Social Network selected as a platform to issue its Community Points community reward tokens.

issue tokens on

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

Arbitrum currently operating two layer-2 solutions, Arbitrum , which has been active since 2021, and Arbitrum Nova, the new platform that came out of beta and will be open to all users starting today. Arbitrum Nova is a network designed specifically for applications and social networks, while maintaining the high level of security inherited from .

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

Arbitrum CEO Steven Goldfeder commented:

“One of the great things Reddit is doing with Community Points on Nova is making it a common network where anyone can deploy tokens, apps, and smart contracts.”

Community Points have been tested by Reddit since 2020, but only exist on Rinkeby's Ethereum and then upload it to Arbitrum. Currently, only two Community Points have been created, namely MOON and BRICK for the two communities r/ and r/FortniteBR, which rewards content creation and community engagement. Although they have no actual value, they are still traded between users.

Read more  Another price drop beckoning Bitcoin?

Reddit revealed to be collaborating with , ConsenSys, P2P and Quicknode to support new tokens on Arbitrum Nova.

Reddit users will be able to buy directly from the FTX Pay app, then use it as gas for Community Points transactions.

Other projects that are expected to launch on Arbitrum Nova soon include Maker and exchange's DAI .

Join our channel to get the latest investment signals!