From Captain Parachute on March 30th, 2021
@crypttofrench and I just had a great call to calibrate on the roll out of Hedgey. I've always been a fan of Zero to One and a specific idea in it around PayPals roll out to a very niche group of users - people selling beanie babies on Ebay. When Peter Thiel talks about that decision at PayPal, he credits it with much of the early traction that made them what they are today.
When we talk about marketing, it's important to understand what we're actually trying to market, and to who. For a lot of people, marketing in crypto means pushing out value props on our token to get them to buy it. That isn't our type of marketing. If we look at marketing for the products a lot of people think pushing out PR and getting the retail buyers to flood our pages and start using Hedgey. I actually think this is the wrong type of marketing as well.
I've personally seen a hundred projects in this space with amazing products and great PR that did nothing more than get downloads and take up space on peoples phones. From my past healthcare marketplace company I learned an important lesson - buyers want to buy instantly, sellers are willing to wait. If I go to a clock store to buy a clock and they don't have any clocks, I'll likely not visit them the next time I need a clock. Sellers are more patient and willing to wait. If I'm selling clocks, I'm willing to stock a store and wait for a customer base to develop.
With this in mind and the Zero to One mentality, our focus on day one is going to be on launching markets for PAR and ETH/BSC/whatever chain token we are on. We need a demo for day one to launch with that shows the product for our own community. On day two, we need to launch with projects through the projects themselves. This is something we're working on today with specific projects in mind. We're looking for projects that are willing to sell calls and puts to their community. (taking open suggestions as well)
We'll do this by handcranking the value in selling calls and puts for a project and the value of buying those calls and puts to their community. If we can do this while having a hands on approach to witness, learn, and adapt I think we can do an effective launch.
In addition, our approach needs to have an incentive program - I believe one that is similar to one inch and uniswap. We'll focus on creating guidelines (minus any one to one reward relationships) on the types of behaviors we're looking for and how users can do those behaviors to get some tokens. We'll be focused on users who make new markets, add both types of liquidity through writing orders, as well as users who buy options.
If we combine this with the narrow focus I previously mentioned I think we can take our early foothold with the first few projects and grow rapidly. When we launched ParJar Wallet, the first projects we brought on were painful. C-level people didn't know what it was or why they should add their token to our platform or wallet to their groups. It took time and a ton of Hands on care with every early project we brought on.
Once we gained critical mass through the narrow to large approach I'm chatting through here though, we've continuously had viral word of mouth growth in projects and communities wanting ParJar with zero bandwidth dedicated to marketing. People find value, share value, demand value, and spread value. If we can create that value and a clear way to share it, we can push organic growth that our buyer side marketing eventually just accelerates.
Launching ParJar was an experience we’re leaning more and and more into as we make our go to market strategy more concrete. Hopefully we can pull lessons learned there into the launch of Hedgey to create the same on a 100x scale because of it's truly DeFi structure.
Anyways - that's what's on our head today and what the team was talking through - stopping in to share some of those thoughts 👍