$98,972.00
2.52%$1,907.74
4.26%$2.17
1.98%$611.10
1.13%$150.51
3.16%$0.999906
-0.01%$0.180668
4.80%$0.705505
4.36%$0.249881
2.42%$1,904.36
4.15%$98,935.00
2.61%$3.63
7.83%$14.54
5.24%$20.65
4.69%$0.269016
3.30%$418.34
13.27%$8.80
0.84%$0.999913
0.00%$2,288.64
4.14%$0.00001331
4.46%$0.183794
4.80%$3.10
3.49%$21.68
3.16%$91.62
-0.06%$4.23
7.19%$1,906.66
4.21%$284.35
-1.59%$0.999546
-0.03%$4.29
-0.47%$1.001
0.02%$99,016.00
2.60%$2,033.27
4.21%$0.621418
6.90%$28.61
1.61%$0.00000877
9.37%$396.12
8.90%$1.051
0.02%$5.00
5.91%$5.14
4.80%$51.31
1.01%$2.42
5.30%$0.919534
6.71%$1.00
0.00%$185.58
6.80%$0.095871
4.51%$21.28
-0.39%$17.10
5.34%$4.78
3.13%$0.095064
6.56%$0.72967
2.81%$12.09
10.44%$29.86
0.50%$4.46
6.60%$0.02610941
5.41%$1.001
0.05%$1.17
-0.02%$98,791.00
2.26%$0.226152
2.97%$4.30
4.81%$0.724504
5.25%$4.34
0.88%$2.71
5.93%$0.208732
4.85%$0.300472
11.50%$0.538532
5.85%$2.52
7.36%$0.328051
7.27%$0.998812
-0.02%$4.17
1.76%$0.00001848
10.05%$0.923674
9.89%$93.25
6.54%$10.82
0.66%$0.973592
2.71%$1,576.02
6.27%$0.442605
6.28%$0.01952801
3.31%$1.27
2.50%$0.831212
19.46%$157.99
3.10%$0.073855
0.60%$1,907.06
4.23%$98,548.00
2.33%$1.082
9.77%$1,986.51
4.35%$3.99
7.69%$0.207999
6.30%$0.999792
-0.06%$0.578637
9.84%$0.618783
2.96%$10.12
8.59%$1.49
4.59%$0.718542
6.40%$0.096312
6.59%$0.999694
-0.03%$2,161.91
4.24%$0.999634
-0.01%$611.13
1.08%$14.70
-3.14%$0.01316981
19.01%$3,334.10
-1.72%$0.0164203
6.85%$3,335.32
-1.67%$0.99989
0.00%$98,913.00
2.59%$194.30
3.13%$0.00008129
6.21%$0.217372
9.97%$0.774904
10.56%$166.75
3.18%$99,501.00
3.32%$38.50
5.23%$97,746.00
1.93%$2.60
7.76%$0.836607
6.98%$0.59835
5.83%$2,033.87
4.17%$0.719605
0.75%$0.01610837
7.18%$0.00000072
3.46%$0.287409
6.09%$3.74
0.79%$2.12
6.99%$0.113385
2.88%$40.45
6.66%$0.997918
-0.06%$19.10
7.23%$0.999407
-0.01%$0.61519
9.01%$0.385431
4.87%$1,995.14
4.21%$0.06085
15.94%$1.11
0.94%$0.562861
4.73%$0.01743693
1.35%$0.311296
6.14%$1.71
9.44%$3.41
6.47%$0.674616
12.67%$0.00582488
8.77%$1,994.82
4.40%$0.562526
14.49%$100,383.00
-1.85%$0.142108
7.65%$0.00876379
5.02%$110.97
0.01%$98,932.00
2.76%$0.998726
0.03%$0.447689
1.31%$0.999906
-0.01%$0.411416
5.99%$98,750.00
2.19%$0.065845
-1.35%$7.17
6.38%$0.999905
-0.01%$0.180654
4.98%$1.30
3.47%$0.182476
7.08%$16.11
6.54%$0.586406
5.24%$0.463148
16.97%$97,286.00
1.78%$0.00002213
5.89%$1,907.37
4.23%$1.54
3.17%$0.136315
3.25%$0.00000042
1.70%$5.88
7.46%$0.00787394
6.95%$0.516687
6.45%$2,032.90
4.30%$1.085
-0.02%$1,908.14
4.30%$1.001
0.15%$0.161341
-1.03%$2.49
7.22%$1,904.37
4.20%$1.61
7.57%$0.151509
-1.51%$0.04121294
5.21%$3.30
15.23%$1,944.10
3.83%$0.083907
9.59%$1,907.28
4.23%$0.075534
6.15%$0.00553331
0.18%$0.226315
2.95%$33.25
2.43%$40.59
5.47%$1.37
2.59%$1.47
29.53%$0.00000091
40.64%$0.374553
8.97%$0.998317
-0.10%$0.36723
-4.87%$21.49
-0.11%$0.174721
2.87%$0.0180076
2.71%$0.03487872
3.13%$0.00410031
2.26%$1.001
0.10%$0.581008
27.78%$0.00006075
3.86%$0.519437
6.84%$0.782905
3.08%$0.999055
-0.02%$1.00
0.02%$1.00
0.05%$0.696777
3.12%$98,944.00
2.57%$0.690768
6.36%$0.28027
10.10%$0.00000152
3.35%$1,894.77
4.19%$0.30499
2.14%$21.69
3.15%$1.43
-19.02%$0.00297433
6.89%$99,165.00
1.84%$113.64
3.34%$1.099
0.14%$2.57
6.10%$20.64
4.51%$3,362.56
-0.92%$1.00
0.02%$0.228911
5.01%$0.199779
5.45%$0.03248187
5.07%$2,018.54
4.11%$22.13
5.04%$3.30
4.94%$0.534504
2.89%$0.00296814
13.54%$0.26259
4.18%$2,095.25
4.29%$1,986.87
2.49%$1.57
3.42%$0.03665459
4.67%$15.38
4.25%$2,077.04
4.24%$2.65
-4.72%$98,757.00
4.11%$0.00331895
6.28%$0.998879
0.14%$0.118161
-7.61%$0.999534
0.01%$0.01254497
4.86%$0.227452
-2.79%Reading
Role
Founder and Chairman of the Board of Kraken Exchange
Location
San Francisco, California
Education
California State University-Sacramento(Philosophy w/ Concentration in Ethics & Law)
Current Project
Kraken Exchange,Verge Center for the Arts
Previous Projects
Internet Ventures & Holdings,Lewt, Inc.,Verge Gallery & Studio Project
Jesse Powell, the co-founder and Chairman of the Board at crypto exchange Kraken, has argued that Reddit should have “offered a redemption path” for owners of its discontinued crypto-powered Community Points.
In a post on Reddit, Powell wrote that, “I personally don’t see the regulatory problems” cited by Reddit in its explanation for the “sunsetting,” adding that, “I get that it’s complicated and evolving and maybe Reddit doesn’t want the hassle.”
The social media platform stated that “The regulatory environment has added to scalability limitations,” for the Community Points program, cited “scalability limitations” due to the “regulatory environment” and an “outsized commitment to resources” as reasons to wind down the program.
Following the announcement, the price of Reddit’s MOON token plunged by over 80%, while BRICK, the token of Reddit’s Fortnite community, dropped by over 50%.
Reddit is getting rid of its crypto-powered “Community Points” reward tokens. The tokens were first launched three years ago in an effort to reward Reddit users for making high-quality contributions to the social media platform, but the site plans to fully phase them out by November 8, TechCrunch first reported. Reddit’s Community Points are ERC-20 tokens that were initially minted on the Ethereum network, but later moved to scaling network Arbitrum Nova. The tokens could be redeemed for differe...
Powell claimed that the social media platform’s decision, “destroys the value of the holdings while offering nothing in return.” He pushed for alternative means of redeeming the tokens, suggesting that Reddit should, “ Let people buy Collectible Avatars with points at some ratio or something. Convert the points to Karma, give people a special badge based on holdings at time of burn.”
Reddit’s Community Points are ERC-20 tokens initially minted on the Ethereum network but later migrated to the layer-2 network Arbitrum Nova. The tokens could be redeemed for various perks on Reddit, like badges, emotes, GIFs, and other features.
Kraken was one of the few U.S.-based exchanges that traded in Reddit’s MOON and BRICK tokens.
Reddit announced a complete shutdown of the Community Points program by November 8. After that, community points will become invisible on the platform.
Kraken was one of the earliest Bitcoin exchanges, and also made waves for its strong-willed reactions to regulatory changes. CEO Jesse Powell joined the gm podcast to talk to Dan Roberts and Jeff Roberts about Kraken's evolution, the killer use case for NFTs, and how San Francisco's tech scene has changed. Watch and make sure to subscribe to the gm podcast on Apple or Spotify.
Additionally, tokens that were stored in “community tanks” or ecosystem pools will be burned by the end of the year. Around 40% of MOON’s supply was allocated toward community tanks.
Reddit’s decision to sunset Community Points has not affected its Collectible Avatars, a series of Polygon NFTs issued as free or paid drops by the social media platform. Reddit launched Avatars in July 2022 and has released more than 21 million collectible items, per a Dune dashboard.
Story edited by Stephen Graves
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