Share this article
China's Answer to Reddit Is Launching a Crypto Token
One of the oldest social networking platforms in China is launching its own crypto token in an apparent bid to boost declining user activity.
By Wolfie Zhao
Updated Sep 13, 2021, 8:12 a.m. Published Jul 25, 2018, 1:30 p.m.
Make us preferred on Google
One of the oldest and most popular social networking platforms in China is launching its own crypto token in an apparent bid to boost declining user activity.
Tianya Club, an internet forum founded in 1999, announced on Wednesday it will launch the blockchain-based Tianyan Token (TYT) on Aug. 8 as a way to reward original content contributions and participation in community activities. It will also serve as a means of exchange and payments.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
With a hard-cap of 90 billion tokens to be created, Tianya said 20 percent of the total will be reserved for its operational teams, while the remaining 80 percent will be distributed to community members.
So far, Tianya has not disclosed what platform its blockchain is built on, nor is it clear if TYTs will be subsequently tradeable on third-party exchanges or how its value will be determined.
Today's launch also appears to be boosting the firm's non-blockchain token – Tianya Diamond –which was launched by the firm in late 2017, just a few months after China explicitly banned companies from soliciting Chinese residents over blockchain-related tokens.
According to today's announcement, only users who hold a certain amount of Tianya Diamonds can receive TYT tokens by participating in certain community activities such as moderating threads.
Tianya Diamond was revealed in December as a centrally issued utility token for collectibles and gifting, with the firm promising "more use cases in the future." With a hard-cap of 900 million, Tianya Diamond can be purchased using Chinese yuan on WeChat.
For users who hope to earn TYTs by contributing original content, the total of any reward depends on the numbers votes received from other users who hold TYTs.
The move appears to be an attempt by the internet forum to revitalize its community after a decline in profits amid decreasing popularity.
According to data traffic site Alexa, Tianya Club's site ranking has dropped from China's 11th most visited website in 2015 to the 24th currently, likely due to competition from other social networks including search giant Baidu's rival service, Baidu Tieba.
Tianya Club image Shutterstock
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Bitcoin, ether extend declines as leverage unwind accelerates: Crypto Markets Today
Crypto markets fell further overnight as bitcoin and ether extended losses, metals tumbled and liquidation pressure hit leveraged traders across derivatives markets.
What to know:
- Bitcoin and ether extended declines as the crypto market compounded Thursday's selloff.
- Silver and gold also fell, adding to broader market weakness alongside a firmer dollar.
- Crypto liquidations hit $1.8 billion, while bitcoin dominance slipped as traders rotated into riskier altcoins.
