Original source | Tip Coin

Compiled by | Odaily Planet Daily

This afternoon, Web3 social app Tip Coin announced the token economic model. 35% of TIP tokens will be used for platform rewards, 5% will be allocated to the market, and 5% will be allocated to team lock-up. In Epoch 1, 15% will be used for airdrops; in Epoch 2, 20% of the tokens will be used for airdrops; in Epoch 3, 5% of the tokens will be used for airdrops. Yesterday, Tip Coin announced that wallet address submissions are now online, and users need to submit their addresses within 24 hours to qualify for the first round of airdrop rewards.

It is understood that Tip Coin is a new social project based on X (formerly Twitter), aiming to allow users to earn points tokens by participating in content creation through "tweet mining." The following is the original translation of Tip Coin:

12 days, 140,000+ followers, 100,000+ users.

Since its launch on September 1st (Friday) at 8 am, Tip Coin has been experiencing great success. We sincerely thank the new fans and creators in the community who have silently supported us behind our social experiment, leading to the success of Tip Coin.

When we initially used the power of X/Twitter for our marketing, our initial ideas were proven to be correct. Viral spread has allowed our platform to gain over 100,000 Tip users and 140,000 X fans in just one week. Once again, we could not have achieved this without the support of the community.

Throughout this journey, we have encountered creators from all over the world. We have learned from hundreds of users that our platform has enabled their content (even from outside of X) to achieve unprecedented engagement.

Now, we are embarking on the second part of our mission: an independent platform that uses our presence and social media to create a global community of friends and creators. Let's delve into more details—token economics, technology, and vision.

Token Economics: Fair Launch

Many times, exciting products and launches are ruined by internal presales and unfair symbolic economics. As tokens for creators and the community, we feel a responsibility to reward our most loyal fans and creators through a fair distribution. With so many users, we have a unique opportunity to create an extremely diverse and fair distribution right from the launch.

• Epoch 1: Liquidity 15%; Airdrop claims 15%;

• Epoch 2: Airdrop claims 20%;

• Epoch 3: Airdrop claims 5%; Platform rewards 35%; Marketing 5%; Team lock-up 5%.

When determining token economics, we had several goals in mind. We needed to balance the successful launch of the product and platform, rewarding early users, expanding liquidity, and achieving price stability. To encourage the use of our upcoming platform, we have reserved 35% of the tokens for users. We have added a significant portion of liquidity supply to aid in issuance and achieve price stability, while also retaining Epoch rewards to gradually inject new tokens into the ecosystem. Finally, we will use tokens on the new platform to increase token trading volume and demand.

Technology: How It Works

We want to take a moment to discuss the work our chief developer and founder, Swapo, has done for our system.

Without delving into too many details, we did not approach this project as a one-time endeavor, but as a SocialFi platform! What's the difference? Reliability and scalability. As mentioned earlier, our marketing activities spread rapidly. This led to some scaling issues in Epoch 1 as it exceeded our load expectations. We have brought in a new system for Epoch 2, capable of processing 360,000 tweets per hour.

We have processed millions of tweets and are updating our dashboard in real-time. This figure cannot be underestimated. No one can replicate our system, which in itself proves the complexity required.

Regarding legitimate users: Many have noticed and pointed out that there are some users on the leaderboard who appear to be engaging in robotic actions. Upon noticing these instances, we chose to internally flag these accounts rather than immediately restrict them. This also allows our system to gain a more comprehensive understanding of robotic activity to prevent similar occurrences in the future. It should be noted that when they claim points, fake accounts will lose a significant amount of points (be penalized).

Where will these points go? They will be distributed to the accounts of you, the true supporters. At the end of the next Epoch, unclaimed points will be destroyed.

Future Vision

SocialFi is the new leader in cryptocurrency adoption. We believe in the vision and theory behind it. Ultimately, the champion of this field (SocialFi) will be chosen based on their ability to enter uncharted territories and create the future. There is no clear path; creating a universally adopted product requires a rare combination of technical talent and foresight.

We created Tip because SocialFi must be able to attract attention to help it become an independent product. Our goal is to use X to achieve viral spread and help the next million users enter our platform. The first step is nearing completion, but the work is far from over. Soon, you will see our website take on new forms and provide new ways to create, engage, and earn.

We view SocialFi as a blank canvas and intend to continue writing the blueprint.

Conclusion

We have spent many sleepless nights to provide what we believe to be an interesting, engaging, and unique way of social media interaction. The token release is not the end, but just the beginning, allowing us to create value for creators and the community.

We hope that you are as excited as we are to embrace the future of social interaction.

Stay loyal, $tip family.

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