Building in web3 - web3 startups (сreator economy, on-chain Incentization, consulting) - ex-E&Y ITRA - degree in math and game theory
Building in web3 - web3 startups (сreator economy, on-chain Incentization, consulting) - ex-E&Y ITRA - degree in math and game theory
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Points are not about money, they are about loyalty.
In this text will be my reasoning, which superficially describes. We will not go into the history of the origin of loyalty systems or delve into the current application. I will share a market view from the perspective of a points system builder.
Today we see many use cases for points in web3 and this is just the beginning. The real use case is much bigger and lies ahead of us. In web2, points are often used in loyalty programs, big brands and banking tools use them to engage users. They're all about loyalty.
Today the use of points in projects is unconscious, they follow the trend and see users hunting for points and give them this instrument. The Vampire Attack model using points. It's right and convenient - and users get added value. All of this is happening because there is no widespread use.
What will happen when all projects have a Points system?
How will they then compete with each other to attract users with this methodology? There will be a struggle for efficiency?
Soon we will see every project start to implement points, it will be a massive boom.
There will be a struggle in the efficiency of points distribution because points= loyalty token(sbt) - and the big question is, how do we define loyalty? First let's think, why is it important for projects to distribute points?
to incentivise users to take actions
reward the best contributors
to provide assets (put tokens into staking, provide to LP pools)
increase loyalty and stickiness etc.
Today we have a lot of similar projects and their task is to attract users to their product. Projects are starting to make steps in this direction: if you steak ETH from us, you get points, use the product - get points, trade on our platform - get points, and so on
Everything is done so that the user chooses to use their product and trade there, play, provide liquidity, use it. But it is not a problem to find a use for the points, the problem is to reward users correctly (distribute the points).
What actions should points be distributed for?
Distribute points linearly for a certain action?
What to consider when distributing points?
How to define important metrics?
How to accumulate them to get points?
How do we find the balance?
And here we turn to game theory to look for answers to these questions.
This mechanism is very complex, and in order to create it, you need to apply 3 basic techniques:
1. Data analysis - to know the past
2. Behavioural analysis - to understand and predict the future
3. Game theory - to allocate points correctly.
Points distribution is a mix of reputation, engagement, loyalty.
Points distribution is about understanding the business and its needs.
Points distribution is a lot of maths.
Points distribution is about big data and analysis.
Despite all the complexities, points is the best tool to develop a project, because it allows you to make users into fans of your brand. They can sell the token and leave, but they will value and points - that's gonna make them stay.
Loyalty and reputation cannot be bought or sold - it can only be earned.
This is exactly what we have been doing for the last 1.5 years at Stipes. We have over 20 research papers written, about 40 application methodologies described. They haven't heard of us yet, but I know we will declare ourselves and make this marketing process effective. Because to make such a model is a very difficult labour. And that's what we've been doing and continue to do.
That was the introductory part, thank you for your attention. Max Yatsuk, Stipes CEO
Points are not about money, they are about loyalty.
In this text will be my reasoning, which superficially describes. We will not go into the history of the origin of loyalty systems or delve into the current application. I will share a market view from the perspective of a points system builder.
Today we see many use cases for points in web3 and this is just the beginning. The real use case is much bigger and lies ahead of us. In web2, points are often used in loyalty programs, big brands and banking tools use them to engage users. They're all about loyalty.
Today the use of points in projects is unconscious, they follow the trend and see users hunting for points and give them this instrument. The Vampire Attack model using points. It's right and convenient - and users get added value. All of this is happening because there is no widespread use.
What will happen when all projects have a Points system?
How will they then compete with each other to attract users with this methodology? There will be a struggle for efficiency?
Soon we will see every project start to implement points, it will be a massive boom.
There will be a struggle in the efficiency of points distribution because points= loyalty token(sbt) - and the big question is, how do we define loyalty? First let's think, why is it important for projects to distribute points?
to incentivise users to take actions
reward the best contributors
to provide assets (put tokens into staking, provide to LP pools)
increase loyalty and stickiness etc.
Today we have a lot of similar projects and their task is to attract users to their product. Projects are starting to make steps in this direction: if you steak ETH from us, you get points, use the product - get points, trade on our platform - get points, and so on
Everything is done so that the user chooses to use their product and trade there, play, provide liquidity, use it. But it is not a problem to find a use for the points, the problem is to reward users correctly (distribute the points).
What actions should points be distributed for?
Distribute points linearly for a certain action?
What to consider when distributing points?
How to define important metrics?
How to accumulate them to get points?
How do we find the balance?
And here we turn to game theory to look for answers to these questions.
This mechanism is very complex, and in order to create it, you need to apply 3 basic techniques:
1. Data analysis - to know the past
2. Behavioural analysis - to understand and predict the future
3. Game theory - to allocate points correctly.
Points distribution is a mix of reputation, engagement, loyalty.
Points distribution is about understanding the business and its needs.
Points distribution is a lot of maths.
Points distribution is about big data and analysis.
Despite all the complexities, points is the best tool to develop a project, because it allows you to make users into fans of your brand. They can sell the token and leave, but they will value and points - that's gonna make them stay.
Loyalty and reputation cannot be bought or sold - it can only be earned.
This is exactly what we have been doing for the last 1.5 years at Stipes. We have over 20 research papers written, about 40 application methodologies described. They haven't heard of us yet, but I know we will declare ourselves and make this marketing process effective. Because to make such a model is a very difficult labour. And that's what we've been doing and continue to do.
That was the introductory part, thank you for your attention. Max Yatsuk, Stipes CEO
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