🦧 web2 dates web3

Aug 31, 2022

tbh, web3 cannot become mainstream without web2… in the end, we need more than just the maniacs on the web3 flow

one of the many ways this can be resolved is when web3 platforms leverage web2’s long-established infrastructure and sheer size

ftx x reddit

ftx is a centralized (so it's more like web2.5) crypto exchange that offers many more trading opportunities than most other beginner-facing platforms (i.e. derivatives, leveraged tokens, futures, etc.)
- recently posted 1,000%+ jump in revenue YoY
reddit rolled out this feature called community points a couple years back
- users on r/cryptocurrency and r/fortnitebr would get community points for active engagement, and these points sit on the ethereal blockchain
community points would be visible next to one’s username, but it would also give the user the opportunity to use up the community points to:
- earn community-specific memberships
- vote on decisions
- reward creators on the platform
- send tips

the problem: users will incur gas fees to incur transactions on the ethereum blockchain with these community points

so, users would have to pay gas fees (in gwei) with ethereum
but not all reddit users are active holders of ethereum, or any cryto wallet for that matter
this restricts reddit’s future plans as to expanding the community point feature to other subreddits that are not directly blockchain-based communities

enter: ftx

ftx will let users convert fiat currency (i.e. usd) to ethereum using ftx pay those gas fees, which would make it easy for any redditor to utilize their community points
imo: though not groundbreaking or historical, this would make it much much easier for all reddit users to benefit from blockchain or web3 broadly
- without having to understand gas fees, ethereum, blockchain, really, anything, users can just rack up community points and gain voting rights, send tips, earn memberships, etc. – owning a piece of their community

pretty cool stuff!

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