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<div class="cryptonews"> 
 <p class="is-style-lead">Daily transaction volume on Friend.Tech clone platform Post.Tech exploded by nearly 8,000% with 136,000 transactions in 24 hours. The decentralized protocol runs atop Ethereum layer-2 network Arbitrum.</p> 
 <p>Users opined that Post.Tech seems like a fork between X, Elon Musk’s Twitter rebrand, and the viral decentralized mobile app Friend.Tech which operates on Coinbase-backed layer-2 blockchain Base.</p> 
 <p>On both platforms, users can buy and sell access keys to gated communities moderated by other users, typically popular influencers and social media creators in crypto.&nbsp;</p> 
 <figure class="wp-block-image size-large"> <picture decoding="async" class="wp-image-14197237"> 
   <source type="image/webp" srcset="https://cdn.thebittimes.com/images/2023/09/22/5ed62235e220f460a669d5a8426855ba.webp.webp"> 
   <img decoding="async" width="1024" height="626" src="https://cdn.thebittimes.com/images/2023/09/22/5ed62235e220f460a669d5a8426855ba.webp" alt="Post.Tech generates $3m in daily volume on L2 Arbitrum - 1"> 
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    Post.Tech homepage | Source: Post.Tech 
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 <p>Friend.Tech and Post.Tech both feature a fee structure split between the app developers and community creators. This fee amounts to 10% of user transactions as part of the so-called social finance or socialfi business model.&nbsp;</p> 
 <p>The purported Friend.Tech rival platform boasts $3 million in <a rel="noopener noreferrer nofollow" title="daily" href="https://thebittimes.com/tag/daily.html">daily</a> trading <a rel="noopener noreferrer nofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a>, up 7,400% in 24 hours according to Dappradar. Over 16,000 unique active wallets also interacted with the platform in that window.</p> 
 <figure class="wp-block-image size-large"> <picture decoding="async" class="wp-image-14197238"> 
   <source type="image/webp" srcset="https://cdn.thebittimes.com/images/2023/09/22/b34b955fc4a9cb6ce8fc43b18edec40a.webp.webp"> 
   <img decoding="async" width="1024" height="624" src="https://cdn.thebittimes.com/images/2023/09/22/b34b955fc4a9cb6ce8fc43b18edec40a.webp" alt="Post.Tech generates $3m in daily volume on L2 Arbitrum - 2"> 
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  <figcaption class="wp-element-caption">
    Post.Tech activity | Source: Dappradar 
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 <p>While these platforms are closely matched in <a rel="noopener noreferrer nofollow" title="daily" href="https://thebittimes.com/tag/daily.html">daily</a> <a rel="noopener noreferrer nofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a> at press time, Friend.Tech outclasses the new kid on the block in terms of total value locked. Users have locked up almost $850,000 in Post.Tech.</p> 
 <p>Friend.Tech’s TVL floated above $34 million, per DefiLlama data.&nbsp;</p> 
 <p>Notably, the socialfi platform created by pseudonymous developer Racer had a month’s headstart and has done $250 million in cumulative trading <a rel="noopener noreferrer nofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a> following its launch in August 2023.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Friend.tech imposes penalties on fork users amid revenue slump 
 </div> 
 <p>Friend.Tech competed with flagship protocols on Ethereum like Uniswap and Lido Finance, generating millions in transaction fees. Concerns were raised over a data breach involving 100,000 users’ data but the platform swiftly clarified the issue per reports on Aug. 22.</p> 
 <p>The app’s initial success has seemingly galvanized clones and mirror applications looking to offer their own view on socialfi.&nbsp;</p> 
 <p>Crypto participants are also collaborating on aggregators and indexes based on content generated within these apps, although this idea has proved contentious.&nbsp;</p> 
 <p>As crypto.news reported, two creators lost access to Friend.Tech’s chat feature after building a tool that provided free access to token-gated chats.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> What is Friend.tech, social platform earning over $1m in fees 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/post-tech-generates-3m-in-daily-volume-on-l2-arbitrum-tbt63683.html">https://thebittimes.com/post-tech-generates-3m-in-daily-volume-on-l2-arbitrum-tbt63683.html</a></p>

Post.Tech generates $3m in daily volume on L2 Arbitrum

TheBitTimes

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