Crypto social media sites offering gated channels are gaining popularity — with a new version on Arbitrum taking off.
In the last few days, however, activity has started to pick up. On September 20, the app saw $875,000 in transaction volume,, which also shows $1.8 million in volume over the last 24 hours. The number of daily transactions has risen from 2,000 on Sep. 16 to 87,000 now.
One key difference between the two apps is that Friend.Tech is based on Ethereum Layer 2 network Base, while Post.Tech is on a different Ethereum Layer 2 network, Arbitrum. Another difference is that in Friend.Tech, only the channel owner can see all messages in the channel. With Post.Tech, anyone in a channel can see all of the messages in it.
Plus, Friend.Tech is rewarding those interacting with the app with points — which speculators hope could lead to an airdrop down the line — while Post.Tech is handing out lump sums of cash, distributed proportionally by activity . It’s set to hand out $100,000 for activity between September 7 and September 22. This incentive may be partially behind the increase in activity.
There are potential risks with using these types of apps. While each user has their own wallet, the keys are not fully self-custodial. If the Friend.Tech frontend website were hacked, that, according to a pseudonymous developer at DefiLlama called 0xngmi. Furthermore, there’s skepticism regarding whether these apps are sustainable, given such high fees and a barrier to entry. With activity spurred on by airdrop farmers, apps will need to demonstrate how they can© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Friend.Tech Aggregator Creators Booted Off Viral Social PlatformDisagreement at Friend Tech disrupts FriendBook; Sal seeks resolution for aggregator access.
Read more »
The Reports of Friend.tech Death Have Been Greatly Exaggerated (Opinion)Friend.tech has been one hell of a journey altogether, and it seems that it's nowhere near its end, despite the multiple hiccups along the way.
Read more »
Friend.Tech users have earned $12 million in fees — but is it sustainable?Two crypto individuals with high ranking channels on the app weigh in on whether it will remain popular.
Read more »
Friend.Tech-fueled competition sets Pepe social media handle as prizeAfter announcing The Pepe Game, as the competition is called, the Pepe Friend.Tech key spiked around 966%.
Read more »
Friend.tech look-alike ‘Alpha’ emerges on Bitcoin networkAccording to one of the project’s founders, Punk3700, the multilayered approach allows it to “work in tandem” for security and efficiency purposes when deploying decentralized applications.
Read more »
Tech Talk: new tech gadgets for vehiclesJessica Naziri, TechSesh.co reviews some of the newest tech gadgets to make life easier for all things vehicle-related
Read more »