For several months, registered members have improved BlogShares by voting on which categories ("Industries") a particular blog belongs in. When moderators review and approve those votes, the members have received karma points. Till now, the only use for karma points was to become a moderator yourself after accumulating 25 points.
Now those karma points also give you chips, at a rate of 25 chips per karma point. You can spend these chips on the text ad block to the upper right. More ways to earn karma and spend chips are in the works.
You now also earn karma (and chips) by moderating votes, which had previously been a completely volunteer task. Moderating will result in 1 to 3 karma points (25 to 75 chips).
Point values and exchange rates will fluxuate according to the site's needs and we'll probably make keen little graphs of it.
Update: Win a BlogShares premium membership in this week's chip raffle. Good luck!
Update 2: Win chips in our caption contest.
Bonus: A javascript view of the industry hierarchy is in beta.