Tip Coin releases economic model. How many tokens can your points be exchanged for?

Author: Luccy, BlockBeats

After friend.tech set off a wave of craze, recently a new project TipCoin combined with X (formerly Twitter) has once again attracted the attention of the Web3 world to the social field. Thanks to the participation of a group of currency KOLs, TipCoin attracted about 100,000 users to participate in tweets and comments in just four days after its official launch on September 1, sweeping the Twitter page like a virus.

Why has TipCoin attracted so much attention in a short period of time? How can TipCoin users participate in this Web3 social feast? Can TipCoin survive in the competitive social space? In order to explore what is special about TipCoin, BlockBeats compiled the existing information as follows.

What is TipCoin?

TipCoin is a new social project that relies on Twitter and combines cryptocurrency. The current gameplay can be summarized as "Web2 giant traffic + Web3 token airdrop", that is, using the existing Twitter relationship network as a traffic entrance, to use the future generation of the Web3 world Coin airdrops are expected to attract early users.

As long as you have a device capable of logging into Twitter, sharing, liking, commenting, tweeting, writing posts, blogging, or any other way of spreading news about Tipcoin over the Internet will earn you $tips.

Tweet mining to achieve viral marketing

Since everyone with access to the Internet can mine TipCoin, users only need to bind an account on the TipCoin official website, and when creating, reposting, and commenting on content on Twitter, @tipcoineth and adding the $tip tag will be able to mine based on the number of views and likes. Points can be earned from dimensions such as number of replies, number of replies, number of retweets, and citations and retweets, and the points can be exchanged for airdrop rewards in the next cycle (Epoch). The extremely low threshold for participation combined with the Web2 social giant Twitter creates a viral marketing.

Regarding TipCoin's gameplay, there are four commonly used strategies in the community to quickly obtain points, including following celebrities and hot topics, earning money, interacting with multiple accounts, and side strategies.

Among them, following celebrities and hot topics means that Twitter influencers or KOLs with their own traffic only need to complete "daily tasks" and then use their own traffic to attract a new wave of traffic, giving full play to the role of the "fan economy" to achieve traffic. Quick realization, this model may also be one of the reasons why TipCoin chose to be directly associated with the X account. Currently, @ix_wilson, who ranks second in the rankings, and @Samtopexchange, who ranks third, both take the traffic monetization route. The points operation method of "daily tasks" will be analyzed in detail in the following article.

Most of the Krypton Money strategy is aimed at Twitter users who have no fan base. In addition to the fixed income from "daily tasks", "Krypton Money" can be exchanged for comments, likes and retweets. For example, it was ranked among the top three in the Epoch1 stage. Bit @CryptoYjj used this strategy. Compared with Twitter influencers with tens of thousands of followers, @CryptoYjj has less than 3,000 followers. With a fan base that is dozens of times different, it can keep its points at the top of the list, truly embodying that "if you have money, you can do whatever you want."

In the multi-account interaction strategy, on the one hand, you can create multiple accounts to interact and "brush volume" to increase your points. Of course, this method needs to avoid being mistaken by Twitter as a robot or a fake account. On the other hand, the power of "mutual help" in the community can be widely mobilized to support a certain user. For example, @vannypatt, who currently ranks first in the points rankings, has neither a lottery commitment nor a fan base, but has achieved a cliff-like ranking of points. One, firmly occupying the championship position.

The partial strategy refers to the fact that the current official only checks the "quantitative standards" such as posts, likes and reads. For Twitter, which is currently full of robot accounts, it gives users who just want to make money at zero cost an opportunity. In addition, users can also consider adding some tags such as #Vitalik when tweeting, so that bots can spontaneously attract traffic to them.

However, officials seem to have noticed this and stated that the impact of robot intervention may be gradually eliminated in subsequent version iterations and network upgrades.

Token Economics

In the early morning of September 13, TipCoin officially issued a statement stating that the airdrop has been opened, and users who participated in Epoch1 will be able to exchange points for $tip. What exactly is TipCoin’s tokenomics model? How much $tip can a large amount of points be converted into?

In the afternoon of the same day, the official published an article describing the release details of $tip, including 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 team lock-up. The remaining tokens are allocated to three Epoch rewards. TipCoin’s airdrop token allocation ratio is adjusted according to the participating Epochs. In Epoch 1, 15% is used for liquidity provision and 15% is used for airdrops; in Epoch 2, 20% is allocated to tokens. Coins are used for airdrops; 5% of Epoch phase 3 tokens are used for airdrops. It should be noted that points that have not been redeemed at the end of the next Epoch will be destroyed.

TipCoin’s goal is to strike a balance between rewarding early users, successfully launching the product and platform, and scaling emissions to achieve price appreciation. TipCoin reserves 35% of tokens for users and locks 5% of tokens, adding a large portion of the liquidity supply to assist with issuance and price stability, as well as Epoch rewards to slowly inject new tokens into the ecosystem, and finally Tokens will be used on the new platform to bring volume and demand.

Some users pointed out that the activities of some users on the leaderboard were controlled. However, TipCoin did not pull every user immediately. Instead, it chose to mark it internally so that the system could have a more comprehensive understanding of robot activities so that it can be used in the future. Can be processed quickly and efficiently in Epoch. During the point collection stage, the manipulated account will lose a large amount of points, which will flow back to the real supporting users.

How to participate in sharing tip points

1. Go to the official website, click on the upper right corner to log in, and choose to connect to your Twitter account.

2. To activate the account according to the official website prompts, you need to send a verification tweet with $tip and @tipcoineth, and forward the TipCoin official tweet, and then click "CHECK STATUS" to complete the account activation and directly obtain 10,000 initial points.

3. Complete the "Daily Tasks" repeatedly every week to have a chance to be on the Epoch list, allowing more people to notice you, thus allowing your tweets to be exposed in large numbers, creating a virtuous cycle.

4. Finally, redeem the points into $tip. TipCoin Epoch is measured in weeks. It started on September 1st and ended on September 7th. According to the official calendar, TipCoin currently gives 4 rounds of Epoch cycles. The ongoing Epoch2 is expected to end on September 14th. At the end of the day, after the Epoch ends, the points obtained from all social activities in the Epoch will be calculated and exchanged for the project token $tip in the next Epoch. According to the official statement, Epoch1 points will be available for redemption simultaneously with $tip on September 13th.

Specific calculation formula for obtaining points

In addition to the 10,000 points earned by posting a tweet for the first time, TipCoin "daily tasks" can be rewarded in the following four ways. Note that unlike Epoch1, Epoch2 points only increase within 24 hours of the original tweet time.

The points bonus for tweet reading, likes, replies, citations, retweets, and citations have specific calculation formulas on the official website page.

The most important one is Original Tweet, which publishes original tweets with $tip and @tipcoineth, and has a points multiplier of 25. Subsequently, corresponding points will be added based on the tweet reading, likes, replies, quotes and RT. Points can be earned by posting 5 original posts every day. Secondly, Tipped Quote refers to the original tweet with $tip and @tipcoineth cited by others, and the points multiplier is 10. There is a limit of 10 points-earning citations per day, with a maximum limit of 1 million points. Points will be deducted for citations, and the maximum citation rebate is 10,000 points.

In addition, Tipped Reply refers to posting a reply with $tip and @tipcoineth under other people's tweets. The points multiplier is 1, and the daily limit is 50 replies that can earn points. At the same time, although Tipple Reply will also receive additional bonuses based on readings, likes and other measurements, it has a maximum limit of 25,000 points. Finally, Replied Kickbacks means that you can also get points when you receive replies from others, with a multiplier of 1/10, no upper limit per day, and will not appear in the dashboard.

Social ≠ brush KPI

Since TipCoin has not yet announced its true operating model, how it will develop in the future and how TipCoin will empower it are still unknown. But what is known is that TipCoin only uses a simple interactive form of "tweet mining" to obtain points. It treats social networks as assets and daily sharing as task KPIs. It seems that it pays more attention to social behavior, but it will ignore the results. It understands the emotional communication and value sharing that should occur in the "normal" social process.

Epoch2, which is currently in progress, has shortened the time limit for obtaining points to 24 hours after posting a tweet, which quite encourages users to seize the time to increase the quantity rather than the quality. As a result, the Twitter page is filled with a large number of tweets with unreadable content, but you can easily earn points just for a label and nomination. Does this violate TipCoin's original intention of motivating users to create high-quality content?

In the field of Web3 social networking, how to attract Web2 users and achieve user increase is a frequently discussed issue. Does TipCoin's ability to reduce the difficulty of gameplay and create a carnival of tens of thousands of people provide a breakthrough for the current Web3 social networking? When social networking is no longer for the purpose of sharing and making friends, but becomes a means of earning rewards, then once participants have been popular for three minutes, the airdrop expectation may not be able to awaken their enthusiasm for tweeting.

In terms of user retention, TipCoin is still in the early stages of development, but we can see some problems from the points list. The "Krypton gold players" who were among the top three in the standings in Epoch 1 have disappeared from Epoch 2. We don't know whether their former enthusiasm has been wiped out by KPI-style social interaction. However, there are also many loyal fans. For example, the top two "players" active in Epoch1 still occupy the second and fourth positions respectively in Epoch2.

TipCoin claims that its goal is to use X to achieve virality and get the next million users to join TipCoin. Epoch2 is coming to an end. In the next two rounds of Epoch, the follow-up answers submitted by TipCoin may be the standard to truly measure its "sustainability".