Publons was a peer reviewer rewards platform that aimed to recognize the contribution that academics made during peer review to a journal. For about 10 years of its existence, Publons became the most popular service among peer reviewers. Having gained traction and popularity, Publons was purchased in 2017 by Clarivate Analytics (now Clarivate), and many academics, journals and publishers invested time and effort to participate in Publons. Using Publons, various peer review-related experiments or pilot programs were initiated by some academic publishers regarding the introduction of open peer review into their journals’ editorial processes. In this paper, we examine pertinent literature related to Publons, and reflect on its benefits and flaws during its short-lived history. In mid-August 2022, Clarivate fused Publons into the Web of Science platform. Publons, as a brand peer review service, has now ceased to exist but some of the functionality remains in Web of Science while other aspects that used to be open and free at Publons are now paid-for services. We reflect on the effect of such experiments, which initially had bold and ambitious academic objectives to fortify peer review, on academics’ trust, especially when such projects become commercialized.