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Why traditional marketers fail in Web3: Avoiding these failures

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“You can fork code, but you can’t fork a community.” I wish I had come up with this gem of a saying. I use it extensively. I also wish I knew who to credit it to. Heard it on a podcast several years back, and it hit me like a ton of bricks. 

2023 marks my 10th anniversary working in the blockchain industry — primarily in community and marketing. The number one lesson I have learned is how valuable communities are: how powerful they are, and how unique each one is. And, they’re the only reason your projects can become a success or failure. 

You can replicate marketing plans, you can fork Github repos and you can poach developers and other professionals from your competitors. However, if there is one thing you cannot do, it’s copying and pasting a community — no matter how hard you try.

The community is not your client base

Over the years I’ve witnessed the tragic demise of several accomplished and veteran traditional chief marketing officers. I’ve witnessed great projects slam into a go-to-market dead end. Projects treating the community as a nuisance they are forced to tolerate, simply copying what others are doing and forcing it to fit in tend to not do well. They pretend to care for the community publicly while ignoring their value internally. 

In Web2, you have customers and clients. You have sales targets and KPIs to meet. Your goal as a marketer is to convince people your product is better than the next. You know your client’s identity. You own their data. You grow your customer base through advertisement dollars. The communication is generally one-sided. You offload interactions onto Customer Service to deal with any complaints. 

How to market to a Web3 crowd

It really is quite simple. You’re not selling anything. You’re raising awareness, and letting people figure out why you matter all by themselves. Don’t even try to convince anyone about anything. Your only KPI is to keep people interested.

It’s all about the mindset, acknowledging the radically different ethos and user behaviour compared to Web2. Respect the original broad stroke principles of the anarchic-cypherpunk manifesto that permeates between the lines of Satoshi’s white paper. If you didn’t understand this previous sentence, that is your core issue. 

In Web3 you have users, not customers and clients. Together, they form a community. A community is like having a big family with new members every day. It is all about nurturing relationships with — for the most part — anonymous individuals on the internet. It’s about making friends with avatars who have a common interest. Treat everyone like they’re your best friend.

The code for many projects is open-source. Anyone can audit it. The community owns the project through token holding and governance. Your project’s wallets are auditable too. There is zero tolerance for foul play. The beauty lies in the eyes of blockchain explorers. Treat everyone with the same level of respect as you would the Internal Revenue Service. Radical transparency is key. “Don’t trust, verify.”

Understand you have subsets within your community with different interests, and become obsessively interested in each and every one of them. Treat every individual as a VIP, and cater to their individual needs.

“We’ll just throw money at the problem”

The last thing you do is spend from the prototypical marketing budget. It simply doesn’t work until you reach a critical mass of users when your community is thriving. Spend your energy fostering a welcoming and fun place for folks to congregate in. Invest in quality community managers rather than marketing leads. Word of mouth will vastly outperform any PPC or PR campaign.

User acquisition is easy. Retaining people is hard. Ask yourself, “What is it that makes people come back every day?”

This is your entire marketing strategy boiled down to one sentence. 

Your community is not a currency, it’s a store of value

In the ever-evolving landscape of Web3, true value isn’t just tokens or coins that change hands. It’s the collective heartbeat of a community, the shared passion and vision that drives projects forward. Traditional marketing metrics and strategies fall short in this realm, not because they’re inherently flawed, but because they were designed for a different era — a different mindset.

Web3 is more than just a technological evolution; it’s a cultural renaissance. It’s a space where centralized hierarchies are flattened, and every voice, no matter how soft, has the potential to echo with impact. In this brave new world, the community isn’t just an audience; they’re co-creators, stakeholders and always the lifeblood of a project. They don’t buy a product; they buy into a vision, a dream and a promise of a decentralized future.

As we journey deeper into the Web3 era, it becomes evident that while tokens may fluctuate in price, the true store of value is the trust, passion and commitment of a community. They don’t merely transact; they transform. They don’t just invest; they inspire.

In the world of Web3, where the tangible often blurs with the intangible, remember this: Your community’s value isn’t just in what they give, but in what they represent. Through bull markets and bear markets, cherish them, for they are the bedrock upon which lasting legacies are built.

Tiago Serôdio is an accomplished growth marketer and community professional who specializes in hyper-scaling projects.

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.

Cryptocurrency

ETH at $5,000 Still on the Menu for 2024: Analyst

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TL;DR

  • Despite a recent price decline, analysts expect Ethereum to reach $5,000 by the end of 2024, driven by strong support at $3,500.
  • Key metrics like a low RSI and increased self-custody movements suggest a potential rally for ETH.

New ATH Incoming?

Ethereum (ETH), just like many other leading cryptocurrencies, witnessed a severe correction at the start of June, which interrupted its bullish path. Currently, it trades at a little over $3,500 (per CoinGecko’s data), representing a 7% decline on a two-week scale.

Nonetheless, some industry participants remain optimistic about its future, speculating that a new all-time high price could be reached before the end of 2024. One example is the X user Jelle, who claimed that ETH has “successfully turned” the $3.5K mark into support. Based on this, the analyst expects a rally toward the coveted level of $5,000 sometime this year.

Ali Martinez chipped in, too, claiming that whales have purchased over 700,000 ETH in the last three weeks, equaling a staggering $2.48 billion (at current rates). Such a move reduces the available supply of Ethereum on exchanges and could lead to a price rally (assuming demand stays the same or rises).

Another analyst who recently predicted a bright future for the second-largest cryptocurrency in terms of market capitalization is Wolf. The X user argued that it has been in a bullish mode since the beginning of the year. They forecasted enhanced volatility in the following months and an eventual bull run to as high as $5,000 at the end of Q3 2024.

What are Indicators Signaling?

Important on-chain metrics, such as the Relative Strength Index (RSI) and ETH’s exchange netflow, also hint that the asset’s valuation could take off soon.

The RSI, a technical analysis tool that measures the change and speed of price movements, has not dropped below a ratio of 70 since May 23. Anything above that level signals that ETH is overbought and could be headed for correction. 

For their part, Ethereum exchange inflows have significantly surpassed inflows in the past month (during most days). The shift from centralized entities toward self-custody methods is viewed as bullish since it decreases the immediate selling pressure.

ETH Exchange Netflow
ETH Exchange Netflow, Source: CryptoQuant

 

 

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Can This Week’s Economic Data Lift Crypto Markets From Lethargy?

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Crypto markets have remained sideways over the weekend with very little movement for the majors and total capitalization staying around $2.54 trillion where it has been for the past week.

There is a holiday on Wednesday in the US so stock markets will be closed and crypto markets are likely to be muted.

Nevertheless, retail sales data and PMI (purchasing managers index) reports may shed some light on the direction of economic recovery.

Economic Calendar June 17-21

May’s retail sales reports are due on Tuesday, providing information on consumer spending on durable and non-durable goods, which helps gauge the economy’s health, consumer spending habits, and demand-side inflation pressures.

U.S. industrial production reports are also due on May 18, but these have little impact on wider market and trading activity.

June’s S&P Global Manufacturing PMI report is due on Friday. This data captures business conditions in the manufacturing sector, which contributes significantly to total GDP and is considered an important indicator of business conditions and the overall economic climate in the U.S.

Many analysts now believe that the Federal Reserve’s policy outlook is leaning towards a more conservative stance.

Nevertheless, if economic reports in the next couple of months confirm the outlook of disinflation and price pressures returning to normal, the rate-cut expectations may be brought forward.

This would be good for high-risk assets such as altcoins, as more liquidity and lower rates mean easier access to capital for investments.

However, the U.S. central bank is now projecting just one rate cut this year, down from the three that it had forecast in March, so altseason may be a few months away yet.

Crypto Market Impact

It is unlikely that any of this week’s economic reports will impact crypto asset markets, so another week of low volatility is expected.

Bitcoin has fallen once again, trading below $66,000 currently, after spending the weekend stuck at just over that level.

Ethereum reached $3,645 during Asian trading but lost those gains over the past few hours, falling back to under $3,500.

There was more red than green across the altcoins, with larger losses for Shiba Inu (SHIB), Avalanche (AVAX), Uniswap (UNI), and Near Protocol (NEAR).

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A New Liquid Restaking Paradigm: Lista DAO (Everything You Need to Know)

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Liquid staking and, by extension – liquid restaking – have been some of the most interesting and fast-growing narratives in the past year.

Lista DAO is introducing an open-source liquidity protocol that’s designed to earn yield on collateralized cryptocurrencies such as BNB, ETH, certain stablecoins, and other assets, while also enabling the borrowing of the protocol’s decentralized stablecoin called lisUSD.

The team also coined the term “destablecoin,” which is used to describe the decentralized nature of lisUSD.

With that in mind, let’s dive deeper into Lista and its intricacies.

lista_dao_cover

What is Lista DAO?

Lista DAO (decentralized autonomous organization) brings forward a liquidity protocol for earning yields on multiple cryptocurrencies, as mentioned above.

It is made of a dual token model, where the two native cryptocurrencies are lisUSD (destablecoin) and LISTA. It also has a set of mechanisms that are engineered to support features such as instant conversions, borrowing, yield farming, asset collateralization, and more.

The team behind Lista consists of experienced smart contract developers, according to the main website, who aim to position lisUSD as one of the most widely-used decentralized stablecoins by leveraging Proof-of-Stake and yield-bearing assets.

About LisUSD, the Destablecoin

Destablecoin is a term used to describe a relatively new asset type in the industry. The “de” prefix stands for “decentralized.”

These destablecoins take advantage of decentralized crypto assets that have been staked through a liquid-staking protocol as collateral and do not aim to achieve absolute stability in terms of price with fiat currencies like the USD.

In that sense, they are not fully volatile but definitely carry more volatility relative to absolute stablecoins.

It’s also true that destablecoins are different than all the different types of stablecoins out there.

  • They are entirely decentralized. lisUSD, for instance, will be using decentralized assets as collateral, unlike DAI, for example, which leverages USDC.
  • Destablecoins also leverage assets staked on liquid-staking platforms.
  • As mentioned above, destablecoins don’t aim to achieve absolute price parity with the USD or other fiat-based currencies.

Lista DAO and its Features

Lista DAO is designed to provide users with the abilities to:

  • Participate in the governance of the protocol through LISTA tokens
  • Claim rewards for borrowing lisUSD in LISTA
  • Farm lisUSD
  • Borrow lisUSD
  • Collateralize BNB

The intent behind the protocol is to deliver a solution for a problem that hs been experienced for a long time by some users – that of overcollateralized stablecoins for users who try to leverage their funds with a collateral dept position (CDP).

Lista uses a combination of features such as the functionality of the MakreDAO model, liquid staking, as well as more liquidity from liquidity providers (LPs) on decentralized exchanges to avoid issues such as frozen funds.

The Tokenomics of Lista DAO

As mentioned above, there’s a dual token model in place where lisUSD is the active destablecoin of the protocol, while the LISTA token is its native cryptocurrency.

The purpose of LISTA is to:

… provide a convenient and secure mode of payment and settlement between participants who interact within the ecosyste on Lista DAO without any intermediaries such as centralized third party entity/institution/credit.

It’s a BEP-20 and ERC-20 compatible token. It shall also be used to promote decentralized governance, where holders can propose and vote on proposals to determine upcoming upgrades, features, and parameters of the protocol.

The total supply will be 1,000,000,000. The token distribution looks like this:

Screenshot 2024-06-17 at 12.50.47
Source: Lista

The tokens will be allocated per the following timetable:

Screenshot 2024-06-17 at 12.51.29
Source: Binance

How to Participate in the Binance Megadrop

Lista will be the second project that Binance is launching through the so-called Binance Megadrop platform.

10% of the LISTA supply will be allocated and reserved for users who participate in the campaign.

The program aims to provide users with very early-stage access to some Web3 projects before they get listed on major exchanges.

In the following, you can find a step-by-step guide on how to participate.

First, you will need a Binance account.

You can register one using this link and also earn a $600 welcome bonus as an exclusive deal for CryptoPotato readers!

Once you have this done, you need to navigate to the Megadrop section and lock your BNB to earn scores. This is also where you can subscribe your BNB and lock it for a certain period of time. This will earn you a score.

The longer the subscription period is, the higher the multiplier will be too.

The next thing that you should do is Web3 quests. You will need the Binance Web3 wallet. You can creat yours from the Binance mobile app. Just navigate to your wallets tab at the bottom and then tap on the Web3 button at the top as shown below:

From here, simply follow the instructions, which will lead you to generating your Web3 wallet. Once you have that ready, navigate back to the Megadrop section and simply hit the start Quest at the bottom and you will have to stake some with Lista.

The total score you receive will always be a combination of your locked BNB score, your quest multiplier, and your Web3 quest bonus. here’s the formula:

Total Score = (Locked BNB Score * Web3 Quest Multiplier) + Web3 Quest Bonus.

If you choose not to do quests and simply stake BNB, you will get a multiplier of 1.

This post has been powered by Lista DAO.

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