What’s next: Roadmap for the next 2 weeks

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Marketing

Ads

We’ve done ads on a variety of platforms:

  1. 0xTracker (ongoing)
  2. DappRadar (ongoing)
  3. PooCoin
  4. Dapp.com
  5. Tin.network

We’ve also analyzed the number of website visits we’ve gotten from each platform vs the amount it costs to advertise on said platform. This was done through a combination of our own website analytics and ad platform analytics (some ad platforms have their own analytics while some don’t).

There are still unknowns such as what percentage of website visitors convert to become holders, or how much do those converted from each platform actually invest.

However, we have selected a couple of the above platforms to continue advertising on, and our decision is based on the average cost per website visit.

Because of the nature of the DeFi space (where even our tagline was copied by a farm that rugged), we won’t be revealing the specific numbers here.

If you’ve been an active member in our community and would like to contribute to bring Timeleap further, please feel free to reach out and we’ll be happy to share.

Also, what we have realized from our advertising efforts is that while ads provide a steady “drip feed” sort of traffic, they do not provide an immense surge. This brings us to our next point.

Member adding services

It’s extremely common for projects to engage a service provider to add members to their Telegram group. It gives fast and highly visible results after all.

We wanted to put the idea to a test, and created a separate Telegram group just for this experiment.

We engaged a service provider to add 1,000 members to the experimental group. Members added were told that we actually had an official Telegram group (and encouraged to join), and that this experimental group was just meant to promote an upcoming new launch.

We wanted to know if people would join our official Telegram group, if the Telegram group owner account would get deleted / banned, and if the Telegram group would get deleted.

Interestingly, the Telegram group can get deleted (it did), and yes the owner’s account can receive a partial ban of sorts.

While we’ve heard that not all Telegram groups that use member adding services get deleted, it’s not a risk we want to take — given that we already had to restart our Telegram group once (when the group owner’s account got deleted for no good reason).

Airdrops / giveaways

Now, this is something that we know gives results fast and won’t cause any kind of account deletion / banning. We currently have two ongoing airdrops, and are planning to host more over the next 2 weeks.

Naturally, not everyone who joins an airdrop is going to be a holder, but we do have some sort of control — and we will need to rely on the community for this:

  • Give newcomers a warm welcome
  • Help each other out
  • Start topics and conversations! We’re probably the only project that allows any topic under the sun (with mutual respect of course)

Referrals

It’s common for farms to have a referral system, but most referral systems in yield farming work like a Ponzi scheme.

Let’s first understand more about a Ponzi scheme. A Ponzi scheme typically:

  • Promises sweet returns with little risk to investors, regardless of market conditions
  • Generates returns for earlier investors with money taken from later investors i.e. using new investors’ funds to pay the earlier backers
  • Relies on a constant flow of new investors to continue to provide returns to older investors. When this flow of new investors runs out or when a vast proportion of existing investors cash out, there isn’t enough money to go around and the scheme falls apart.

Let’s dissect this for the crypto world. Based on a dated research publication by Bakhshandeh et al. in 2011, it was found that the average distance of 1,500 random users in Twitter was 3.435 - given the prevalent usage of Twitter in 2021, we can expect this distance to be even smaller than before.

Their findings show that each user is only separated by an average of 3.435 connections. Let’s use this statistic as an assumption to simulate a typical yield farm’s referral system.

The typical yield farm’s referral system usually grants the referrer a share of emissions generated by the downlines.

Assuming that every referrer invites an average of 3.435 referees, and that all referees (level 1) are unique, the ponzi scheme can be averted as there will be no more level 2 referees to be invited.

However, in reality, referrers (level 0) will attempt to invite as many referees (level 1) as possible. This means that their share of gains will be exponentially higher than that of referees in level 1 and beyond.

Making matters worse, level 1 referees will have a lesser number of contacts to refer since level 0 referrers would have exhausted their networks that could overlap with those connected to level 1 (i.e. lesser potential number of people can be referred with each level down).

As a result, referrers (level 0) will eventually become whales by mid-stage of the project — their profit-taking would then result in major FUD which could dump projects down to zero.

TL;DR — an emissions-based referral system causes huge problems for projects during mid-stage due to early referrers taking profit.

The effects will be even more visible for single layer farms like Timeleap that do not practice layered farming.

For farms that do layered farming, they’ll run out of their native tokens and move on to the next layer. If the referral system continues in the next layer, it’ll at least reset the Ponzi scheme (albeit into a grander Ponzi).

Timeleap will have no such reset as there will be no layer (n).

So, here’s what we’re going to do instead:

We’ll be running a weekly and monthly airdrop for community members who recommend their friends to join our Telegram group.

1. Weekly airdrop: We will select 1 random lucky winner each week who will walk away with $50 in TIME. The winner will be selected every Monday (starting 20 Sep 2021). Once the winner selection is complete, the airdrop will reset for another week.

2. Monthly airdrop: The person who has the highest number of successful referrals in a month will receive $200 in TIME.

Submit this form to participate in the airdrop! We’ve also added a Telegram filter #referral, so that you can get access to this form whenever you want to make a submission.

Partnerships

We’d love to get the community’s help to recommend potential projects to partner. In line with that, we’ll be publishing another Medium article tomorrow on the types of partnerships that we’re looking for (if not this article is never going to end lol).

We’ll also be creating a form for partnership recommendations (with Telegram filter #partnership) for easy access.