DeFi is a real hot topic in the crypto industry this year. A huge number of people join projects that offer DeFi services every day, and many analysts say that this trend may last for quite a long time. And there is a high probability that it will turn into a separate huge industry.
We see that more and more projects are creating their own DeFi applications, and many existing projects are making a pivot towards Decentralized Finance.
I work with projects and help them develop their communities and make their DeFi applications popular, and I see certain rules that can significantly strengthen DeFi projects and bring them even more community. In this article, we will analyze the main part of them. Let’s say that this is a full guide to a DeFi marketing.
What determines the success of a DeFi project
Let’s make a deal. By default, we will say that, of course, first of all, the success of DeFi projects depends on the concept, financial model and implementation of the mechanics laid down inside the project. From the team and the ability to present your project. From an economic substantiation and a well-designed tokenomics. All this must be laid down during the preparation of the project for public display.
Don’t forget to audit your code — this is important for any crypto project, especially for DeFi projects. The audit should be performed by a third party, and the more reputable and well-known company performs it, the better.
How to create a community for a DeFi project
Here we will learn more about how to attract a community to a DeFi project. What marketing tools can be used and how. Based on our experience working with various DeFi projects (don’t forget about successful implementation of the previous point about a good idea and tokenomics), we have identified the main components that can increase the popularity of the DeFi project.
Community Engagement for DeFi projects
Interact with your audience on thematic and relevant platforms — social networks, Telegram, Reddit, Bitcointalk, and other forums.
First of all, you need to create accounts in the largest networks (Facebook, Twitter, and so on). Plus, you need to have an official Telegram chat where you can share news, answer questions, and generally set the mood of the project community. The more popular the project becomes, the more people will participate in discussions and ask their questions, share ideas and suggestions.
Secondly, you must work with the community on other platforms, such as Reddit, Bitcointalk, and different relevant chats and channels in Telegram. There are people who are often hungry for new, good projects, and by creating discussions about your project, you can get some of them interested in yours. Consider that it’s such a growth hacking tip for DeFi. Be active, friendly and be able to present your project in an unobtrusive manner.
DeFi Influencers (KOL)
Working with influencers and key opinion leaders (KOL) will greatly strengthen your position. This primarily includes working with YouTube influencers and Telegram channels that have a fairly large number of subscribers who read them.
For example, a huge number of YouTube bloggers and influencers now talk about DeFi in their reviews and videos, and if they like the project, they can mention it or review it. Of course, the loyal audience of such influencers will at least pay attention to the project and make their own analysis. We work with a pretty big number of large and medium-sized crypto YouTube bloggers and almost everyone is now talking about DeFi projects.
The same applies to crypto Telegram channels. Surely, everyone who reads this article is subscribed to at least a few of them. It has already become the reality for the crypto community to receive the most up-to-date news from Telegram channels. They also notify their audience about new DeFi projects and offers.
Getting into DeFi calendars and listings/trackers
With the growing popularity of the DeFi industry, there are platforms that track the appearance and progress of new DeFi projects and their offers. This is convenient for users, and many DeFi users use these web-sites to search for new information and analyze it.
I have already written more about these sites in the article ‘5 Portals That Rate And Rank DeFi Projects For You’, but once again I will name the main ones:
- DeFiPulse.com — the main web-site right now for analyzing DeFi projects and coins with live monitoring of prices and dynamics
- DeFiHunters.com — a platform that sends new interesting DeFi projects based on analysis to your e-mail or in the Telegram bot
- DeFiprime.com — also a good service where you can view information about projects divided into categories
There are already more than 20 such web-sites and trackers, and of course, the more of them you get, the more people will learn about your project.
PR and media mentions for DeFi projects
PR is also an important component of the project’s promotion.
First of all, more people will learn about the project with the help of correctly selected publications. Secondly, when potential members of your community find out about you in any way, they will start googling and it is much more likely that they will join you if they find information about you, including mentions in reputable media.
The same applies to important news about the project — new partnerships, listings on exchanges, milestones — all this should be covered in the media, thereby building a reputation and laying the foundation for the growth of the community.
Here I can advise you not to focus on formal press releases, but to work on publications that explain your project, its concept, economy, and benefits for users.
Banners on major crypto websites
Another way to make yourself known is to place banners about your Defi project on large crypto websites (like coinmarketcap.com). But you need to understand that this method will be most effective if all the previous points in this article are made — you have a community, you lead it and interact effectively with it, the project has a reputation and more and more people on various platforms are talking about it. There are quite a few web-sites where you can place banner ads. And if you have an extra budget, this type of promotion should be used as an additional activity. But first things first.
Listing on exchanges for DeFi projects
This is a separate big topic. How to list on UniSwap and other similar exchanges, how to work with liquidity — these are the topics of my next articles. In the meantime, I can advise you to read one of my previous articles — ‘The ultimate guide to listing at crypto exchanges’. Because in addition to UniSwap and analogs, the native token of the project will be in maximum demand when entering various well-known exchanges.
Expansion to other markets
When developing a project, you should immediately think about further expansion to other markets. For European and American projects, this means entering the Asian DeFi market, and for Asian projects, it means entering the international DeFi market. I will also describe how to do this in one of the following articles.
DeFi Community Management
One of the important qualities that distinguish good and long-lived projects from bad ones is working with the community. In DeFi, community management is a very important element that can take a project to a new level or kill it. It is very important to listen to feedback from the community, make new features and try to improve the project in the direction that the community wants. To put it simply, a DeFi project is its community.
In this article, we’ve covered the basics that each DeFi project needs. As I said earlier, in the following articles, we will also look at additional promotion methods for DeFi, such as special airdrops and events. We will also take a closer look at how to create your own DeFi token, how to list it at UniSwap, work with liquidity, and so on.