ETH Prices Barely Budge Despite Ethereum Foundation’s Reddit Deal

Ethereum Market Scalability

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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June 26, 2023 06:54 EDT

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Ethereum (ETH) prices have continued to bump along without any real momentum in either direction, with the market seemingly unmoved by news of social media giant Reddit’s latest deal with the Ethereum Foundation.

At the time of writing (09:21 UTC), ETH trades at USD 1,270 and is up by 1% in a day and 1.5% in a week.

ETH price chart:

ETH advocates might have hoped for bigger moves on the market after Reddit yesterday announced, via an admin post on its own platform, that it had “established Reddit’s first-ever blockchain partnership” with the foundation.

Reddit said that it is looking to boost its presence in the Ethereum ecosystem in a bid to accelerate scaling, adding that – like crypto and blockchain protocols, it has been attempting to foster a decentralized ecosystem that allows Redditors to curate and boost the size of their own subreddit communities.

The admin wrote that the move would see Reddit “launch large-scale applications like Community Points” on the Ethereum blockchain and follows a number of Reddit pilots using Ethereum-protocol tokens on two subreddits – a crypto-themed community and another dedicated to the game Fortnite Battle Royale.

The pilots have been met with mixed reactions as Reddit looks to upgrade its existing karma points and coins system – with tokenized “Bricks” and “Moons” put forward as possible Ethereum-powered alternatives.

The admin wrote,

“In this new stage of our partnership, immediate efforts will be focused on bringing Ethereum to Reddit-scale production. […] The scaling technology developed through this partnership will be open-sourced and publicly available for anyone to use.”

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Learn more:
Reddit Asks Ethereum Community for a Scaling Solution
Ethereum Needs To Clean Its Value Proposition – Coinbase
What’s in Store for Ethereum in 2021?
Ethereans Write Rebuttals, While Still Closed Grayscale Ethereum Trust Shrinks