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Author: Mason NYSTROM, former Variant Fund investment partner; Translation: Bitchain Vision Xiaozou
When combined with new and innovative products, tokens (or tokens commitments) have proven to effectively alleviate the problem of cold start.However, while speculative brings benefits of cyber activities, it is also accompanied by short -term liquidity and the challenges of inorganic users.
Choose the beginning of the beginning (or before the establishment of an organic demand). The market and network of the issuing token must be formed in a short period of time.bullet.
My friend and investor Tina calls it “hot start”, that is, the existence of tokens restricts the formation of startupsPMFThe time window for obtaining enough organic cavity allows startups to retain users/liquidity when the tokens reward.
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Applications starting the integration system will also encounter hot startup problems, because users now have some expectations for tokens.
I really like the description of the “hot startup problem”, because compared with the web2, the core difference of the encrypted world is to use the tokens (financial incentives) as the ability to start new networks.
This strategy has proven to be effective, especially such as MAKERDAO, DYDX, LIDO, GMX and other DEFI protocols.The tokens are also proven to be effective for other encrypted networks. From DEPIN (such as Helium) to infrastructure (such as L1) and certain middleware (such as Oracle).However, the network that responds to the hot start of the heat through the tokens expansion of the tokens is facing some weighing balances, including organic traction/PMF fuzzy, premature consumption of bullets in the gun, and DAO governance (such as fundraising, governance decision -making, etc.)Bring a greater friction of the operation task.
1, Choose Hot Start
Compared to the cold start, people are more inclined to the problem of hot start in both cases:
The startup of the Red Sea Market (highly competitive and clear market) startups)
· Products and networks containing passive supply
(1) Red Sea Market
The core disadvantage of the hot start -up problem is that the organic demand cannot be determined, but when a category with a strong product market is established, this problem will be reduced.It is in this case that the late issuer is issued by the early issuance of tokens that may successfully compete with opponents who have entered the market earlier.There are many examples in the DEFI field to overcome the problem of hot startup problems. They effectively use tokens to launch new agreements.Although Bitmex and Perpetal Protocol are the first centralized exchanges that provide PERP (perpetual contract) trading and decentralized exchanges, such as GMX and DYDX, which use tokens to quickly increase liquidity and become PERP categoriesLeader.Compared with the first -to -warr, the emerging DEFI agreements such as Morpho and Spark have successfully reached a billions of dollars in TVL, although the starter AAVE (formerly ETHLEND) still dominates.Today, the demand for emerging agreements is obvious, and tokens (and points) are the default choices of liquidity startup strategies.For example, the liquidity assignment agreement actively uses points and tokens to increase liquidity in a fierce competitive market.
Other places in the field of encrypted consumption, Blur shows the Red Sea market competitive strategy. Its market integration system and tokens issuance make BLUR the leading place of the Ethereum NFT trading venue.
(2)passiveVSActive supply side participation
Compared with the active supply network, the problem of hot startup of passive supply networks is easier to overcome.Throughout the history of tokens, we can find that token is useful when guiding passive supply of passive supply-pledge, liquidity, listed assets (such as NFT) or Set-IT and FORGET-IT (Forgot to forget)Hardware (such as DEPIN).
Instead, although the tokens have also successfully launched active supply networks, such as Axie, Braintrust, Prime, YGG, and Stepn, the premature premature tokens often make the real product market fit difficult to find.Therefore, compared with passive supply networks, the problem of heat startup in the network is more challenging.
The lessons and lessons here are not invalid in the tokens in the active network, but when the application and market are active networks (use, game gameplay, service, etc.) to launch token incentive measures, additional measures must be taken to ensure the tokens reward towards the dynasty.The direction of organic use and the growth of important indicators such as viscosity and retention rate.For example, the data labeling network SAPIEN will be labeled to gammize the task and allows users to earn more points by pledged points.In this case, the role of being pledged into the dynamic pledge during execution of certain operations may play the role of losses to avoid to ensure that the participants submit higher -quality data marks.
2, Speculation: functionvs bug
Speculation is a double -edged sword.If it integrates it early into the product life cycle, it may become a bug, but if it can be strategically speculated, it can also become a powerful function and attract users’ attention.
Before the start -up company launched tokens before obtaining organic traction, choosing to deal with the problem of heat start.They accepted the use of tokens as external incentives that attract users’ attention and accepted the advantages and disadvantages. At the same time, they bet on their ability to find or create product organic effects in increasing speculative noise.
