. Inevitable adoption!”
Despite a positive value proposition, this project carries along some amount of risk on the efficiency of Ethereum blockchain. Speculations are that Reddit's ‘community points' participation might result in a spike in Gas prices within Ethereum's ecosystem.
Notably, the platform has experienced space setbacks from hosting popular DApps like CryptoKitties. This consequently affects the rate at which transactions are executed on Ethereum's network.