Reddit to migrate tokens to Arbitrum Nova network

The social content platform Reddit has partnered with the Arbitrum platform and the FTX exchange to implement the Community Points program on a layer-2 network.

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Reddit will move the program’s tokens to Arbitrum Nova. The new solution is designed specifically for gaming and social applications.

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“This is an open, public network, where any participant can run points, contracts and applications,” said Arbitrum CEO Steven Goldfeder.

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According to The Block, well-known DeFi projects such as Maker and SushiSwap are also exploring the possibility of launching assets on Nova.

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As part of the partnership with the FTX exchange, the FTX Pay payment system will be used to pay gas and transfer tokens for the social platform.

Arbitrum leads the ranking of Layer-2 scaling solutions by L2BEAT. TVL of the platform stands at $2.65 billion, with the nearest competitor — Optimism — $1.86 billion.

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The Community Points program launched in 2020 to reward subreddit users for quality content and participation in the life of the community.

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That same year Reddit asked Ethereum developers for help in scaling the program.

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In 2021, Reddit announced the transfer of Community Points to the Arbitrum network.

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Currently, the tokens of the program operate on the Ethereum-based Rinkeby testnet.

Earlier in July, Arbitrum developers began testing the Nitro upgrade, which is designed to reduce transaction fees and increase throughput.

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