CoinStats Growth, Challenges to Tackle, and Next Steps
I get asked a lot of questions about CoinStats’ current stage of growth, about our vision, plans, and challenges. “What are you up to?” users ask, “What should we expect from CoinStats?” This post is here to address some of these questions and to invite you to take a sneak peek at our inner workings.
When we started working on CoinStats back in 2017, we knew very little about marketing, product growth, and the startup ecosystem overall. We only had the technical skills necessary for creating the app we thought the world needed. And it turned out that the world indeed needed CoinStats: People spread the news of our tracker organically, without any effort on our part.
Fast forward 4 years, we’re proud to have grown into a product that hundreds of thousands use every day. The launch of CoinStats Wallet marked a new exciting beginning for the company — it turned out that people love swapping on CoinStats, which is something I’m very happy about. Our numbers have been extremely high recently, we’re living out our hockey-stick growth moment. We experienced 33% of growth in monthly active users in just a month (Sept to Oct, 2021).
Understandably, this exponential growth comes with some new issues that we’re more than happy to tackle. We at CoinStats are working hard to come up with practical solutions to scale the customer support team and otherwise accommodate this massive growth.
Frankly, much to our surprise, the biggest problem we now have is technical. We’re the #1 platform to support these many exchanges and wallet connections with the most expansive set of features, and since this industry is so new, this leads to a number of issues, such as API changes, new cases and new features emerging every day. Together with our accelerated rate of user growth, this puts lots of pressure on our technical team.
I apologize for the issues some of our users experienced, such as gate.io balance being wrong or a crypto.com CSV import that wouldn’t work. This means that there are still a few edge cases we need to cover to be able to take it to the next level and realize our vision of becoming the frontpage of crypto and DeFi. We have charted a detailed roadmap for how to do it, and all in all, it’ll only take 1.5 months, but the highest priority issues will be solved in the next 10 days. I would also like to thank our engineering team for working days, nights, and weekends making sure we get things moving forward as fast as possible.
Our users drive the growth of CoinStats and we are doing everything to continue providing our services on a high level. With this message, I wanted to invite you to take an insider look at CoinStats, thank you once again for being with us, and ask you to be a bit more understanding of our team that works day and night to make sure all 200 exchanges and wallets we support work perfectly. Our ultimate mission is, as always, for you to be able to manage your portfolio more effectively, make better decisions, and achieve financial freedom in this amazing market we’re all in.
With gratitude,
Narek
CEO @ CoinStats
