What Is Post Tech? Friend Tech Rival Records $2.4M Trading Volume in 24 Hours
In Brief
Friend Tech’s new rival, Post Tech, is a SocialFi platform based on Arbitrum.
While Post.Tech has a similar business model to Friend.Tech, the platform is vastly different in functionality.
With a user interface similar to X (formerly Twitter), users can trade their posts to earn ETH.
On the back of Friend Tech’s success, new derivatives have emerged to tap into the growing SocialFi trend, focusing on trading of social profile shares. One such platform — Post Tech, recently made its debut three weeks ago. Unlike FriendTech which relies on Base, PostTech opted to build its platform on Arbitrum.
According to a Twitter thread, PostTech’s decision to establish its foundation on the Layer-2 (L2) blockchain reflects a strategic move driven by multiple factors.
Foremost among these factors is Arbitrum’s capacity to significantly diminish transaction costs. This attribute provides considerable advantages to developers and end users, ensuring that the overall PostTech experience remains both cost-effective and easily accessible.
Furthermore, Arbitrum’s scalability garners attention. PostTech asserts that this blockchain network adeptly addresses congestion concerns, thus fostering a flexible and scalable ecosystem.
By building upon Ethereum’s foundation through Arbitrum, PostTech not only inherits Ethereum’s robust security but also maintains the agility required for the swift implementation of new features and enhancements.
How does Post Tech work?
Upon joining Post Tech, users begin by linking their X (Twitter) account to the platform, followed by entering a referral code.
The platform offers users the opportunity to transform their social assets into profits by accumulating points through various means. These include creating posts, engaging with other users, and referencing or responding by hashtagging the platform. Additionally, users can earn points by inviting friends, participating in the buying and selling of users’ shares, as well as holding and trading one’s own shares.
Post Tech allows users to invest in profiles, representing ownership in users’ popularity and interactions. When users invest in these shares, they become eligible to receive a portion of 5% of the total trading volume generated by those shares.
Earnings are calculated based on the number of shares held relative to the total available. Users receive this 5% dividend as long as they retain their shares, creating a growing passive income stream.
Post Tech encourages its community to refer others through the Referral Rewards feature. When a user refers someone to Post Tech, they earn a 5% share of the protocol fees each time their referred friend buys or sells profile shares. This reward system is ongoing as long as the referred friend remains active on the platform.
While the earning potential on Post Tech is enticing, there are practical considerations to keep in mind.
Users should be aware that there is a minimum claimable amount of 0.003 ETH for rewards. Therefore, it’s important to accumulate rewards that meet or exceed this threshold before initiating a withdrawal.
Post Tech’s Key Differentiator from Friend Tech
Much like Friend Tech’s business model, Post Tech users can engage in the buying and selling of shares tied to X profiles, to capitalize on their network for financial gains in ETH. However, the two platforms feature distinct approaches and operational mechanisms that set them apart.
Post Tech’s user interface closely mirrors X (Twitter). Users can share their X posts on the Post Tech platform, creating a sense of continuity and familiarity.
I'm live on https://t.co/ddI1iCss73.
— Ran Neuner (@cryptomanran) September 21, 2023
The usability is insane! Same as twitter!!!
This is what https://t.co/yNYwQQGWZ4 should have done. pic.twitter.com/WxB1OSpI0n
Another distinction is how message visibility operates between Friend.Tech and Post.Tech. In Friend.Tech, only the channel owner has exclusive access to all messages within a chatroom. However, in Post.Tech, message visibility extends to all group chat participants, enabling anyone in the chatroom to view all shared messages.
But Post Tech distinguishes itself from Friend Tech with its unique feature: users can buy and sell individual posts, essentially converting tweets into tradable assets. This stands in contrast to Friend Tech, which primarily emphasizes the trading of profile shares.
Furthermore, in terms of fee distribution, Post Tech diverges from Friend Tech.
While Friend Tech directs 5% of earned fees exclusively to shareowners, Post Tech allocates 5% of fees to both shareholders and shareowners, establishing a more inclusive fee-sharing system.
🧬 @PostTechSoFi and @friendtech Comparison#posttech spotlight features
— post.tech (@PostTechSoFi) August 31, 2023
– Buy and Sell Post
– 5% Fees Earned to Share Holders
Everyone can share and earn with https://t.co/nKYfkIpM9c
Early Contributors are eligible for our upcoming incentivized program#Sofi pic.twitter.com/Njvkjq8tLA
Post Tech’s Rapid Growth Grabs Attention
According to DappRadar, Post Tech has recorded $2.4 million in trading volume over the last 24 hours. The number of Unique Active Wallets (UAW) has increased from 1.18k on Sep 17 to 7.41k on Sep 20. Furthermore, transactions on Post Tech have increased by over 146% in the last 24 hours, reaching 97.39k.
The sharp increase in trading activity could be attributed to Post Tech’s airdrop program. Unlike Friend Tech, which has been airdropping points as rewards, Post Tech is distributing up to $100,000 in cash based on user activity from Sep 7 – 22.
As users actively farm points in pursuit of maximizing their rewards, the sustainability of Post Tech’s rapid growth remains to be seen. Despite Friend Tech seeing success, its journey has been marked by a series of fluctuations.
In late August, the platform’s trading volume plummeted by 94%, leading some to declare it ‘dead.’ However, just two weeks later, Friend Tech experienced a revival, with its total value locked surging to exceed $20 million.
Post Tech may find itself in a similar position as its initial airdrop program concludes, potentially relying on additional airdrops to maintain its current momentum.
Disclaimer
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About The Author
Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.
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Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.
