Author: Luccy, BlockBeats

Editor: Jaleel, BlockBeats

Following the wave caused by friend.tech, a new project called TipCoin, which combines with X (formerly Twitter), has recently attracted attention to the social field in the Web3 world. Thanks to the participation of a group of KOLs in the currency circle, TipCoin has attracted about 100,000 users to participate in tweet publishing and commenting within just four days since its official launch on September 1, sweeping across the Twitter platform 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 event? Can TipCoin survive in the fiercely competitive social field? To explore the uniqueness of TipCoin, BlockBeats has compiled the existing information as follows.

What is TipCoin?

TipCoin is a new social project based on Twitter and combined with cryptocurrency. The current gameplay can be summarized as "Web2 giant drainage + Web3 token airdrop", which uses the existing Twitter relationship network as a traffic entry point to attract early users through the expected future token airdrop in the Web3 world.

As long as you have a device that can log in to Twitter, sharing, liking, commenting, tweeting, writing posts, blogs, or any other way of spreading news about Tipcoin on the Internet will earn you $tip.

发推挖矿实现病毒式营销

Translation:

发推挖矿实现病毒式营销

(No translation needed as it contains HTML tags and Chinese characters only)Due to the fact that anyone with internet access can mine TipCoin, users only need to bind their account on the TipCoin official website and add the @tipcoineth tag and the $tip tag when creating, forwarding, or commenting on content on Twitter. Users can earn points based on metrics such as page views, likes, replies, retweets, and quoted retweets, and these points can be exchanged for airdrop rewards in the next epoch. The extremely low participation threshold, combined with the Web2 social media giant Twitter, has created a viral marketing campaign.

Regarding the gameplay of TipCoin, there are four commonly used strategies in the community to quickly earn points, including following celebrities and hot topics closely, spending money, interacting with multiple accounts, and using unconventional methods.

其中，Following celebrities and hot topics refers to Twitter's big V or KOL with their own traffic. They only need to complete "daily tasks" and use their own traffic to attract new traffic, fully leveraging the role of "fan economy" to achieve rapid traffic monetization. This model may also be one of the reasons why TipCoin chooses to directly associate with X account. Currently, the second-ranked @ix_wilson and the third-ranked @Samtopexchange are both following the traffic monetization route. The operation of the "daily tasks" points system will be analyzed in detail later in this article.

Krypton Gold Strategy is mostly aimed at Twitter users who do not have a fan base. In addition to the fixed income from "daily tasks", comments, likes, and retweets can be obtained through "Krypton Gold". For example, @CryptoYjj used this strategy to squeeze into the top three of the list during Epoch1. Compared with Twitter's big V with tens of thousands of fans, @CryptoYjj has less than 3,000 followers. Under the difference of tens of times the number of fans, points can be kept in the forefront of the list, truly reflecting that "money can indeed do whatever it wants".

In the multi-account interaction strategy, on the one hand, you can interact by creating multiple accounts to "brush up" and increase your points. Of course, this method needs to avoid being mistaken for a robot or a fake account by Twitter. On the other hand, you can widely mobilize the power of the community to "help each other", and support a certain user, such as the current number one on the points leaderboard, @vannypatt, who has neither lottery promises nor fan base, but has achieved a cliff-like first place in points and has been steadily occupying the top spot.

偏门策略 refers to the strategy that takes advantage of the current situation where the official only checks "quantity standards" such as publishing, likes, and reads. For Twitter, which is currently full of robot accounts, this allows users who only want to profit at zero cost to have an opportunity. In addition, users can also consider adding tags such as #Vitalik when tweeting, which allows robots to spontaneously attract traffic for them.

However, it seems that the official has already noticed this issue and stated that the impact of robot intervention may gradually be eliminated in subsequent version iterations and network upgrades.

Token Economics

On September 13th, TipCoin announced that the airdrop has been opened. Users who participated in Epoch1 will be able to exchange their points for $tip. What is the token economics model of TipCoin? How much $tip can be exchanged for a large amount of points?

Three hours ago, the official released an article describing the details of the release of $tip, including the final token economics, liquidity, and contract details.

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35% of the TIP tokens 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 will be allocated to three Epoch rewards. The distribution ratio of TipCoin's airdrop tokens will be adjusted according to the participating Epoch. In Epoch 1, 15% will be used for liquidity provision and 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. It should be noted that unredeemed points at the end of the next Epoch will be destroyed.

TipCoin aims to strike a balance between rewarding early users, successful product and platform launches, and expanding emission to achieve price appreciation. TipCoin reserves 35% of tokens for users and locks 5% of tokens, adding a significant portion of liquidity supply to assist with issuance and price stability, as well as Epoch rewards, gradually injecting new tokens into the ecosystem, and ultimately using tokens on the new platform to bring about quantity and demand.

Some users pointed out that some users' activities on the leaderboard were controlled, but TipCoin did not immediately pull each user, but chose to internally tag them so that the system could have a more comprehensive understanding of robot activity, in order to quickly and effectively handle it in the future Epoch. During the points redemption phase, manipulated accounts will lose a large amount of points, flowing back to the hands of truly supportive users.

How to participate in the distribution of tip points

1. Enter the official website, click on the login button in the upper right corner, and select to connect with your Twitter account.

2. Activate your account according to the instructions on the official website. 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 directly.

3. Repeat the "daily tasks" every week, and you may have the chance to climb the Epoch leaderboard, which will attract more attention to you and expose your tweets to a larger audience, achieving a virtuous cycle.

4. Finally, exchange the points for $tip. TipCoin Epoch is based on a weekly cycle. Epoch1 started on September 1st and ended on September 7th. According to the official calendar, TipCoin has given out 4 rounds of Epoch cycles. The currently ongoing Epoch2 is expected to end on September 14th. After the Epoch ends, all the points earned from social activities during that Epoch will be calculated and exchanged for project token $tip in the next Epoch. According to the official statement, the points from Epoch1 will be synchronized with $tip and available for exchange starting from September 13th.

Calculation Formula for Obtaining Points

除去首次发布推文获取的 1 万积分以外，TipCoin「日常任务」可以通过以下四种方式获得奖励。需注意，与 Epoch1 不同，Epoch2 积分仅在原始推文发布时间后 24 小时内增加。

Except for the 10,000 points obtained from the first tweet, TipCoin's "daily tasks" can be rewarded in the following four ways. Please note that unlike Epoch1, Epoch2 points only increase within 24 hours after the original tweet is posted.

The calculation formula for the points awarded for reading, liking, replying, quoting, retweeting, and quoting with bonus points can be found on the official website.

The most important thing is the Original Tweet, which is a original tweet with $tip and @tipcoineth, with a score multiplier of 25. Then, according to the reading, liking, replying, quoting, and RT of the tweet, corresponding score bonuses will be given. You can get points for up to 5 original tweets per day. Secondly, Tipped Quote refers to the original tweet quoted by others with $tip and @tipcoineth, with a score multiplier of 10. There is a daily limit of 10 quotes that can earn points, with a maximum limit of 1 million points. Quotes can generate deductions, and the maximum quote rebate is 10,000 points.

Additionally, Tipped Reply refers to replying to others' tweets with $tip and @tipcoineth, with a score multiplier of 1 and a daily limit of 50 replies that can earn points. Meanwhile, Tipple Reply can also receive additional bonuses based on metrics such as views and likes, but with a maximum limit of 25,000 points. Finally, Replied Kickbacks refers to receiving replies from others, which can also earn points at a rate of 1/10, with no daily limit and will not appear on the dashboard.

社交≠刷 KPI

Socializing ≠ KPI padding

Due to the fact that the current TipCoin has not yet announced its true operating mode, it is still unknown how it will develop and how TipCoin will empower. However, what is known is that TipCoin, by simply obtaining points through "tweet mining" as an interactive form, treats social networks as assets and daily sharing as task KPI. This seemingly emphasizes social behavior, but in fact ignores the emotional communication and value sharing that should exist in "normal" social processes.

Currently, Epoch2 is underway, which shortens the time limit for obtaining points to 24 hours after sending a tweet, urging users to hurry up and increase their quantity of tweets rather than quality. All of this has led to a large amount of unreadable content on Twitter pages, where users can easily obtain points with just 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, which reduces the difficulty of gameplay and creates a frenzy of tens of thousands of people, provide a breakthrough for Web3 social networking? When social networking is no longer for 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.

Regarding user retention rate, TipCoin is still in the early stages of development, but we can see some issues from the leaderboard. The "whales" who ranked in the top three of the leaderboard in Epoch1 were nowhere to be seen in Epoch2. It is unclear whether their previous enthusiasm has been worn down by KPI-style social pressure. 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 TipCoin. There is 1 day left until the end of Epoch2. In the next two rounds of Epoch, the subsequent answers provided by TipCoin may be the true standard to measure its "sustainability".

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