How to prevent your crypto community from imploding

Crypto communities can often implode, despite the best intentions of everyone involved.

Genuine communities with plausible but convoluted project ideas can fail just as easily as projects like DeFi Wonderland, which imploded due to its CFO's connection to controversial former Canadian exchange QuadrigaCX.

Plausible projects face scaling challenges like Zilliqa or project management issues like Bitcoin Diamond… or just run out of money like any startup. They therefore need a strong and well-coordinated community to ensure they can survive if and when things go wrong.

So what can be done to help create a healthy community that comes together to achieve its goals? Here are some thoughts from founders and community managers.

But for starters, what is a "community?"
What is a Crypto Community?
"There are a lot of moving parts in a community. There's no one way to define a community in crypto," says Jett Nathan, community organizer for Perion's DAO game.< /p>
"Community types have a lot to do with a project. Different crypto initiatives also behave differently, whether it's DeFi or NFT. As a pro-gaming team, what binds Perion's DAO is clear: "members trying to become professional gamers or learning to be programmers".

Being part of a community is more than transactional. Owning a coin does not make you a member of the community. Investor communities want their horse to win, so Twitter feedback loops can make project builds opaque and unrealistic. A project must create an digestible story for a community to be cherished. However, the needs of a project and the needs of the community may differ.

Within the community, traders and true believers are also different. Traders obviously have an incentive to be passionate about their holdings, as attracting new investors helps their hip pockets. But true believers have real faith in the story, the mission. Thus, a community may be a pack of wolves or an altruistic group of saints, depending on the story.

Founders and project community managers need to be nice and keep these various groups under control.
Community stereotypes
Ivan Fartunov is the Ecosystem Manager of Aragon. He says, “A community is a community, period. If you can't build a good community outside of crypto, you can't build one inside. Tokens don't solve all problems, and they won't hold a community together in a bear market.

"Monetary incentives can also break the social contract. You don't ask for payment when you take a friend out for dinner. But bull markets mean people do things just for monetary rewards, and that's a fake community that will turn against you as soon as you stop paying."

For Fartunov, there are three broad categories of crypto communities today, each helping and harming the space in different ways.

Blind Idealists

They have a "we're going to change the world" idealism and enthusiasm, which is useful in an industry that requires you to have beliefs that others will call "crazy." Some of them tend to think too academically; others are maxis of democracy. But democracy does not always work very well. Usually, academic concepts don't translate well in this space. Still, everyone has to be a little idealistic to work realistically in Web3.

Moonwood

Fartunov says that unlimited financial benefit "is the gateway to lunar wood, and many people enter space with this mindset."

Each adoption cycle is driven by Moon Bois who hopes to get rich quick in the latest recovery: "In 2013 we had Bitcoin forks - the first wave of shitcoins. Then in 2017-2018 we We've had initial coin offerings - lots of whitepapers and proof-of-concepts and little intention from the founders to do much real-world applications.

“Then in 2020-2021 we had DeFi and NFT – interesting promising applications, but the financial benefit is what got the most interest. Hopefully some of these people stay and join the one of the other two types of communities."

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Pragmatic construction...

Crypto Nov 8, 2022 0 38 Add to Reading List

How to prevent your crypto community from imploding

Crypto communities can often implode, despite the best intentions of everyone involved.

Genuine communities with plausible but convoluted project ideas can fail just as easily as projects like DeFi Wonderland, which imploded due to its CFO's connection to controversial former Canadian exchange QuadrigaCX.

Plausible projects face scaling challenges like Zilliqa or project management issues like Bitcoin Diamond… or just run out of money like any startup. They therefore need a strong and well-coordinated community to ensure they can survive if and when things go wrong.

So what can be done to help create a healthy community that comes together to achieve its goals? Here are some thoughts from founders and community managers.

But for starters, what is a "community?"

What is a Crypto Community?

"There are a lot of moving parts in a community. There's no one way to define a community in crypto," says Jett Nathan, community organizer for Perion's DAO game.< /p>

"Community types have a lot to do with a project. Different crypto initiatives also behave differently, whether it's DeFi or NFT. As a pro-gaming team, what binds Perion's DAO is clear: "members trying to become professional gamers or learning to be programmers".

Being part of a community is more than transactional. Owning a coin does not make you a member of the community. Investor communities want their horse to win, so Twitter feedback loops can make project builds opaque and unrealistic. A project must create an digestible story for a community to be cherished. However, the needs of a project and the needs of the community may differ.

Within the community, traders and true believers are also different. Traders obviously have an incentive to be passionate about their holdings, as attracting new investors helps their hip pockets. But true believers have real faith in the story, the mission. Thus, a community may be a pack of wolves or an altruistic group of saints, depending on the story.

Founders and project community managers need to be nice and keep these various groups under control.

Community stereotypes

Ivan Fartunov is the Ecosystem Manager of Aragon. He says, “A community is a community, period. If you can't build a good community outside of crypto, you can't build one inside. Tokens don't solve all problems, and they won't hold a community together in a bear market.

"Monetary incentives can also break the social contract. You don't ask for payment when you take a friend out for dinner. But bull markets mean people do things just for monetary rewards, and that's a fake community that will turn against you as soon as you stop paying."

For Fartunov, there are three broad categories of crypto communities today, each helping and harming the space in different ways.

Blind Idealists

They have a "we're going to change the world" idealism and enthusiasm, which is useful in an industry that requires you to have beliefs that others will call "crazy." Some of them tend to think too academically; others are maxis of democracy. But democracy does not always work very well. Usually, academic concepts don't translate well in this space. Still, everyone has to be a little idealistic to work realistically in Web3.

Moonwood

Fartunov says that unlimited financial benefit "is the gateway to lunar wood, and many people enter space with this mindset."

Each adoption cycle is driven by Moon Bois who hopes to get rich quick in the latest recovery: "In 2013 we had Bitcoin forks - the first wave of shitcoins. Then in 2017-2018 we We've had initial coin offerings - lots of whitepapers and proof-of-concepts and little intention from the founders to do much real-world applications.

“Then in 2020-2021 we had DeFi and NFT – interesting promising applications, but the financial benefit is what got the most interest. Hopefully some of these people stay and join the one of the other two types of communities."