Marketing strategy?
A while back, I saw a promo for a shit coin exchange, upcoin. They were offering $500 (In exchange fees for anyone who signed up) and tiered revenue share for referrals. 50% of trading fees for people who had 200 referrals. 30% for people who had 100 referrals etc.
I know FSA is important but I’d argue a super aggressive marketing strategy like this would be an incredible ROI. If you can get people to market for you with an incredible eye catching deal, you will have a form of advertising that is wild fire. Newbies are attracted to the word “free” (obviously compliance is needed to ensure not misleading) Let people advertise for you on Facebook and google for the hopes of capturing some recurring revenue through referrals.
There have been a ton of missteps lately. IMO we focus on ways to bring genuine volume to this exchange, we can survive and then thrive.
I can’t say this is the perfect step, all I know is that we should be looking into things that increase volume and ultimately COSS value. I’d happily take a temporary decrease in FSA if we can get people to advertise for us. Why not create incentive for people to advertise? Referral marking is the most powerful anyway right?
In any case, rant over. I’m here for the long term.
Posted May 11, 2019, 7:24 AM UTC
IMHO... Rune was on the right track (*before april 24th)
Celt and marketmakers bring the volume with liquidity. Get the liquidity and volume follows that... followed by new traders attracted by the liquidity. Start MM's and CELT, and then do a promo like you suggested afterwards.
I wish CELT wasn't in the crossfire of this whole debacle, but destabilization of COSS indirectly sabatoged CELT.
Yea, it’s rather unfortunate about CELT. It 100% was caught in the crossfire. It’s disheartening to see how a community effort like that just got torched with a basic lack of foresight. I agree with you on strategy though. I hope we can get back on track.