Author: Luccy, BlockBeats
Following the wave created by friend.tech, a new project called TipCoin, which combines X (formerly Twitter), has once again attracted attention to the social field of the Web3 world. With the participation of a group of KOLs in the cryptocurrency circle, TipCoin attracted approximately 100,000 users to participate in tweet publishing and commenting within just four days of its official launch on September 1st, sweeping through the Twitter platform like a virus.
Why did TipCoin attract so much attention in such a short period of time? How do users participate in this Web3 social feast? Can TipCoin survive in the fiercely competitive social field? In order to explore the uniqueness of TipCoin, BlockBeats has compiled the existing information as follows.
What is TipCoin?
TipCoin is a new type of social project based on Twitter and combined with cryptocurrency. The current gameplay can be summarized as “Web2 giant lead + Web3 token airdrop”, which uses the existing Twitter relationship network as a traffic entrance and attracts early users through the expected airdrop of future tokens in the Web3 world.
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As long as you have a device that can log in to Twitter, any way of sharing, liking, commenting, tweeting, writing posts, blogs, or any other way of spreading news about TipCoin on the internet will earn you $tip.
Mining through tweeting to achieve viral marketing
Since anyone who can access the internet can mine TipCoin, users only need to bind their account on the TipCoin official website and @tipcoineth with the $tip tag when creating, retweeting, or commenting on content on Twitter. They can earn points based on the number of views, likes, replies, retweets, quoted retweets, and other dimensions. These points can be redeemed for airdrop rewards in the next epoch. With a very low participation threshold and the combination of Web2 social giant Twitter, a viral marketing campaign has been created.
There are four commonly used strategies in the community to quickly earn points in TipCoin, including following celebrities and hot topics, spending money, interacting with multiple accounts, and using niche strategies.
Among them, following celebrities and hot topics refers to Twitter influencers or KOLs with their own fan base who only need to complete “daily tasks” and then use their own influence to attract a new wave of traffic, fully leveraging the “fan economy” to quickly monetize traffic. This model may also be one of the reasons why TipCoin chooses to directly associate with X accounts. Currently, the second-ranked @ix_wilson and the third-ranked @Samtopexchange both follow the route of monetizing traffic. The operating method of “daily tasks” will be explained in detail later in this article.
The “spending money” strategy is mostly aimed at Twitter users who do not have a fan base. In addition to the fixed income from “daily tasks”, they can exchange comments, likes, and retweets through “spending money”. For example, @CryptoYjj, who entered the top three on the leaderboard during Epoch 1, used this strategy. Compared to Twitter influencers with tens of thousands of followers, @CryptoYjj has less than 3,000 followers. Under the difference in the number of followers by tens of times, they can keep their points in the top rankings, truly reflecting the saying “money can indeed do whatever one wants”.
In the strategy of multiple account interactions, on the one hand, you can increase your points by creating multiple accounts to interact and “brush” the numbers. However, this method needs to avoid being mistaken as a bot or fake account by Twitter. On the other hand, you can mobilize the power of community “mutual assistance” to support a specific user. For example, @vannyLianGuaitt, who is currently ranked first in points, does not promise any prizes or have a large fan base, but still achieves a huge number of points and remains in the top position.
The niche strategy refers to taking advantage of the fact that the current official inspection only focuses on “quantity criteria” such as publishing, liking, and reading. For Twitter, which is currently filled with bot accounts, this allows users who only want to take advantage of the system at zero cost to exploit the situation. In addition, users can consider adding tags such as #Vitalik when tweeting to attract bot traffic.
However, it seems that the official has already noticed this and stated that the impact of bot interference may gradually be eliminated in subsequent version iterations and network upgrades.
Token Economics
In the early morning of September 13th, TipCoin officially announced the opening of the airdrop. Users who participated in Epoch 1 will be able to convert their points into $tip. What is the token economics model of TipCoin? How much $tip can large amounts of points be converted into?
In the afternoon of the same day, the official released an article describing the details of $tip’s release, including the final token economics, liquidity, and contract details.
Image Source: TipCoin
35% of the token TIP will be used for platform rewards, 5% will be allocated to the market, and 5% will be allocated to the team’s lock-up. The remaining tokens will be distributed for three Epoch rewards. The allocation ratio of TipCoin’s airdrop tokens will be adjusted according to the different Epochs participated. In the Epoch 1 stage, 15% will be used for liquidity provision and 15% for airdrops. In the Epoch 2 stage, 20% of the tokens will be used for airdrops. In the Epoch 3 stage, 5% of the tokens will be used for airdrops. It should be noted that any unredeemed points at the end of the next Epoch will be destroyed.
The goal of TipCoin is to balance rewarding early users, successfully launching products and platforms, and expanding emissions to achieve price appreciation. TipCoin reserves 35% of the tokens for users and locks 5% of the tokens, increasing a large portion of liquidity supply to assist issuance and price stability, as well as Epoch rewards, gradually injecting new tokens into the ecosystem, and finally using tokens on the new platform to bring about quantity and demand.
Some users have pointed out that the activities of certain users on the leaderboard are being controlled. However, TipCoin did not immediately pull every user, but chose to internally mark them so that the system can have a more comprehensive understanding of bot activities and be able to handle them quickly and effectively in the future Epochs. During the points redemption stage, manipulated accounts will lose a large number of points, which will flow back to the hands of genuine supporting users.
How to Participate in Tip Point Distribution
1. Enter the official website and click on the login button in the upper right corner, then select to connect with your Twitter account.
2. Follow the instructions on the official website to activate your account. You need to send a verification tweet with $tip and @tipcoineth, and retweet the official tweet from TipCoin. Then click “CHECK STATUS” to complete the account activation and receive 10,000 initial points.
3. Repeat the “daily tasks” every week to have the chance to appear on the Epoch leaderboard, attracting more attention to your tweets and gaining more exposure, creating a virtuous cycle.
4. Finally, exchange the points for $tip. TipCoin Epoch is based on a weekly cycle. It started on September 1st and ended Epoch1 on September 7th. According to the official calendar, TipCoin will have a total of 4 Epoch cycles. The ongoing Epoch2 is expected to end on September 14th. After each Epoch ends, the points earned from social activities during that Epoch will be calculated and exchanged for project tokens $tip in the next Epoch. According to the official statement, the points from Epoch1 will be synchronized and available for exchange with $tip on September 13th.
Specific Calculation Formula for Obtaining Points
In addition to the initial 10,000 points obtained from the first tweet, TipCoin “daily tasks” can earn rewards in the following four ways. It is worth noting that unlike Epoch1, points earned in Epoch2 will only be added within 24 hours after the original tweet is posted.
The calculation formulas for points earned from tweet reading, likes, replies, quotes, retweets, and quoted retweets are specified on the official website.
The most important is the Original Tweet, which is a tweet with $tip and @tipcoineth. It has a point multiplier of 25. Points will be added based on tweet reading, likes, replies, quotes, and retweets. You can earn points from 5 original tweets per day. The Tipped Quote refers to an original tweet quoted by others with $tip and @tipcoineth, which has a point multiplier of 10. The maximum limit for earning points from quoted tweets is 10 per day, with a maximum limit of 1 million points. Quotes can generate deductions, with a maximum deduction of 10,000 points.
In addition, Tipped Reply refers to a reply with $tip and @tipcoineth under someone else’s tweet, with a point multiplier of 1. The maximum limit for earning points from replies is 50 per day. Although Tipple Reply can also earn additional points based on metrics such as reading and likes, there is a maximum limit of 25,000 points. Finally, Replied Kickbacks refers to points received from others’ replies. It has a point multiplier of 1/10 and has no daily limit, and will not appear on the dashboard.
Social ≠ Hitting KPI
Since TipCoin has not yet announced its actual operating model, the future development and empowerment of TipCoin are still unknown. However, what we do know is that TipCoin’s simple interaction of “tweet mining” to earn points, treating social networks as assets, and daily sharing as task KPI may seem to focus more on social behavior but overlook the emotional communication and value sharing that should exist in “normal” social interactions.
Currently, Epoch2 is further shortening the time limit for earning points to 24 hours after tweeting, urging users to hurry up and increase their quantity of content rather than its quality. All these factors have led to a flood of tweets on the Twitter page that are unreadable, but can easily earn points just because of a tag and nomination. Does this go against TipCoin’s original intention of motivating users to create high-quality content?
In the Web3 social field, how to attract Web2 users and achieve user growth is a frequently discussed issue. Does TipCoin’s simplification of gameplay and the creation of a carnival for tens of thousands of people provide a breakthrough for current Web3 social networks? When social interaction is no longer for the purpose of sharing and making friends, but becomes a means of earning rewards, once participants lose interest after three minutes, the expected airdrop may not be able to rekindle their enthusiasm for tweeting.
In terms of user retention rate, TipCoin is still in the early stages of development, but we can see some issues from the leaderboard. The “big spenders” who ranked in the top three in points in Epoch1 have disappeared in Epoch2. Whether their previous enthusiasm has been worn down by KPI-style social interactions is unknown. However, there are also many loyal fans, such as the top two “players” who were active in Epoch1 and still occupy the second and fourth positions in Epoch2.
TipCoin claims that its goal is to use X to achieve viral spread and bring the next million users to join TipCoin. Epoch2 is about to end, and in the next two rounds of Epoch, the subsequent performance of TipCoin may be the true measure of its “sustainability”.
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