Post.Tech Gains Momentum with Increasing Trading Volume
The social media site, Post.Tech, has experienced a surge in activity, recording over $1.8 million in trading volume within a 24-hour period for the first time. This platform is a replica of Friend.Tech, both in terms of functionality and business model. Both platforms offer token-gated channels where users can buy and sell access tokens, with a 10% fee on transactions split between the app and the channel’s owner.
Friend.Tech, as the original app of this kind, has achieved significantly higher volumes, with daily transaction volumes reaching $20 million on some occasions. Since its launch, Friend.Tech has recorded a total volume of $250 million. In comparison, Post.Tech, which launched a month later, still operates at lower volumes.
Increase in Activity and User Engagement
However, there has been a recent uptick in activity on Post.Tech. According to DappRadar data, on September 20 alone, the platform saw $875,000 in transaction volume. Over the past 24 hours, it has recorded $1.8 million in volume. The number of daily transactions has also risen significantly from 2,000 on September 16 to 87,000 currently.
DappRadar data shows that over the last 24 hours, more than 11,000 unique active wallets interacted with Post.Tech compared to 15,700 wallets on Friend.Tech.
Differences Between Post.Tech and Friend.Tech
One notable difference between these two platforms is their underlying Ethereum Layer 2 networks. Friend.Tech operates on Base while Post.Tech utilizes Arbitrum. Additionally, only channel owners can view all messages within a channel on Friend.Tech, whereas on Post.Tech, any participant can see all messages.
Furthermore, Friend.Tech rewards user engagement with points that may lead to future airdrops. On the other hand, Post.Tech distributes lump sums of cash proportionally based on activity. It recently announced a $100,000 incentive for activity between September 7 and September 22, which could explain the increase in user engagement.
Potential Risks and Sustainability Concerns
Using these platforms comes with certain risks. Although each user has their own wallet, the keys are not entirely self-custodial. If the Friend.Tech frontend website were to be hacked, there could be a potential loss of user funds.
Moreover, there is skepticism regarding the sustainability of these apps due to high fees and barriers to entry. To maintain momentum beyond airdrops and attract long-term users, these platforms will need to demonstrate their ability to sustain activity levels.
Hot Take: The Rise of Post.Tech Signals Growing Interest in Token-Gated Social Media
The increasing trading volume and user engagement on Post.Tech indicate a growing interest in token-gated social media platforms. While Friend.Tech has been the pioneer in this space with higher transaction volumes, Post.Tech is quickly catching up.
With its unique features such as transparency in message visibility and cash-based incentives for user activity, Post.Tech offers an alternative experience compared to its predecessor. However, concerns about security and long-term sustainability remain valid.
As more users embrace token-gated social media platforms like Post.Tech and Friend.Tech, it will be interesting to see how these apps evolve and address challenges such as high fees and scalability while maintaining user interest and engagement.
Theon Barrett shines as a distinguished crypto analyst, accomplished researcher, and skilled editor, making significant strides in the field of cryptocurrency. With an astute analytical approach, Theon brings clarity to intricate crypto landscapes, offering insights that resonate with a broad audience. His research prowess goes hand in hand with his editorial finesse, allowing him to distill complex information into accessible formats.