coindotfun

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earn $COIN |

community owned pump dot fun killer

[naz @AlgorithmicBot]

coin fun update

long post ahead

First, I would like to thank everyone who participated in the coin fun twitter social campaign. Especially those who went the extra mile and crafted their own memes and talked about coin fun every
chance they got. Thank you!

WHAT IS COIN FUN, WHY AND HOW WE BUILT IT?

You may or may not know that coin fun was an experiment. We saw pump's meteoric rise and shifting mood on twitter as an invitation to try a slightly different approach to launching memecoins. One where the protocol gives away most of its revenue to its users. 80% of all the trading fees would be re-distributed back to token holders, which would be distributed fairly as per different incentive mechanisms (such as for tweeting about coin fun). The hypothesis was worth testing, since pump would be unlikely to share their revenue with its user base.

We jumped in and started figuring out how to build this. It was fun, and I have huge respect for the pump team for coming up with such a slick idea. @alecdifederico built the program in 2 weeks. Front and rest of the code took us another ~2 months.

The go to market was a combination of strategies
1/ Token incentive for tweeting about coin fun (similar to pacmoon)
2/ Talking about developing the protocol in real time on twitter. We wanted instant feedback loop: we tweet about a feature and now it's deployed to prod.
I am tempted to say that this approach worked in terms of getting eyeballs on the product. There was one day where within a short span of time we had 400 users sign up. Most of these were likely bots since they would subsequently only retweet the template tweet we have provided.

Once we launched on mainnet we only ended up with a handful of people placing trades on the platform

SOME PARTING THOUGHTS ON COIN FUN

Lessons and what we would avoid next time
- We could have done less work, that would likely save us a couple of weeks time. Lesson here is that sometimes it's not necessary to build the full flow to
validate the hypothesis. For example, raydium pool seeding code was not necessary.
- "Pull the plug" early. There were a few checkpoints
for this decision. First, our thinking was we only build a website with twitter campaign features and tokenomics. This way, we could gauge interest in the idea before we build any of the product. In hindsight, this didn't catch up well with crypto twitter, so this was a good point to stop. Second, since we already had program built for trading, we thought: "maybe it's not clear that coin fun is a memecoin launchpad and trading product. Let's just support the trading on testnet". So we built that out, and, again, nothing really happened. This was another checkpoint to potentially stop. Lesson here is that of a "sunk cost fallacy". You think you have spent so much time building a product, and you should see it through. But in reality, the market is telling you it's not interested in this particular idea.
- Just because you have people complaining on Twitter does not necessarily constitute how the majority of the users feel. You may have a big Twitter account posting that "pump extracts too much value", but in reality those who trade on pump couldn't give two f*cks about that. The experience is fun, there are network effects, other people chat and trade with you. You don't care if pump takes 1% on your $5 trade. It's a social experience. If you don't have the network effects, then it just reduces to your usual boring trading experience.

CONCLUSION

I don't think this was a "failure". These experiments improve our market understanding. They provide plentiful lessons. In the end, I personally feel it's a numbers game. The more things you try, and the faster you are able to execute, the likelier you are to make something that resonates. Of course, you have to keep in mind the context in which you operate. Crypto moves very fast, and so this pace aligns with it well.

WHAT'S NEXT?

- We will remove the leaderboard, quests and tokenomics pages next week
- We will keep the trading page up for a little longer, so that if anyone has any open positions, they get a chance to close them down.
- We have started working on a new project this week. More details will follow in due time.

[coindotfun @coindotfun]

Ready for whatever comes next

[coindotfun @coindotfun]

The horizon looks bullish

[coindotfun @coindotfun]

Here’s to the grind and the gains

[coindotfun @coindotfun]

Rise and farm

[coindotfun @coindotfun]

Smiling through the dips

[coindotfun @coindotfun]

To the moon

[coindotfun @coindotfun]

Don't let your dreams be dreams

[coindotfun @coindotfun]

I remain bullish

[coindotfun @coindotfun]

$COIN is a lifestyle

[coindotfun @coindotfun]

$COIN is going to be huge

[coindotfun @coindotfun]

“memecoins are dead”

[coindotfun @coindotfun]

The trenches aren’t for the weak

[coindotfun @coindotfun]

Here’s the ticker

[coindotfun @coindotfun]

So you’re telling me I get 80% trading fees back?

[coindotfun @coindotfun]

Betting on $COIN every time

[coindotfun @coindotfun]

Power moves only

[coindotfun @coindotfun]

Cooking up profits

[coindotfun @coindotfun]

You thought $COIN was just a meme?

[coindotfun @coindotfun]

Relaxing while my bags grow