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Mike Silagadze / Founder: How to Make a $5b Crypto Protocol in 12 Months | EP1
Jun 26, 2024
In this engaging conversation, Mike Silagadze, founder of EtherFi and a pioneer in the DeFi space, shares insights from his entrepreneurial journey. He discusses the intricacies of launching a crypto token and conducting a successful AirDrop, emphasizing user feedback and transparency. Mike also highlights how ever-changing market conditions impact startup success and stresses the importance of solving real problems. Additionally, he offers essential advice for first-time founders about connecting with their audience and building meaningful solutions.
46:39
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Quick takeaways
- Mike Silagadze emphasized the importance of user feedback and iterative processes in successfully launching EtherFi's AirDrop, resulting in high participant satisfaction.
- The strategic timing of EtherFi's launch during a crypto market boom, combined with innovative product execution, substantially accelerated its growth to unicorn status.
Deep dives
Successful AirDrop Strategies
An effective strategy was implemented for the token's AirDrop, which involved extensive user feedback and iterative processes. Prior to launching the AirDrop, conversations were held with 30 to 40 users to fine-tune allocation structures based on their input. This pre-launch phase included a claims page for users to gauge their potential allocation, enabling last-minute adjustments. This customer-centric approach allowed for a well-received AirDrop, with about 95% of participants expressing satisfaction, highlighting the importance of understanding user needs in product development.
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