Leofinance Leading The Way: The Secret Of Success

LeoFinance
8 days ago
6 Min Read
1289 Words

It is safe to say that most want growth on Hive. We want to see others realize what is being offered on this blockchain that most of us feel is very powerful. Alas, so far, the attraction has been minimal.

That is likely to change over the next 6 months. We are seeing a lot happening which is only going to attract more people.

One of the project that is taking a step forward is Leofinance. We know, this is something that was posted about ad nauseum. However, there is something that I want to point out concerning the focus of this team.

We often through numbers about in terms of what we would like to see with the number of users. Here is something that I think people will find very interesting.

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The aim is 100K new signups for Leofinance at a minimum when the next bull run happens. This is coming from the individual who is behind the project.

Obviously, we now can see what the goal is for the team. This is not some individual just posting based upon a mood that struck. It is from one of the individual's who is having a great impact on the Hive ecosystem.

Of course, all this can be considered fluff if not followed up with action. After all, projections are something anyone can do yet they remain empty unless there is a plan to achieve that end.

Yesterday, we see a post out of the @leofinance account detailing how they met with a marketing company that specialized in AI and SEO rankings. This is an important factor when seeking organic growth.

While the article threw the idea out to the community, there was the tidbit about cost. This has a nice cost of $18,000 annually. It is a sum the team is willing to make if the community will use it. This was the basic essence of the article.

The goal is to get a minimum of 20-30 people spending the time to optimize their articles. The program will spell out how it needs to be done yet it still requires human intervention to complete it.

To read the full article:

https://leofinance.io/hive-167922/@leofinance/leofinance-met-with-an-ai-marketing-agency-to-increase-our-exposure-should-we-hire-them

So big goals and willing to put in the money to get there. That is the path to a winning formula.

For too long we witnessed people focusing upon the payout system or the inflation rate. It is rather ironic that the inflation rate is no longer a discussion for the LEO token. Somehow the price managed to go up in spite of the fact the inflation rate is over 20%. Still, we are finding there are not enough LEO out there to satisfy everyone, a situation that is only going to get worse as other aspects to the project (along with another development) starts to eat up more tokens.

Business building 101 says that growth is an area that requires a high level of focus. In cryptocurrency the focus is too often on gamifying the tokeneconomics instead of concentrating efforts on basic growth building strategies. This should be the primary focus of all DApp and communities on Hive.

Then in a post about the Hive frontends, we see this comment:

leofinance.png
Source

The two areas highlighted are already being done by Leofinance. Engagement on the platform exploded over the last few weeks as a concentration in comments was pushed. It is aided by the fact that we saw a change in the reward curve that made it more sensible to reward comments with upvotes. Also, there is no dust on Leofinance which enables a payout on even the smallest of upvotes (in LEO, HIVE is still dusted).

At the same time, we see people can log in using Metamask (Ethereum) and instantly be active. This enables people to avoid the process of having to deal with all the different keys on Hive while learning what the system is all about.

Best of all, the next phase which is due for release shortly will allow for people to log onto Leofinance using only a Twitter account. This gives them the ability to post, comment and upvote. All of this can be done without accessing their Hive account which is instantly created when they sign up with Twitter.

Of course, as was mentioned in the above comment, payouts can only happen when one accesses the Hive account and takes control of his or her keys.

Leofinance is growing at a terrific rate. However, as we can see from this chart put out by @dalz, the number of posts from this front end is still in the minority. At roughly 150 posts per day in the time period covered, this ranks it 4th, far behind Peakd and Hive.blog which, combined, are in the thousands.

So what is the key to success, thus far, for Leofinance. Many seem to believe that simply changing the reward curve or altering the inflation rate will do it. This seems to be missing the entire forest.

Secret For Success

  • Start with a dedicated, committed community: Leofinance had maybe a dozen dedicate users when this all started. It was all that was required to start the process.

  • Develop: Notice how the front end does not look anything like it did when it started. A lot of features were added over the last few months, with more coming. Each week, new ones are added which keeps the community engaged. How many tribes have a front end that is exactly the same as the day it went live?

  • Get community feedback: At each step of the process, ideas and suggestions were implemented from the community. This helps to keep people engaged and give them more of an "ownership" mindset.

  • Focus upon features that will help with growth: we need those things that are going to appeal to people on the outside, not just on Hive. We need to move past the rewards as the main focus and position it as a bonus. Certainly, Web 3.0 is about rewards where none existed but that cannot be the primary focus. There has to be more.

  • Start the process of reaching out: a lot of the growth of Leofinance is because people on their reached out to their friends and colleagues. Many deal with others in their investing and mentioning Leofinance is a great way to start attracting them. After all, the best marketing is word-of-mouth.

  • Make the token desired: The price of LEO exploded over the last few months. Many feel this is because of the burn rate (which was in place from the beginning) or the advertising. While they have a part, the main reason is people want the token. Confidence in what is taking place on Leo exists. Essentially, when the team said something was going to be done, it got done. Sure, there might be delays but it eventually rolled out. Nothing causes a loss of confidence more than stagnation.

As we can see, this is just the beginning for the progression of Leofinance. Much higher levels of accomplishment are sought. The goals are set, plans in place, and time as well as money is being put forth to back that.

Another factor is anyone can follow this since a monthly road map is put out. This enables the users to understand where things are going and places a check on the team.

If others want success, this all might be a model to follow.


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If you found this article informative, please give an upvote and rehive.

gif by @doze

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