Something I’ve been thinking about for a while from a marketing pov, is to develop a referral program. Recommendations are a big factor on whether or not someone uses a platform, and having a referral program can definitely incentivize people to onboard to babelfish. When you have a good friend tell you, “Hey, I heard about this amazing project that wants to aggregate stable coins, you should check it out!” I am way more inclined to check it out than from something I see on twitter. In general, the more people I talk to about how they heard about certain projects, and how deep they delve into a community, recommendations are usually the biggest factor. In my opinion, referrals are one of the best marketing tools but of course even though they might have some drawbacks described bellow.
Pros
- Having a referral program would generate some traction and free marketing
- It would make users feel closer to the platform as well
- Referees might go deeper into the ecosystem/community compared to someone who just found us on twitter.
Cons
- Possible frauds, but those can be mitigated by whitelisting the participants as dimsome suggested, or for example, by having certain amount of $FISH staked for a period of time, or both.
- Might look like a pyramid scheme if not careful when setting it up.
Reward Ideas:
- Permanent quest that will slowly increase the boost.
- $FISH reward proportional to the average $FISH minted - burnt in a year for example. Of course this would be more difficult to implement
- Fixed amount of $FISH per successful referral.
- NFTs, swag?
Targets:
- Protocols, companies projects, (easy to whitelist, hard to sybil)
- People.