Reddit will transfer tokens to the Arbitrum Nova network

Reddit will transfer tokens to the Arbitrum Nova network

Reddit will migrate tokens online Arbitrum Nova

Social content platform Reddit has partnered with Arbitrum and FTX to bring Community Points to its second tier network.

https://twitter .com/FTX_Official/status/1556996632881004545?ref_src=twsrc%5Etfw

Reddit will transfer the tokens involved in the program to Arbitrum Nova. The new solution is designed specifically for gaming and social applications.

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

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

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

Arbitrum leads L2Beat's second layer scaling solutions. The platform has a TVL of $2.65 billion, while its closest competitor, Optimism, has $1.86 billion.

Reddit will move tokens to the Arbitrum Nova network

Data: L2Beat.

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

At the same time, Reddit asked Ethereum developers to help scale the program.

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

Now the program tokens are working on the Rinkeby test network based on Ethereum. 

Recall that in July Arbitrum developers began testing the Nitro update , which is designed to reduce transaction fees and increase system throughput.

Read ForkLog bitcoin news in our Telegram — cryptocurrency news, rates and analytics.