The Ethereum-powered tipping service on Reddit, TipJar, has officially shut down this week. The Reddit service allowed users to send micropayments between themselves in ERC-20 tokens and Ether. The official TipJar website has not been shut down and it will be open until April 2020.
The official announcement stated that the main reason for the shutdown as the lack of activity. TipJar users were also urged to withdraw the funds they deposited as fast as possible.
The shutdown was imminent and came with very little warning. Many users shared their appreciation that the project gave a 6 month warning before the site went offline and users were unable to access their funds.
TipJar was unfortunately started in a rough period
TipJar’s developer mentioned that the initial interest in the project quickly dropped. Over the course of the last few years, the developer stated that he has been mostly playing server fees and no matter how small they are, at this point it just wasn’t worth it.
Earlier this year, the blockchain-based browser Brave, integrated a tipping option in both Reddit and Vimeo. Whether or not Brave knew about TipJar’s shutdown plans remains unclear at this point.
It seems that smaller crypto projects are experiencing a taste of the crypto winter.
Earlier this month, another crypto project announced that it is closing down. In the official statement, Coinexchange.io revealed that the reason for the untimely shutdown was financial difficulties and lack of trading volume.
It’s crazy to think that an exchange, which traded volumes of more than $700 000 per day and supported more than 500 altcoins is shutting down due to financial difficulties.
The crypto world is a very harsh place and only the strong will survive.
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