THE POWER OF COMMUNITY IN CRYPTOCURRENCY PROJECTS
A community consists of a group of people who share common interests, goals, or values. The cryptocurrency community is one form to indicate how successful a project will be.
There are several projects that highly prioritize the role of the community, such as Arbitrum Chain, Optimism Chain, Uniswap, and others. However, it is now becoming a trend where some new projects do not emphasize the importance of their community function as they only believe that the “QUALITY” of their product alone is sufficient to attract many new users
There is a significant difference in projects that consider the community important and those that do not prioritize the community
ARBITRUM CHAIN
The number of users on Arbitrum has consistently increased, with no prolonged declines. Arbitrum provided rewards as a form of support to the community back in March. The rewards offered to the community were in the form of $ARB tokens. This event caused quite a stir on social media, generating a lot of public interest. Arbitrum’s support for the community has resulted in a significant influx of new users and the establishment of many projects on the Arbitrum Chain. The total value locked (TVL) in all the projects built on the chain is substantial, leading to a high level of user interest
OPTIMISM CHAIN
Optimism has become one of the chains with a high volume of transactions, often rewarding its users. The Total Value Locked (TVL) in projects within the Optimism ecosystem is generally substantial. Optimism itself has previously rewarded its community in 2022, attracting significant attention from its users
SEI NETWORK
SEI experienced a period of high activity a few months ago, with many influencers getting involved in the project. SEI distributed numerous testnets and set requirements for the community before providing rewards. However, the community was left disappointed due to discrepancies between the contributions made by the community and the rewards they were supposed to receive. This resulted in community outrage, causing one of the IBC chains to lose its popularity. Projects built on the SEI network tend to have low Total Value Locked (TVL), often significantly below expectations. Despite being considered the “FASTEST and Most Fair chain” (no gas manipulation to speed up transactions) as one of its strengths, SEI has become less active due to the lack of community support.
SUI NETWORK
Not only projects on top, but others like SUI Network have also experienced the impact of community support. When the community provides support and contributions, but the community is left disappointed, it affects the vibrancy of the SUI ecosystem. Community dissatisfaction arises because developers do not distribute rewards evenly (raffle) among the community, and the community still has to contribute money to participate in SUI’s IDO events.
