Printed: September 21, 2023 at 10:09 am Up to date: September 21, 2023 at 10:11 am
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In Transient
Good friend Tech’s new rival, Put up Tech, is a SocialFi platform primarily based on Arbitrum.
Whereas Put up.Tech has an analogous enterprise mannequin to Good friend.Tech, the platform is vastly totally different in performance.
With a consumer interface much like X (previously Twitter), customers can commerce their posts to earn ETH.
On the again of Good friend Tech’s success, new derivatives have emerged to faucet into the rising SocialFi pattern, specializing in buying and selling of social profile shares. One such platform — Put up Tech, lately made its debut three weeks in the past. Not like FriendTech which depends on Base, PostTech opted to construct its platform on Arbitrum.
In response to a Twitter thread, PostTech’s resolution to ascertain its basis on the Layer-2 (L2) blockchain displays a strategic transfer pushed by a number of components.
Foremost amongst these components is Arbitrum’s capability to considerably diminish transaction prices. This attribute supplies appreciable benefits to builders and finish customers, guaranteeing that the general PostTech expertise stays each cost-effective and simply accessible.
Moreover, Arbitrum’s scalability garners consideration. PostTech asserts that this blockchain community adeptly addresses congestion considerations, thus fostering a versatile and scalable ecosystem.Â
By constructing upon Ethereum’s basis by Arbitrum, PostTech not solely inherits Ethereum’s sturdy safety but additionally maintains the agility required for the swift implementation of latest options and enhancements.
How does Put up Tech work?
Upon becoming a member of Put up Tech, customers start by linking their X (Twitter) account to the platform, adopted by getting into a referral code.
The platform gives customers the chance to remodel their social property into earnings by accumulating factors by varied means. These embrace creating posts, partaking with different customers, and referencing or responding by hashtagging the platform. Moreover, customers can earn factors by inviting buddies, collaborating within the shopping for and promoting of customers’ shares, in addition to holding and buying and selling one’s personal shares.
Put up Tech permits customers to put money into profiles, representing possession in customers’ recognition and interactions. When customers put money into these shares, they grow to be eligible to obtain a portion of 5% of the whole buying and selling quantity generated by these shares.
Earnings are calculated primarily based on the variety of shares held relative to the whole obtainable. Customers obtain this 5% dividend so long as they maintain their shares, making a rising passive revenue stream.
Put up Tech encourages its group to refer others by the Referral Rewards characteristic. When a consumer refers somebody to Put up Tech, they earn a 5% share of the protocol charges every time their referred pal buys or sells profile shares. This reward system is ongoing so long as the referred pal stays energetic on the platform.
Whereas the incomes potential on Put up Tech is attractive, there are sensible issues to remember.Customers needs to be conscious that there’s a minimal claimable quantity of 0.003 ETH for rewards. Due to this fact, it’s vital to build up rewards that meet or exceed this threshold earlier than initiating a withdrawal.
Put up Tech’s Key Differentiator from Good friend Tech
Very similar to Good friend Tech’s enterprise mannequin, Put up Tech customers can interact within the shopping for and promoting of shares tied to X profiles, to capitalize on their community for monetary features in ETH. Nonetheless, the 2 platforms characteristic distinct approaches and operational mechanisms that set them aside.
Put up Tech’s consumer interface carefully mirrors X (Twitter). Customers can share their X posts on the Put up Tech platform, creating a way of continuity and familiarity.
I am reside on https://t.co/ddI1iCss73.
The usability is insane! Identical as twitter!!!
That is what https://t.co/yNYwQQGWZ4 ought to have finished. pic.twitter.com/WxB1OSpI0n
— Ran Neuner (@cryptomanran) September 21, 2023
One other distinction is how message visibility operates between Good friend.Tech and Put up.Tech. In Good friend.Tech, solely the channel proprietor has unique entry to all messages inside a chatroom. Nonetheless, in Put up.Tech, message visibility extends to all group chat individuals, enabling anybody within the chatroom to view all shared messages.
However Put up Tech distinguishes itself from Good friend Tech with its distinctive characteristic: customers should buy and promote particular person posts, basically changing tweets into tradable property. This stands in distinction to Good friend Tech, which primarily emphasizes the buying and selling of profile shares.
Moreover, by way of price distribution, Put up Tech diverges from Good friend Tech.
Whereas Good friend Tech directs 5% of earned charges solely to shareowners, Put up Tech allocates 5% of charges to each shareholders and shareowners, establishing a extra inclusive fee-sharing system.
🧬 @PostTechSoFi and @friendtech Comparability#posttech highlight options– Purchase and Promote Put up– 5% Charges Earned to Share Holders
Everybody can share and earn with https://t.co/nKYfkIpM9c
Early Contributors are eligible for our upcoming incentivized program#Sofi pic.twitter.com/Njvkjq8tLA
— put up.tech (@PostTechSoFi) August 31, 2023
Put up Tech’s Fast Progress Grabs Consideration
In response to DappRadar, Put up Tech has recorded $2.4 million in buying and selling quantity over the past 24 hours. The variety of Distinctive Energetic Wallets (UAW) has elevated from 1.18k on Sep 17 to 7.41k on Sep 20. Moreover, transactions on Put up Tech have elevated by over 146% within the final 24 hours, reaching 97.39k.
The sharp improve in buying and selling exercise could possibly be attributed to Put up Tech’s airdrop program. Not like Good friend Tech, which has been airdropping factors as rewards, Put up Tech is distributing as much as $100,000 in money primarily based on consumer exercise from Sep 7 – 22.Â
As customers actively farm factors in pursuit of maximizing their rewards, the sustainability of Put up Tech’s speedy progress stays to be seen. Regardless of Good friend Tech seeing success, its journey has been marked by a sequence of fluctuations.Â
In late August, the platform’s buying and selling quantity plummeted by 94%, main some to declare it ‘useless.’ Nonetheless, simply two weeks later, Good friend Tech skilled a revival, with its whole worth locked surging to exceed $20 million.
Put up Tech might discover itself in an analogous place as its preliminary airdrop program concludes, doubtlessly counting on further airdrops to keep up its present momentum.
Disclaimer
Any knowledge, textual content, or different content material on this web page is supplied as basic market info and never as funding recommendation. Previous efficiency shouldn’t be essentially an indicator of future outcomes.
The Belief Challenge is a worldwide group of stories organizations working to ascertain transparency requirements.
Cindy is a journalist at Metaverse Put up, protecting matters associated to web3, NFT, metaverse and AI, with a give attention to interviews with Web3 trade gamers. She has spoken to over 30 C-level execs and counting, bringing their priceless insights to readers. Initially from Singapore, Cindy is now primarily based in Tbilisi, Georgia. She holds a Bachelor’s diploma in Communications & Media Research from the College of South Australia and has a decade of expertise in journalism and writing.Get in contact along with her through [email protected] with press pitches, bulletins and interview alternatives.
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Cindy Tan
Cindy is a journalist at Metaverse Put up, protecting matters associated to web3, NFT, metaverse and AI, with a give attention to interviews with Web3 trade gamers. She has spoken to over 30 C-level execs and counting, bringing their priceless insights to readers. Initially from Singapore, Cindy is now primarily based in Tbilisi, Georgia. She holds a Bachelor’s diploma in Communications & Media Research from the College of South Australia and has a decade of expertise in journalism and writing.Get in contact along with her through [email protected] with press pitches, bulletins and interview alternatives.