In the world of social media, competition is fierce, and when it comes to token-gated channels, pioneer Friend.Tech dominated until rival Post.Tech recently experienced a surge in daily trading volume, The Block reported on Thursday.
Post.Tech operates much like its predecessor, Friend.Tech, offering token-gated channels where users can buy and sell access tokens.
Both platforms charge a 10% fee on transactions, split evenly between the app and the channel’s owner.
While Friend.Tech has dominated this space since its inception, with daily transaction volumes occasionally reaching $20 million and a total volume of $250 million, Post.Tech is catching up despite launching a month later, the new data showed.
Soaring usage
On September 20, Post.Tech recorded $875,000 in transaction volume, according to DappRadar.
Meanwhile, the data showed that over the past 24 hours, the platform has seen trading volume exceed $1.81 million, with daily transactions soaring from just 2,000 on September 16 to over 190,000 as of September 21.
At the same time, the DappRadar data showed that over 22,000 unique active wallets (UAWs) have interacted with Post.Tech in the last 24 hours, compared to 14,300 UAWs on Friend.Tech.
The strong growth in usage was also pointed to by post.tech in a post on X from Thursday:
Different L2 networks
The two platforms have some differences worth noting.
Friend.Tech operates on Coinbase’s new Ethereum Layer 2 network Base, while Post.Tech uses the popular but older Ethereum Layer 2 network Arbitrum.
Another distinction is the reward mechanism, where Friend.Tech rewards users with points, fueling speculation about potential airdrops in the future.
In contrast, Post.Tech offers cash rewards, distributed proportionally based on user activity.
Post.Tech recently announced a $100,000 reward for activity between September 7 and September 22, which The Block speculated could be contributing to its recent surge in usage.