Although Arbitrum One is already a very popular Ethereum Layer 2 scaling solution that allows for faster, cheaper transactions than the Ethereum mainnet. But seeing the need for even cheaper transactions for certain applications like gaming and social network platforms, Arbitrum developer Offchain Labs released a second blockchain called Arbitrum Nova to solve the problem. Taking advantage of that opportunity, social media giant Reddit joined Nova, in partnership with crypto exchange FTX.
Reddit replaced Karma with a new Community Points system on the Ethereum blockchain from the end of 2019. Then Arbitrum was selected by Reddit as a scaling partner since July 2021. Reddit will use the new blockchain - Arbitrum Nova to expand its blockchain Community Points rewards program to users, and FTX will allow Redditors to buy ETH to pay gas fees for their online Community Points transactions on Nova. However, Tim Rathschmidt - CEO of Reddit will not share any firm details about the roadmap to expand Reddit's Community Points system to reach more than 52 million daily active users.
The launch of Reddit's Community Points on a perminssionless chain like Arbitrum Nova presents another exciting possibility. For example other developers can create decentralized applications - their own Dapps using Community Points tokens provide an ecosystem and add-on around the social network Reddit, in addition to developing a part of users and develop for Web3 from the huge existing user base of Reddit.
