Research Summary
The report discusses the current state of Decentralized Applications (DApps) and the need for innovation in the space. It highlights the rise of meme coins, the potential of Friend.tech (FT), and the success of Telegram bots like Unibots. The author emphasizes the importance of product, subculture creativity, and tokenomics for the success of DApps and suggests that future DApps should leverage existing user bases, have well-designed tokenomics, and embody a strong sense of community and subculture.
Key Takeaways
Meme Coins
- Emergence of Meme Coins: The report highlights the rise of meme coins like $Pepe and $Bitcoin(HarryPotterObamaSonic10Inu) as innovative developments in the bear market. These coins have created a culture of degens and a more equitable token mechanism compared to VC-backed tokens.
- Challenges in Meme Coin Creation: Creating a cultural symbol that can spread virally is a challenging task, requiring a deep understanding of the degen subculture and a keen sense of artistic design.
- Meme Coins as a Cultural Phenomenon: Meme coins have become a cultural phenomenon in the crypto world, following the popularity of NFT PFPs.
Friend.tech (FT)
- FT as a Financial Product: The author views FT as a financial product based on Twitter’s user network, rather than a social product. The idea is to incorporate token monetization into Twitter’s social network value.
- Product Formulation: The report suggests creating a product formulation that incorporates token monetization into Twitter’s social network value, essentially tokenizing Twitter ahead of its own token launch.
- FT User Traction: FT user traction peaked on Aug 21 and then declined continuously.
Telegram Bots
- Unibots Success: Unibots stands out from other products with similar initiatives due to its new features catering to meme traders and a fair launch model that maximizes community interest and aligns token value directly with revenue.
- Leveraging User Base: Unibots leveraged Telegram’s user base, which is considered essential for any player in the crypto industry.
- Unibots Fees: Unibots fees skyrocketed over the last 2 months.
Actionable Insights
- Product and Growth Strategy: Future DApps should have a plan to acquire users right from day 0, leveraging the user base on Twitter or Telegram.
- Tokenomics: Future DApps should have a well-designed structure of token allocation balancing the sell side and buy side.
- Creativity & Culture: Future DApps should be created by individuals with a strong sense of community and subculture, and expertise in growth hacking through Twitter.
