Reddit is forging ahead with blockchain adoption push with FTX partnership

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As part of its years-long push towards using blockchain to empow­er its com­mu­ni­ties, Red­dit has part­nered with cryp­to exchange FTX, accord­ing to an Aug. 9 press release.

The part­ner­ship will enable Red­dit users to use FTX Pay to pay for gas fees of Com­mu­ni­ty Points trans­ac­tions. In 2020, Red­dit launched blockchain-based Com­mu­ni­ty Points tokens to reward active users post­ing qual­i­ty con­tent on the plat­form. The ERC-20 tokens are a mea­sure of rep­u­ta­tion and con­tri­bu­tion to Red­dit communities.

In July 2021, Red­dit chose Arbi­trum as its scal­ing part­ner to scale the sys­tem to mil­lions of subreddits.

In an Aug. 9 press release, Offchain Labs, devel­op­er of Arbi­trum, announced that its new Arbi­trum Nova blockchain, opti­mized for gam­ing and social appli­ca­tions, is live with the Red­dit Com­mu­ni­ty Points sys­tem set to be the first major deploy­ment on the chain. The Arbi­trum Nova blockchain claims to offer low-cost and high security.

Once earned, users can uti­lize the Com­mu­ni­ty Points in var­i­ous ways, like pur­chas­ing spe­cial mem­ber­ships, gift­ing them, or even mak­ing gov­er­nance deci­sions. Such on-chain trans­ac­tions require gas fees. If users have insuf­fi­cient net­work fees, they can pur­chase Ethereum (ETH) using FTX Pay with their deb­it or cred­it card, FTX said in a blog post.

Niraj Sheth, Staff Soft­ware Engi­neer at Red­dit, said in a statement:

“We’re always work­ing to empow­er com­mu­ni­ties and intro­duce new ways to use Red­dit, and decen­tral­ized, self-sus­tain­ing blockchain tech­nol­o­gy allows us to do that. By work­ing with FTX, we’re able to do this at scale.”

The deploy­ment of Reddit’s Com­mu­ni­ty Points on the Arbi­trum Nova blockchain could unlock new poten­tial use cas­es like gam­ing ecosys­tems using Com­mu­ni­ty Points as currency.

Reddit’s push for Web 3.0

Red­dit has long been exper­i­ment­ing with the idea of bring­ing more own­er­ship and empow­er­ment to its users via blockchain. In July 2022, Red­dit launched dig­i­tal Col­lectible Avatars, like non-fun­gi­ble tokens (NFTs), stored on Ethereum Lay­er 2 solu­tion Poly­gon. The col­lectibles aimed to enable artists to earn fees for their work, even com­mis­sion on sec­ondary sales while giv­ing buy­ers the license of ownership.

Tim Rath­schmidt, Reddit’s direc­tor of con­sumer and prod­uct com­mu­ni­ca­tions told Cryp­toSlate in an email:

“Red­dit has always been a mod­el for what decen­tral­iza­tion could look like online; our com­mu­ni­ties are self-built and run, and as part of our mis­sion to bet­ter empow­er our com­mu­ni­ties, we are explor­ing tools to help them be even more self-sus­tain­ing and self-governed.”

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