Tips for Starting a Successful Juicebox Project
Before starting a project on Juicebox, take some time to consider how you’re going to incentivize contributions. Juicebox has become a platform to support a thriving ecosystem of DAOs, who are all at different points in their development. It can be tough to stand out through the noise and develop a key marketing strategy for your project or DAO. Starting a successful web3 project is hard work with most projects on JuiceBox failing to attract more than 1 ETH in contributions.
Here are 3 tips for giving investors confidence and encouraging ETH contributions for you DAO, that I’ve learned from my time assisting at SharkDao.
Have reputable signers for the multisig and a plan for how those funds are released.
One of the first questions I ask when analyzing DAOs is “how are the funds secured?” If you’ve been paying attention to DeFi news recently you’ll have heard of the Wonderland fiasco, where one member with a shady history was allowed to manage the treasury of the DAO. This has not bode well for $TIME price action and the Wonderland community. Having reputable signers to properly store and distribute finds is crucial to the success of a DAO, no matter how big the treasury is.
The most common way to secure funds is to have multiple signers on Gnosis safe (more info here) to ensure that not any single person can rug the project. Many DAOs I’ve seen get past the first step of having a gnosis safe in the first place instead of just one wallet, but then fail the second part of security which is having reputable signers.
Having singers that check off at least some of these boxes can be a big confidence boost for potential members looking to invest into your project.
- A signer with an established presence on twitter
- A signer involved in multiple projects throughout the crypto space
- A signer who is doxxed and is reputable outside of the metaverse
- A member of the Juicebox team
- A member of a different prominent DAO or multisig signer.
- A paid reputable neutral party to assist with signing (crypto funds, institutions, etc.)
Ask around on discord and twitter, and you may be pleasantly surprised by the generosity of the web3 community to assist in your DAO, and maybe even make a friend or two.
Have a tokenomics and governance strategy
If people are going to be contributing to your project, it helps to let potential new members know what exactly they are buying into. Slush funds, for vague and unspecified purposes are a red flag for potential rug pulls or honeypots on Juicebox.
Before starting a project on Juicebox, it’s best to clarify to potential new members: what is the purpose of your projects coin?
When someone contributes to your project, what does the token they get in return represent? Natively, Juicebox allows projects to enable token holders make a claim on a projects treasury, but beyond that token utility is only bound by social or legal agreements.
Some ideas to add utility:
- Governance rights. Each token represents a single vote in off chain voting tools like Snapshot.
- Token gating. Requiring either one or multiple tokens to enter select or all discord sever channels.
- Claim on treasury. Juicebox allows projects to let token holders make a claim on a projects treasury, and burn coins for eth.
- Mint pass. Holding tokens allows you an ability to mint free or paid NFTs.
Experiment, stand out, think of new and novel ideas for both your governance and tokenomics, and you’ll be far more likely to and attract attention to your project.
Have a friendly and inviting discord, fun and exciting twitter, and a thorough FAQ that is updated regularly.
The first two touch points people are likely to have with your project are going to be your Twitter and Discord. Twitter and Discord have become the two go-to platforms for web3 communities, and are a tried and true recipe for success. Most web3 projects don’t ever launch to platforms like Instagram and Tiktok and still remain highly competitive. While other social media platforms may be helpful for your project, it’s best to stick to only twitter and discord, especially if you’re stretched for time and talent. If you market your twitter+discord well, it is far more effective than half a dozen social media platforms marketed mediocrely.
Successful web3 projects are able to leverage their twitter to attract high quality community members, who often become key contributors. Potential members will find your discord and evaluate the strength of your project, often based on aesthetic values at a first glance. Here’s a checklist to help you make sure your socials are well maintained
- Push twitter updates regularly. Daily is best, but at a bare minimum twice a week, or your project will start to appear absent and unmanaged.
- Reply and engage with other twitter accounts, don’t only push status updates.
- Have an engaging pinned tweet, and aesthetically pleasing profile picture+banner. First impressions are important.
- Offer giveaways and contests to encourage engagement (don’t overdo it!).
When starting a discord, it’s important that there’s someone to greet new members, be friendly, and answer questions. This person of contact is often called a community manager (CM). In larger projects, there’s often a dedicated CM to do this job, but in smaller projects this job usually falls to someone on the founding team. Regardless of who is assigned to these tasks, it’s important that there always be someone answering questions and directing people to proper resources in a reasonable amount of time. Here are some tips to make a community managing less stressful, and more engaging for members.
- Keep channels to a minimum when possible.
- Clear and concise channel names and descriptions.
- Create an FAQ + resource guide and update it regularly. If a question is asked twice, it’s a frequently asked question. Chances are it will be asked a third time.
- Offer a fun and engaging role system for your discord. Some ideas: react roles where people can self assign, being helpful gets its own role, donators/investors get their own role.
- Same as twitter, offer giveaways and contests to encourage engagement (again, don’t overdo it!)
Put time, love, and energy into your socials and you’ll attract both capital and talent to your project.