Former Spartan Partner: 28 Principles for Building a Successful Web3 Project

Here are my 28 principles for Web3 founders, culled from over 100 conversations and cryptocurrency investments over the past 4 years:

1. The project is not much, focus on one project and work on it to create 10 times or more value.

2. When building a dApp, you need to think like a boss.

3. Small improvements to existing products are not a product strategy.

4. Skeuomorphism is also not a business strategy. The idea of ​​re-inserting Web2 in the blockchain is unlikely to be the basis for a scalable product.

5. Stay away from trends. If you build DeFi or NFTs just because they are hot right now, you will end up in trouble.

6. Some founders are overly focused on building products for 1,000 crypto-native users.

7. Token reward is a strategy to enter the market and payout to acquire customers, not a business model.

8. A project that requires a continuous increase in Token price to operate is a Ponzi scheme.

9. Qualified founders often get into problems and get ridiculed by speculators who just want to know why no one is using their product.

10. “Going multi-chain” is not a business strategy.

11. The cryptocurrency space is too obsessed with ideas and not enough on process. Good builders optimize the product, great builders optimize the process.

12. If you want to stifle your growth, start token governance before the product matures.

13. Build products that attract users, not VCs. Half of the founders of cryptocurrencies forget this.

14. Founders should care about 100 highly engaged users, not 10,000 passive token holders.

15. There are two groups: one is to use your product, and the other is to buy your token. Founders often mistakenly believe that the two overlap more than they actually are.

16. Only launch tokens when you are ready to manage a public company.

17. When growth stalls, founders tend to focus on improving the token model. Optimizing the token model (ve-token/buy and burn) before generating meaningful fees is a waste of time.

18. In a bull market, the price of Token will rise too fast; this is obviously not the case in a bear market.

19. While bad investors can’t kill your company, good investors can get you far.

20. The funds raised are used to grow your startup. You staking your treasury for 10%-20% yield won’t get you any closer to success, but it will likely put your company out of business.

21. If the majority of your user activity is on-chain, use this data to make informed business decisions. Too many teams ignore off-the-shelf user data.

22. Because of Crypto Twitter’s ethos of “personal heroism,” some founders felt they had to build a prominent presence for their product in order to be successful. This is wrong and the opposite – popular products make great founders.

23. It’s not just about TVL. There are quantifiable metrics to target, and progress toward those metrics is continually assessed, as well as whether the metrics described above serve as a qualified proxy for growth.

24. The faster unearned value accumulates, the faster it is destroyed.

25. “Build it and people will come” may work in a bull market, but it is by no means a scalable layout strategy.

26. Pure technical advantage almost never wins.

27. Don’t underestimate retail consumers who buy your product for speculative reasons.

28. Early investors and users are the foundation of the community, adjust your actions to attract the type of users you want.

Posted by:CoinYuppie,Reprinted with attribution to:
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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