Friend.Tech Competitor Attracts 55,000 Users in 1 Week 🚀
The Narrative for 2023: Onchain Consumer Apps
Kyle Reidhead
4 min read·
GM DOers! 😎
When Friend.Tech gained popularity, we told you that if there was anything of essence in its tech, people would fork it to create better versions of it. 🍴
If @friendtech has REAL legs
It should turn out similar to DeFi Summer back in 2020
Devs will fork the code & play with variations of friend.tech-like apps
Changing UX, the bond-curve, fees, airdrop, etc.
If this happens, that's the signal that we have something REAL here
It should turn out similar to DeFi Summer back in 2020
Devs will fork the code & play with variations of friend.tech-like apps
Changing UX, the bond-curve, fees, airdrop, etc.
If this happens, that's the signal that we have something REAL here
It's been 12 days since friend(dot)tech launched. A recap:
- 1,700,000 transactions
- $60,000,000+ inflows to the protocol
- $3,000,000+ fees (revenue) for the protocol
All driven by speculation.
Fuelled by potential airdrop rumours.
This is a shitty app, with horrible UX…
- 1,700,000 transactions
- $60,000,000+ inflows to the protocol
- $3,000,000+ fees (revenue) for the protocol
All driven by speculation.
Fuelled by potential airdrop rumours.
This is a shitty app, with horrible UX…
6
Last week, Post.Tech, a similar app to Friend.Tech launched on Arbitrum and they’ve amassed a whopping 55k users in just 1 week. 🤯
Post.Tech looks and feels like a combination of Friend.Tech and Twitter. There’s a feed, and those who buy your shares enter a private chat with you.
However, unlike Friend.Tech – who’s promising an airdrop – Post.Tech is sharing hundreds of thousands of dollars with their active users. 🤑
And Yesterday, they introduced a token 👉 $POST.
@PostTechSoFi Epoch 2 is Now Live!
25,000,000 $POST up for Grabs!
Check the criteria
docs.post.tech/docs/airdrop-e…
25,000,000 $POST up for Grabs!
Check the criteria
docs.post.tech/docs/airdrop-e…
Everyone is going mad about it right now. So, today, we’re here to tell you all about how Post.Tech works, why we’ll likely see even more of these apps this year and how you can capitalize on this opportunity.
Onchain consumer apps and web3 social are two of the main narratives for the rest of 2023.
By reading this, you know something others don’t. So let’s get into it. ⏬
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What is Post.Tech? 🤔
After Friend.Tech’s rise in popularity, we expected new apps to pop up. But honestly, this came sooner than expected. 😅
Post.Tech launched last week, and naturally, we jumped on it to see what it’s all about.
In short, this app looks and feels like a combination of Twitter & Friend.Tech.
There's a feed where you can see everyone's posts (Twitter-like).
And those who buy your shares enter a private chat with you (Friend.Tech vibes).
To incentivize participation, Post.Tech gives you points for different things you do:
1 post = 10k points (up to 5/day)
1 reply = 5k points (up to 25/day)
Invite a friend = 30k points
Or... You can earn points by tweeting about Post.Tech. However, you need to tag them @PostTechSoFi and use $POST as you do.
Furthermore, you also earn points based on how many people buy your profile shares.
And you can also earn points by buying/selling/holding other people’s shares.
What can you do with these points? Earn prizes. 💰
Post.Tech is giving away money (from prize pools) at the end of each Epoch (specific period of time). The more points you gain during an Epoch, the more money you can win.
For example, Epoch 1 ended on Saturday and $100k was shared.
Yesterday, Epoch 2 began, and the prize pool is made of 25 million $POST, Post.Tech’s newly introduced token. 👀
@PostTechSoFi Epoch 2 is Now Live!
25,000,000 $POST up for Grabs!
Check the criteria docs.post.tech/docs/airdrop-e…
25,000,000 $POST up for Grabs!
Check the criteria
docs.post.tech/docs/airdrop-e…
$POST is the utility token of Post.Tech, designed to reward users and facilitate governance for the protocol in the future.
Here’s a sneak peek into the token, that’s not launched yet.
The plan is to distribute this token at the end of each Epoch, for the most active users.
That's why, as soon as you get on PostTech, you'll be spammed by people buying and selling your shares, because everyone’s farming the $POST token.
We made $10 in a couple of hours and did NOTHING – creators get 5% of each share trade.
Let’s look onchain 👀🔛⛓️ to see what the activity is looking like on Post.Tech and how much money users already made on the platform.
There are over 55k users on Post.Tech, which have amassed a volume of almost $8 million so far.
In total, there were 626k shares that were traded…
From this, users earned a total of $50k. $7/user on average. While not a lot, remember that this is on top of all the points & $POST these users have received.
PostTech is just getting started. And they've set up a rewards system that encourages degeneracy.
One of the stated benefits of buying a share on PostTech is “Potentially sell your shares with higher price”
Degeneracy at its finest
Degeneracy at its finest
Therefore, I think we should expect a lot more activity on Post.Tech, as people try to farm the new token.
This model is probably not sustainable long-term, but in the short term, I think it could attract a lot of users.
Should we give away all proceeds we make from Post.Tech to a newsletter subscriber at some point in the future? Reply with Yes/No!
Are Friend.Tech & Post.Tech Here to Stay?
A while back, we sat down with Herbie to chat about the future of Friend.Tech.
This will help you understand how these apps work & why they could do well in the coming period.
Listen on your favorite podcast platform. 👇
The Narrative of 2023: Web3 Social & Onchain Consumer Apps 🤳
Onchain consumer apps, such as Friend.Tech & Post.Tech offer a simple experience: gas fees are hidden, signing up requires just an email/X profile, and there's no need for existing crypto wallets.
Last Monday, I wrote about how these apps, which I call Onchain Consumer Apps, are here to stay, and most likely the narrative for the rest of 2023, for a few reasons.
Firstly, they provide an experience that’s more akin to using a typical web2 application.
Secondly, they’re using tokens so they create a certain level of speculation that’s extremely popular among the crypto crowd.
Thirdly, because they’re so popular, these apps are very profitable. Friend.Tech alone made over $14 million in fees.
These 3 reasons are why we believe there’ll be at least 5 onchain consumer apps that are live by the end of the year.
It’s very likely that Farcaster (web3 social) is next.
By having so many different options, users who dabble with these apps will get used to & understand the benefits of web3: ownership, self-custody, permissionless etc…
Onchain consumer apps could be the trojan horse that attracts new users into web3. Time will tell if that turns out to be true.
But what’s certain is that web3 social and onchain consumer apps are here and they’re coming at us fast! 🌊
How Can You Capitalize on the Opportunity?
First, where are these apps being built? 👉 Layer 2s!
Friend.Tech is on Base. 🧿
Post.Tech is on Arbitrum. 🟠🔵
Farcaster is on Optimism. 🔴
Lens is on Polygon. 🟣
To capitalize, you need to understand how money flows in web3. We showed that to our PRO members 2 weeks ago:
If you want to capitalize on the opportunity, you don’t need to farm an airdrop, chase prizes/useless points, or spam to get a worthless token.
All you have to do is invest in the execution layer (L2s) & settlement layer (Ethereum).
By doing so, you gain from all the activity that’s happening on any onchain consumer app that’s built on top of L2s.
In the future, there’ll be millions of apps being built onchain. Knowing each and every one of them will be impossible. So you won’t be able to profit from each app.
But by holding a share in the execution layer and settlement layer, all value that’s being built by these apps will flow to you.
As we progress, we’ll be sure to keep you up-to-date with all new innovations in this space.
So if you’re looking to build and invest successfully in web3, and understand the key trends in this industry, before everyone else, make sure you're a PRO member.
Thanks for reading. And remember, you're strong, you’re powerful, you’re alpha! ❤️
See you soon. ✌️
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Disclaimer: This article is for informational purposes only and not financial advice. Conduct your own research and consult a financial advisor before making investment decisions or taking any action based on the content.
Collect this post as an NFT.