What is DxSale?
“DxSale is the largest decentralized IDO launchpad on BSC, while also supporting 8 other chains! We make it easy to mint and launch your IDO without requiring any coding knowledge, so you can focus on marketing & building your product. There are no barriers to creating an IDO, and there are many security features built in the DAO to save time and build assurance for project creators and investors.”
At DxSale, our DAO has hosted more than 11,000 IDOs and our aim is always to provide the best user experience for our contributors and developers.
As a pioneer and disruptor of decentralized IDO platforms, we have gathered useful tips to better aid our entrepreneurs to be successful in their ventures.
This is not financial advice nor guarantees the success of your token.
1. Bad Marketing
Marketing is probably one of the most confusing/unfortunate aspects of DeFi. Most of us think we can do it all by ourselves, we spend ridiculous amounts of money on worthless strategies. The definition of marketing is not only buying ads or sending these so-called “shillers” to flood random telegram chats (they usually get banned). Throwing money on random giveaways that typically get flooded with bots, paying inorganic communities for worthless AMAs, or buying lots of followers for Twitter and Telegram isn’t good either. Sometimes we forget, you don’t need 20000 people in your Telegram to fulfill your vision or reach the soft cap in your presale. You want the right people, the investors that will share your vision and will stick with you until the very end. Of course, early sellers are part of any good presales and will be present as well; don’t be discouraged by it.
The thing about marketing that no one talks about is the long game. Hype can always be achieved by the right means, getting long-term holders is more about the quality of your product and message.
- Send a message across about what problems you solve and how.
- Be every step of the way with the users: Share your BUIDL progress!
- Have consistent marketing push, not only pre-launch but post-launch
- Document every step of the way: share your journey with the investors!
- Make sure your ads send the correct message to the people of each platform.
- Focus on 2–3 social media platforms at the time.
- Keep your telegram as active as possible, even if that means staying a bit off-topic.
- When you create content, don’t make it all about your product, use external situations like news, other content, and common interest topics.
- Find good AMAs channels, even if they are small, you want the organic communities to see you.
2. Poor Tokenomics
Well, we live in the world of meme coins. A lot of presale owners think that just because Inu, Elon, or Shiba is on the name, the token will reach the moon. Having a use case for your coin is an easier way to make it reach the skies and keep it there.
- If you have a meme coin, you need to have the best marketing plan and roadmap, if not a pump and dump is imminent.
- Think about why every number is there, if you have a 50% token burn, why is that?
- Give your token a practical use, this is for sure the best way to have a successful Token.
- The use of incentives like farms, staking, and reflections are always attractive to investors.
3. Too far ahead of its time
The world moves fast, the internet has made everything immediate, so it’s normal to think that new ideas will always succeed. This is not always the case. New things are scary, more when there’s money involved. People with groundbreaking inventions usually die broke, for example, Nicolas Tesla. Merge your invention with something people feel related to, and you will get an audience ready to risk something.
Make your project idea stand out but use some common ground if your concept is new and never seen before. The more complex your project is, ensure you are utilizing graphics effectively to simplify your idea. Use of explainers and information in a way everyone understands. Think of the best way to explain your project to a kid and use that to make people understand your project.
4. Rushing
Crypto space is ruled by FOMO culture, everything moves fast with trends, news, and modern technology. Lots of people are here for the money, and a minimum percentage for the technology behind it.
This continually drives project owners to rush into launching when they don’t have a real plan. Not only is it usually a big disappointment, but also a waste of resources. Initial presale costs and big marketing pushes amongst others are thrown into the garbage, the community loses faith and stops trusting the project.
- Get a roadmap and stick to it.
- If you have a use case, perfect it and document it.
- Build a community as organic as possible.
- Observe other failures and successes, so you can replicate them
- Take the time to set everything up and then use the momentum to launch.
- Filling high caps within a small period of time can also be a type of rush.
5. Not gaining the trust of investors
The investors you want on your side are the ones attracted by quality. Most of these investors have experience and can smell when something is wrong, sometimes even before you notice it. You need to take as many measures as possible to keep them, and that relies on quality and trust.
Usually, they have followers, and their community will follow them, or at least they know other quality investors whom they can lead to your project.
You must ensure cleanliness in every possible aspect, from website and socials to grammar, so they can investigate and come back to their respective friends and communities with a good taste in their mouth.
- Learn details about your project: even if you are not the technical guy per se, take the time to sit with your devs and get a general overview of how things work. This will prevent hesitation when you get interviewed or bombarded with questions by your future investors.
- Don’t fake your metrics: in socials, numbers are typically something we give too much importance to; Honesty is the best policy. Project owners often feel pressured to inflate these numbers, creating an inorganic community. Potential prospects will see this right away. So, avoid it and focus on interactions.
- Be present & active: some owners don’t have moderators, nor are they present on socials (mainly Telegram), which investors see as a sign of a botted community. Bots mean the owners took the easy way; the presale caps usually won’t be filled when this happens.
- Get KYCed: frequently, knowing there can be legal action in case of fraud, makes the users feel safer.
- Get an audit: even though not everyone reads the audit, having one carries a certain weight and generates trust based on the auditor. The more recognized the audit company, the better it looks for you.
- Be honest: good projects have had setbacks, which is completely normal, but nonetheless, transparency is crucial when this happens. Lots of projects sink under the pressure of expectation and promise when it is obvious there was a miscalculation in time/budget or any other reason. The faster you address it, the better.
- Have a good reaction to criticism: investors can be harsh, sometimes even irrational. Find a way to get a point across and kindly warn them when they step out of line.
6. Wrong time
Timing can be an integral part of your launch. Don’t get it twisted, you can make a token sustainable despite the conditions of the market but still, sometimes good timing can be everything. Think about what’s healthier for your product: the bear market will likely get you fewer investors but is better for advertising since prices go lower.
Wrong timing can also be related to a current social situation. For example, if your token name is Corona right when the Coronavirus pandemic is happening, there’s likely going to be some impact on your token (positive or negative).
Don’t be afraid to delay your launch if you feel like it could go wrong.
7. Bad Launchpad
A good launchpad like DxSale is crucial for a successful start. They come with healthy organic communities, services, and fees. Choosing a bad launchpad will likely make a big dent in your token health. Make sure that you have control over your presale and not the launchpad: avoid proxy contracts or other shady functions, for example, getting 2% of your supply dumped when your token lifts off.
Look at how they treat their community, including presale owners, staff, and investors. Investigate successful cases and if possible, ask other owners about them. Make sure they have a moral code, some launchpads do not care about you or your project, but to have as many presales as possible and get the profit. They send people to bad-mouth other launchpads and do questionable things just to lure you in.
Disclaimer: This is not financial advice of any kind, filling all these requisites will not guarantee a successful presale.
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