Describe the purpose
Hey guys,
My name is Jeff, and I am a 33-year-old married family father who is currently working as a software developer.
We launched DeFiChain Promo five months ago during a time when the whole alt coin market was trending sideways. As a result, social media activity was quite underwhelming and DeFiChain did not get the exposure it deserved.
We tried to change that and made it our business to promote DeFiChain on Twitter by rewarding people for their efforts.
Our "Community incentive program" (CIP)has been a complete success so far.
To give you some numbers:
- 1300+ Tweets & Media Elements uploaded
- 800+ registered users
- 1800+ Twitter followers
- Over 500,000 (Half a million) page views on our website
- 200,000 distributed promo points to our CIP-attendends
The numbers speak for itself, and I am incredibly proud of what we have achieved together as a community over the last few months.
Just to visualize what it means in terms of twitter activity: Here, you can clearly see the impact of the CIP.
Even though the above numbers are quite strong, we had to deal with some initial difficulties. The incentive program was overall working well, but it had one small problem: Many people used the CIP solely for the DFI reward and spammed the Feeds rather than pushing qualitative DeFiChain content. We invested in our own shortcomings and did our homework and were able to deliver an overall better, fine-tuned algorithm and new features such as the whitelisting process, which turned out to be a tremendous success.
What’s the goal of this CFP?
In this CFP, we are asking the DeFiChain community for their votes regarding our ambitious plans for the first half of 2022.
In 2022, we would like to shift our focus away from the sole CIP towards a “CIP + Additional promotion!” narrative.:So far, we have used 100% of the funds we have received in our first CFP to run the CIP.
Since we are already quite a large community, we no longer see the need to run the CIP to the extent we currently do. However, we would like to continue to run the CIP, but also use some of the funds for other promotional activities (see below).
Hence, DeFiChain Promo would like to change the focus from "CIP only" to "CIP + Additional promotion!" starting in early 2022.
It’s very important to properly plan promotions and the associated budget, especially in a bull market.
We, as the DeFiCahain community, have the community fund, which should be used to push DeFiChain forward.
This is crucial, especially in this time of the crypto bull cycle. Hence, we would like to do our utmost to help DeFiChain succeed and go towards the moon.
How will the fund be spent?
2,500 DFI for the community incentive program:
As stated above, we'd like to keep the incentive program running. People like it, and receiving DFIs as an incentive for pushing DeFiChain content also attracts new users to the ecosystem.
Due to the rising DFI price, we'll adjust the amount of distributed DFI accordingly.
It is planned to distribute a total of 2,500 DFI to the CIP participants in the first half of 2022.
4,000 DFI for other promotion activities:
We're expecting a remaining strong Q4 and Q1 2022 with Bitcoin leading to new all-time highs. That’s why it is utterly important to increase the marketing effort. We’d like to extend our reach by reserving some funds for the following marketing initiatives:
- Pushing the DeFiChain ecosystem and grab opportunities as they come
- In the past 6 months, we have often been in a situation where we have seen a good opportunity to make promotion for DeFiChain. Just to name a few:
- Possible influencer shoutouts
- A giveaway on special occasions at the right time.
- Giving people up to 10$ in DFI on top for their first purchase over at DFX.swiss
- etc.
- But since all the DFI from our first proposal are reserved for the CIP, we have not had a chance to catch on those opportunities. Therefore, a part of this 4.000 DFI will be used to grab opportunities as they come. Since I don't know when or how often these opportunities will arise, I can't budget a set amount for this.
- In the past 6 months, we have often been in a situation where we have seen a good opportunity to make promotion for DeFiChain. Just to name a few:
- Pushing other community projects
- We’re slowly but steadily building up the DeFiChain-Promo Twitter account. The DeFiChain promo account is growing slowly but steadily. Our plan is to regularly do small DFI giveaways to push other community projects that deserve more visibility forward. This will help to increase the reach within but also outside of the bubble. We just did that with defilinks io for example (https://twitter.com/DeFiChainPromo/status/1457697811127062528).
- This not only pushes other community projects forward, but also the DeFiChain promo Twitter account. This means that the impact of the individual "pushes" increases over time.
- Starting promotion campaigns
- As we mentioned above, we want to shift away from “CIP only” to “CIP + promotions”. The goal of those promotions is to tighten the community and attract new users as well.
- To put it a little more clearly: Our first promo action is a Christmas promo action and will start regardless of the outcome of this CFP's on November 18.
- Over the next 6 months, from January to June 2022, promotions such as the Christmas promo, will appear regularly on certain events.
- Even “smaller campaigns” like the who-to-follow section will help to grow the community https://defichain-promo.com/who-to-follow (distribution of knowledge is key)
- Gleam.io campaigns
- Here a few examples for what a gleam.io campaign could be used:
- Another Idea for a promotion campaign is: A live hosted tournament occasionally:
- Let’s take “chess” as an example: I’d love to plan and organize a live hosted tournament on YouTube and/or twitch. The entire tournament could be streamed and commented by a professional. The price pool could be around 200 DFI. Since this will be a public tournament, even people outside our DeFiChain bubble can take part. This in combination with the professionals/commentors reach could lead new people into our beautiful ecosystem.
- Important: These are all ideas I have in my mind right now. I surely will not implement every one of those ideas. But this is a rough guideline for what the funds will be used to boost the DeFiChain ecosystem.
3,500 DFI will be used to cover all associated costs with operating DeFiChain Promo:
Operating DeFiChain Promo is pretty time-consuming and a lot of things are happening behind the curtains like:.
- CIP and website related stuff
- Reviewing whitelisting applications
- Each registration for the CIP is reviewed manually to conquer the spam we saw in the very beginning of DeFiChain-Promo. Going through the whitelisting-questions and evaluating the answers is a pretty time-consuming task. We currently have over 800 registered users.
- Doing the actual payouts
- Every requested payout is a manual job. When taking into account, that a CIP round lasts for 2 weeks, processing each payout individually is a lot of work.
- Planning, organizing and executing the CIP
- Of course, each round of the CIP needs to be planned and organized. The CIP is not an automatic process and requires manual adjustments for each round.
- Looking through uploaded tweets and media elements
- When it comes to maintaining the website, newly uploaded tweets and media elements need to get reviewed and released in order to appear on the website.
- Regular Backups
- Since the CIP deals with “real money”, we need to make sure we have regular backups in case something happened.
- Reviewing whitelisting applications
- Planning, organizing and executing of promotion campaigns
- This is the part where the most of the time will be spent on. Next to the CIP we’d like to do other promotion campaigns as well.
- For example, have a look at the Christmas campaign, coming on 18. November
- You can also have a look at our newly implemented “who-to-follow” section to give new community members a source on how to dive into the DeFiChain universe: https://defichain-promo.com/who-to-follow
- I’m planning a lot more of those promo campaigns, like the campaign for Christmas.
- All those campaigns are connected with time + organizing + executing + evaluating which is pretty time-consuming
- Running costs
- Server + Hosting + Licenses: ~$100
- Taxes: ~$10.000 (See: https://www.reddit.com/r/defiblockchain/comments/qqunaz/that_taxes_thing_vs_community_proposals_lets_find/)
- A minimum of 180 working hours until June (An under average hourly wage here in Germany is about $100): $18.000 minimum
All these tasks are not only time-consuming, but we also have to pay for them. Hence, we would like to reserve some DFI for associated costs stemming from running the service.
As you can see, the overall costs are round about $30.000 and does not even nearly come close to the worth of requested 3.500 DFI (~$12.000).
I know that 3.500DFI is a pretty small amount for the amount of time, efforts and energy put into the project. But since my goal is NOT to make as much money as possible out of the CFP but rather to make a significant impact and push the DeFiChain forwards in the long run, I’m totally fine with that.
Just to make it clear:
Every unspent DFI from the requested 6500 DFI for promotion activities will either be taken over or burned in June 2022 with the new CFP for the second half of 2022 (Up to the community)
How does this CFP benefit the DeFiChain community?
Promoting a project is important, especially in the current market climate.
I'm personally burning for the DeFiChain project and want to give my heart and my soul to it to see it thrive.
From this CFP, the DeFiChain community gets an immense added value delivered through promotions.
Not only does DeFiChain promo bring new people to the ecosystem, but it also connects and brings the community together.
Promo campaigns bind users to the project, making it easier and better for them to identify themselves with the project.
We all want to see DeFiChain on the moon and the best part to achieve this is via dedicated promotions
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