The social media realm is a battleground for dominance; in the arena of token-gated channels, the pioneer Friend.Tech enjoyed unfettered control until newcomer Post.Tech began to make waves. This is evidenced by a recent escalation in daily trading volume.
Token-gated channels, for those unfamiliar, are platforms on which users may purchase and sell access tokens. The business model is pretty straightforward: Friend.Tech and Post.Tech both impose a 10% fee on transactions, divided equally between the application and the owner of the respective channel. Clearly, this model has reaped fruitful results, given that as per Thursday’s report by The Block, Friend.Tech has thus far achieved a total volume of $250 million, with daily transaction volumes intermittently striking $20 million.
However, recent data indicates that fortunes might be shifting, as Post.Tech, despite launching a month later, starts to encroach on the market. As an illustration, Post.Tech’s transaction volume had soared to $875,000 by September 20, as per DappRadar data. This momentum hasn’t petered out, for in the last 24 hours, the platform has seen trading volumes in excess of $1.81 million.
Another noteworthy metric is the swell in daily transactions. As recently as September 16, the figure stood at 2,000; a mere five days later, on September 21, this had mushroomed to a staggering 190,000. On top of this, the platform registered interactions with 22,000 unique active wallets in the last 24 hours. Meanwhile, the figure for Friend.Tech lags behind, at 14,300.
However, it’s not all cut-and-dried competition between these two platforms. For starters, their choice of networks varies, with Friend.Tech operating on the younger Ethereum Layer 2 network by Coinbase referred to as “Base”, while Post.Tech aligns itself with the tried-and-tested older brother, “Arbitrum”. Additionally, their reward system diverges: Friend.Tech chooses to reward users with points, fuelling rumours of potential future airdrops; conversely, Post.Tech doles out cash rewards that are distributed according to user activity.
The recent uptick in usage of Post.Tech could be attributed, at least in part, to the platform’s recent announcement of a $100,000 reward for activity between September 7 and 22. All in all, it makes for an interesting temporal snapshot of these two platforms’ ongoing battle for supremacy.
Source: Cryptonews
