In a series of discussions online and off, and with some great input from some High Fryers, it’s become clear that marketing and iterating SmokeSignal needs to be the short- to medium-term focus. Why?
- It demonstrates the fundamental type of utility that Foundry is meant to push forward.
- It can attract people who highly value radical freedom, some of which may become High Fryers.
- With the rampant censorship of today, we have a unique opportunity to find users desperate for exactly the kind of thing SmokeSignal offers.
- SmokeSignal can act as a funnel to attract users who may eventually buy FRY.
- A DAO with a product that has real traction is a much more attractive offering, and increases our chances of a Hype Event.
Put in another framing, it helps reach two of the three pillars of Foundry Autonomy: it can help us attract High Fryers and it helps attract DAI into the Treasury.
Here are some of the things we’ll be focusing on over the next few weeks.
Barrier to Entry
SmokeSignal has significant barriers to entry for its users, the size of which depends on the type of user. A person who knows nothing about crypto must install Metamask and get ETH and DAI, then sign two transactions for their first post (approve spending DAI, then post). However, a DeFi degen may already have both ETH and DAI, and is familiar with the unlock/spend cycle.
Given that we have no active SmokeSignal users now, we need to look at the lowest hanging fruits first when choosing how to market the product. So our ideal user at the moment would be someone who already has Metamask, ETH, and DAI. Firstly, these users are more likely to get over that remaining barrier, making our marketing simply more effective. Secondly, if this marketing fails to get traction, that is a more important failure to learn of as soon as possible.
Nibbling Away at the Barrier to Entry
This also impacts how we reduce the barrier to entry. For example, removing the dependency on DAI would be a big win for users that already have Metamask, but wouldn’t do much to change how immense the barrier to entry would feel to crypto newbies. In this case we’d be prioritizing getting a few crypto-savvy users, even though to “regular people” the barrier to entry is still pretty high.
Until we get more traction on SmokeSignal, we should focus on the users who have the lowest barrier to entry, and lower it further for them.
A Better Landing Page
The current landing page explains the concept alright, but it doesn’t do a good job of showing any recent activity. Looking at other social media platforms like Reddit, Facebook, and Twitter, they show a common front page design, at least for logged-in users: a central feed of “hot” posts, surrounded on the sides, top, and bottom with other buttons and settings.
Looking at Reddit specifically, the posts at the top are chosen by a combination of their post upvote score and how old they are. Every visit to the page, then, gives the user an impression of activity and delivers new content. We want to imitate this on SmokeSignal, using a combination of DAI burned and post age.