On this planet of social media, competitors is fierce, and on the subject of token-gated channels, pioneer Good friend.Tech dominated till rival Submit.Tech lately skilled a surge in each day buying and selling quantity, The Block reported on Thursday.
Submit.Tech operates very like its predecessor, Good friend.Tech, providing token-gated channels the place customers should purchase and promote entry tokens.
Each platforms cost a ten% charge on transactions, break up evenly between the app and the channel’s proprietor.
Whereas Good friend.Tech has dominated this house since its inception, with each day transaction volumes often reaching $20 million and a complete quantity of $250 million, Submit.Tech is catching up regardless of launching a month later, the brand new information confirmed.
On September 20, Submit.Tech recorded $875,000 in transaction quantity, in response to DappRadar.
In the meantime, the info confirmed that over the previous 24 hours, the platform has seen buying and selling quantity exceed $1.81 million, with each day transactions hovering from simply 2,000 on September 16 to over 190,000 as of September 21.
On the similar time, the DappRadar information confirmed that over 22,000 distinctive lively wallets (UAWs) have interacted with Submit.Tech within the final 24 hours, in comparison with 14,300 UAWs on Good friend.Tech.
The robust development in utilization was additionally pointed to by publish.tech in a publish on X from Thursday:
Completely different L2 networks
The 2 platforms have some variations value noting.
Good friend.Tech operates on Coinbase’s new Ethereum Layer 2 community Base, whereas Submit.Tech makes use of the favored however older Ethereum Layer 2 community Arbitrum.
One other distinction is the reward mechanism, the place Good friend.Tech rewards customers with factors, fueling hypothesis about potential airdrops sooner or later.
In distinction, Submit.Tech presents money rewards, distributed proportionally based mostly on person exercise.
Submit.Tech lately introduced a $100,000 reward for exercise between September 7 and September 22, which The Block speculated might be contributing to its current surge in utilization.