Cryptocurrency
Human-readable code: Why branding is the programming language of humans
For too many Web3 projects, marketing is often an afterthought. The prevailing wisdom is that a visionary founder will generate a killer idea that will get VCs frothing, use their funding to hire a superstar developer (or an entire team of them) and bring the vision to life via the medium of code.
Once there’s a minimum viable product (MVP) to showcase, the project needs a user base to make this thing into a viable product. At this point, it’s time to fire up the Magical Marketing Machine, which connects to your various channels to create a nonstop value-generating stream of leads and conversions, drawn in by the irresistible lure of the initial killer idea. Once they hear about it.
This mindset isn’t helped by the stories of often inexplicable viral success that regularly punctuate the crypto headlines. But viral success isn’t the same as success. Just look at Terra’s LUNA collapse, the Squid Game scam or SafeMoon’s pump and dump for several relatively recent examples of viral “success.”
Of course, a few exceptional viral cases have managed to achieve longevity. For instance, Bored Ape Yacht Club and SushiSwap are two examples of projects that leveraged initial viral success to attain long-term recognition.
There is no formula or algorithm to guarantee viral success. But marketing, as a value-generating function of a commercial organization, is different. It has a toolkit at its disposal, and the most powerful of those tools is the brand — the programming that conveys the message of an offering to a human audience.
Effective branding relies on good code
Successful firms know that branding and marketing don’t happen by magic or according to checklist-type formulae. When it’s planned and executed well, a robust branding strategy is analogous to computer code. Blockchain developers use programming languages to translate their applications into a set of instructions that the blockchain can execute consistently. The branding strategy tells everyone in an ecosystem what messages they should be using and how to deliver them in a way that’s comprehensible and engaging.
Programming involves choosing the correct syntax and functions to generate a particular outcome efficiently, while branding involves selecting messaging that resonates and choosing the most effective ways to convey it. Solidity is Turing-complete, in that it can be used to program virtually any task. In this sense, branding as a programming language is also Turing-complete, as it can be used to craft any message you choose.
Beyond text, which already contains all the richness of tone and language, you send a message with every choice in the presentation of your offering, from colors and logos to advertising outlets and collaboration partners. Every nuance conveys the messages of your brand that will be decoded and disseminated by the world.
This is where you must beware. A Turing-complete language can also easily create unintended consequences. In blockchain terms, a bug in the code, a typo or an unknown eventuality created by an attacker may result in hacks, stolen funds and a loss of good reputation.
Marketing gaffes — a result of anyone being able to go out there and say whatever they like — can end up as PR disasters. No stolen funds, but irreparable damage to your brand will quickly hit your revenue source with precisely the same net result.
But more often than not, the worst outcome of bad branding is a massive loss of opportunity. Do you want to maximize the impact of your marketing budget? Start with your brand and its strategy.
A critical success factor or an afterthought?
It’s time for a mindset shift. Your branding is your product. After all, without recognition, the most amazing invention in the world is not a product — it’s just something someone dreamed up.
Despite the fact that branding is unquestionably a pivotal factor in commercial success, it’s baffling that Web3 founders tend to treat it as an afterthought. I’ve come across projects due to launch next month, where basic marketing planning is only just underway. I’ve also seen projects where the team is operating entirely on junior staffers with little prior experience in Web3 or marketing — let alone developing a brand from scratch.
It’s hard to imagine any founder leaving their programming to chance. How will the app perform if the only programmer has a high-school knowledge of coding? Or, what kind of quality could a star team of coders produce, given only a month for building and testing?
The more extensive and sophisticated the underlying code, the more powerful and impactful the technology. The same applies to branding.
Evaluating your stack
Ultimately, my message to Web3 founders is to examine your current branding approach and consider whether it accurately reflects the image you want your project to convey.
This may mean reexamining your overall strategy. For instance, is there a clear and consistent set of brand messages that forms the basis of all communications?
Are you confident that your marketing plans are rooted in the best possible practices for your offering and audience, and not simply a checklist of channels and touchpoints?
You may also need to evaluate time allocated to marketing and branding activities. Are there sufficiently available person-hours to generate interest and engagement ahead of a launch?
Assessing your approach may also involve evaluating your marketing talent and leveraging expertise as required. Do you have the right skills on board to develop and execute a branding strategy?
Finally, does your plan allow for activities such as testing campaign materials with target audiences or refining messages on different channels?
It’s true that all of the above activities will take time and effort and may uncover a need to invest further. But once your branding code is as robust and rigorous as your product code, you’ll already be ahead of the competition.
German is co-founder and chief relevance officer of THE RELEVANCE HOUSE, a branding and marketing agency focused on blockchain and Web3.
This article was published through Cointelegraph Innovation Circle, a vetted organization of senior executives and experts in the blockchain technology industry who are building the future through the power of connections, collaboration and thought leadership. Opinions expressed do not necessarily reflect those of Cointelegraph.
[PRESS RELEASE – Victoria, Seychelles, December 30th, 2024]
Bitget Wallet, a leading Web3 non-custodial wallet, has exceeded 60 million global users, achieving 300% annual growth in 2024. Through strategic innovation and ecosystem expansion, the platform has seen substantial adoption across key regions, solidifying its position as a major player in the multi-chain wallet ecosystem.
Bitget Wallet saw exceptional growth across key regions, particularly Africa, the Middle East, and Europe. Africa recorded over 1000% growth, led by Nigeria at 1468%. In the Middle East and Europe, the user base climbed by over 400%, with Saudi Arabia and the UAE showing 482% and 326% growth, respectively. France led in Europe with 1091%, followed by the UK and Germany at 687% and 657%.
Bitget Wallet’s growth is driven by innovative features designed to meet user needs. Leveraging the bull market recovery and Meme coin surge, tools like Instant Swap, Smart Money Tracking, MemeX, and GetGas have enhanced the trading experience. Meme coins, DeFi, and AI are the top trading categories. Onchain data shows average annual per capita trading volumes of $3,312 for DeFi tokens, led by East Asia, the Middle East, and the Americas, and $1,337 for Meme coins, with the Middle East, Europe, and East Asia leading activity.
Bitget Wallet has strengthened its integration with major mainnets and Web2 platforms. Data shows that blockchain adoption, with TON, Base, and Solana addresses, is increasing over 40 times year-on-year. The launch of Bitget Wallet Lite attracted over 10 million users in just a month, making it the largest Telegram multi-chain wallet. Supporting this, Bitget Wallet launched a $20 million Telegram Mini-App Support Program and OmniConnect Dev Kit, connecting a billion Telegram users to the multi-chain Web3 ecosystem.
Bitget Wallet introduced Bitget Onchain Layer in early 2024, and recently merged its platform token BWB with BGB tokens, with BGB becoming the sole ecosystem token. The integrated BGB will support multi-chain gas payments, staking, trading, and more DeFi functionalities while expanding into offline payment utilities. This move aims to bridge CeFi and DeFi ecosystems, delivering greater value to token holders.
Looking ahead to 2025, Bitget Wallet aims to deliver seamless onchain financial services, offering fast, secure trading while helping users maximize digital asset returns. The platform will simplify crypto payments for effortless transfers and spending, and streamline asset management with easy fiat-to-crypto conversions. “Our vision is to build a superapp that seamlessly connects Web2 and Web3, enabling a billion users to embrace financial freedom,” said Alvin Kan, COO of Bitget Wallet. “We are committed to leading this transformation and becoming the definitive bridge between the real world and the onchain economy.”
For more information, users can visit the Bitget Wallet blog.
About Bitget Wallet
Bitget Wallet is the home of Web3, uniting endless possibilities in one non-custodial wallet. With over 60 million users, it offers comprehensive on-chain services, including asset management, instant swaps, rewards, staking, trading tools, live market data, a DApp browser, and an NFT marketplace. Designed for everyone from beginners to advanced traders, it supports mnemonic, MPC, and AA wallet options. With connections to over 100 blockchains, 20,000+ DApps, and 500,000+ tokens, Bitget Wallet enables seamless multi-chain trading across hundreds of DEXs and cross-chain bridges, along with a $300 million protection fund for your digital assets. Experience Bitget Wallet Lite to start your Web3 journey.
For more information, users can visit: X | Telegram | Instagram | YouTube | LinkedIn | TikTok | Discord
For media inquiries, users can contact media.web3@bitget.com
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Foundry USA Pool – the largest Bitcoin mining pool by hash rate – recently took action to return an 8.18 BTC transaction fee, which is roughly worth $777,000, that had been accidentally overpaid.
The error occurred on December 19 during the mining of block 875475, which included a transaction with a fee 91,127 times higher than what was needed.
Foundry Refunds Large Overpaid Bitcoin Fee
After recognizing the mistake, Foundry reached out to the sender and refunded the excess fee after assessment. In a statement to The MinerMag, the mining pool assured that this refund did not affect the payouts of its regular customers stating that the payout system disregards the three highest and three lowest transaction fees each day.
Its official tweet read,
“We have received numerous messages from across the industry, and we want to extend our thanks to everyone who reached out on the user’s behalf. Please note that this decision was made after thorough deliberation, and we will continue to handle these instances on a case-by-case basis.”
This incident marks the second such event in recent months, following a similar action by Antpool in November 2023, when it had to refund a $3 million Bitcoin transaction fee after a user error led to the highest-ever fee paid on the Bitcoin network.
As reported earlier, the user mistakenly submitted 83 BTC as a fee on November 23, following which the Bitcoin mining company froze the fee temporarily, and announced its plan to verify the sender’s identity before issuing a refund.
Meanwhile, Foundry’s pool, with a massive hash rate of 273.6 EH/s, remains the largest in the industry, far surpassing Antpool’s 146.7 EH/s, according to data compiled by Hashrate Index. Additionally, Foundry controls almost 38% of the market share among pool operators, while Antpool accounts for 18%, at the time of writing.
Foundry Layoffs
The latest development comes less than a month after Foundry was reported to have laid off 60% of its workforce, as part of its “realignment” strategy.
The layoffs at Foundry mainly affected employees outside of the company’s core operations. Originally employing 250 people, 20 were reassigned to Yuma, while around 160-170 staff were let go. This included the entire ASIC repair and hardware teams, though mining pool operations remained unaffected. Foundry was also believed to have been exploring selling its site operations team, which oversees Bitcoin mining locations.
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The highly-anticipated Santa Claus rally is nowhere to be seen as bitcoin continues to lose value by dropping below $94,000.
The altcoins are also mostly in the red, with XRP dumping by 6% and XLM following suit.
BTC Fails at Recovery
It hasn’t been a particularly hopeful end of 2024 on a micro-scale. The asset began its painful decline on December 17 when its price stood above $108,000. In just a matter of three days, it had lost around $16,000 and dumped to $92,000.
The bulls intercepted the move and helped prevent a further drop below $90,000. In fact, BTC started recovering some ground and spiked toward $100,000 on a couple of occasions, but to no avail. The last such example was on December 26 when BTC touched that line but was quickly rejected once again.
The subsequent decline pushed it south hard, and the asset fell to $95,000 over the weekend. However, the landscape worsened in the past 24 hours and dropped further to $93,000. Despite bouncing off that level, for now, BTC is still over 1% down on the day.
Its market capitalization has plummeted to under $1.860 trillion on CG, and its dominance over the alts stands at 54%.
XRP Keeps Bleeding
Most altcoins are in the red once again today. The trend is led by XRP, which continues its downfall and is close to breaking below $2 now. If it dumps below that level, analysts foresee another massive decline toward $1.
XLM has also dropped hard from the larger-cap alts, losing nearly 5% of value and trading well below $0.35. BNB, SOL, DOGE, ADA, TRX, AVAX, LINK, TON, SUI, and many others are also in the red, albeit in a less painful manner.
The total crypto market cap has lost another $60 billion since yesterday and is down to $3.430 trillion on CG.
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