Original｜Odaily Planet Daily (@OdailyChina)
Author: Wenser (@wenser2010)
The cryptocurrency industry has also entered a period of “stock competition”, with many exchanges coming up with new and unique strategies, aiming directly at “a new round of customer acquisition.”
According to the Crypto.com report, due to factors such as the launch of Bitcoin and Ethereum spot ETFs, the number of cryptocurrency holders will increase from 580 million at the end of 2023 to 617 million by June 2024, a growth rate of 6.4%. At the same time, the competition among exchanges is becoming increasingly fierce. Odaily Planet Daily will briefly analyze the recent "customer acquisition activities" of exchanges in this article.
The battle for customer acquisition is on again, with exchanges showing off their skills
Compared with the past activities such as IE 0, ID 0, and token listing, which were more focused on "attracting new project users", the increasingly mature industry has led to different schools of thought in the battle for customer acquisition in exchanges. Specifically, they can be divided into the following three categories:
Coin Listing Flow: TON Ecosystem Meme Coin DOGS Becomes the New Favorite of Exchanges
In the early morning of August 21, Binance Launchpool announced that it will launch Dogs (DOGS). Users can invest BNB and FDUSD into the DOGS mining pool to obtain token rewards.
Previously, DOGS, a Meme token based on the Telegram platform and TON ecosystem, which uses the black and white dog Spotty, the mascot created by Telegram founder Pavel Durov, as its symbol, quickly became popular due to the issuance of token rewards and invitation fission based on the age of Telegram accounts. The number of platform users has exceeded 50 million, and the number of community channel subscribers has exceeded 12 million, ranking it the fifth largest channel in the world.
Mainstream exchanges including OKX, Bitget, Gate.io, XT, etc. have corresponding pre-market trading activities, and the liquidity performance is also good. The total trading volume of DOGS in the Bitget pre-market market once exceeded 5.5 million US dollars.
Coin giveaway: Bybit’s sudden “10 billion subsidy-style” event stirs up the market
Seeing the operations and positive feedback of the “coin listing flow”, Bybit, which has performed well in the market this year, is not far behind.
Just yesterday, many KOLs in the Chinese area suddenly "called out orders", saying that "new users who register an account and recharge 100 U can directly obtain 150,000 DOGS tokens." It should be noted that the pre-market trading price of DOGS was around 0.004 US dollars, and the normal number of tokens received by ordinary users was only around 3,000. 150,000 tokens are equivalent to 600 U, and even if the price is cut in half, there is still a return of 300 U. For a time, KYC dealers and retail investors in the market threatened to "plunder Bybit." Later, the event was confirmed to be an event for some KOL communities, and "the event rewards are limited, first come first served", not unlimited as previously stated.
For more details on the event, please visit the official website.
Lottery flow: "Black Myth: Wukong", which created a miracle in domestic 3A games, became a good product for attracting traffic
With the explosive popularity of the domestic 3A game "Black Myth: Wukong", many business market personnel of the exchange also regard it as a "good product for attracting traffic".
Bitget took the lead in choosing "to take on this sky-high traffic" - on August 20, the day when Black Myth was released, Bitget officially launched a lottery to give away 1,000 deluxe edition copies of the game, and subsequently collaborated with many KOLs, media, and communities to launch a lottery, spending huge sums of money just for new user registrations or user recharges of DOGS tokens.
It has to be said that in a market where the target populations are highly overlapped, seizing every opportunity that may bring in incremental users is a "compulsory course" for the development and expansion of exchanges.
Bitget lucky draw material
Behind the crazy hype, there is hidden liquidity anxiety
Behind the crazy promotion of various activities by many mainstream exchanges, it actually reflects to a certain extent the current "liquidity anxiety" in the market: after the approval of the Bitcoin Spot ETF and the Ethereum Spot ETF, market liquidity has been "sucked" on a large scale, while the incremental funds and incremental population are relatively limited. Therefore, the cryptocurrency industry, especially exchanges, has, to some extent, entered an "era of stock competition" similar to the previous mobile Internet era.
In such a market environment, exchanges face more complex challenges. In short, they need to face the following issues:
Refined process operation
Whether it is the various businesses of the exchange itself, or activities such as KOL activities, user operation activities, and user acquisition activities, refined process operations are imperative. On the one hand, this is to avoid events that damage the brand image or the occurrence of public relations crises; on the other hand, it is also a necessary path to improve operational efficiency.
High-quality content production
In the era of stock competition, the influence of high-quality content will also increase, and users will often be influenced by various types of content to choose to use or reject a product, a platform, or a project. Therefore, whether it is self-produced content or cooperatively produced content, the quality will also have a greater impact.
Fast hot spot response
In today’s world where attention is fading fast, being able to respond quickly to hot topics and combine them with marketing activities will become a must for exchanges and even more projects and platforms in the cryptocurrency industry. From this perspective, the requirements and operating conditions for Meme coin entrepreneurship are actually very high, and it is necessary to quickly attract a lot of attention in a short period of time in order to obtain more liquidity injection.
Summary: Representative figures + process-based activities + key nodes = new customer acquisition methods
In the new round of "Exchange Customer Acquisition War", the key elements lie in the representative figures who serve as the origin of the activity, the process-based promotion of the activity, and the key figures and time nodes that are conducive to dissemination.
Whoever can do better in these aspects and combine them with other business activities such as listing coins on the platform will be able to obtain more traffic and the liquidity behind the traffic.
