Increase shield volume by concentrating on privacy-aware crypto users

What privacy problem are you solving?

By executing my past proposals, I have learned that most of the members in crypto investor communities do not care much about privacy. It has turned out that working with such types of communities doesn’t directly lead to the growth of real users depositing funds into the app and trying out various privacy features.

So, this month, since the ultimate thing we are aiming to do is increase the shielding/depositing volume, I want to be a part of this goal by fixing the aforementioned problem.

What is the solution?

I will approach the Monero community through different channels and explain to them the similarity between our technology and Monero’s, and the better features Incognito has. At the end of the day, I will try to convince them to shield their XMR via the Incognito wallet.

Last month we launched a bridge and promote is as a way to buy/sell monero privately.

It’s a unique way to trade XMR confidentially, so the main focus will be this feature and will point users directly on pDEX (which affect the number of Deposited XMR linearly). I am going to pitch this feature from 3 different angles:

  • shield XMR (week 1)
  • to trade (buy/sell XMR privately) (week 2-3)
  • add liquidity for XMR (week 4)

What’s your KPI? What’s your schedule?

The base line
From the middle of Feb to the end of March, we witnessed around $9K shielding volume of XMR in total. So, I am thinking to Increase deposit number at least in 2 times for April.

The goal -> shield +$20k equivalent of XMR by April 30 (In total for two months ->$29k)

Ship date Deliverable XMR shielded
Week 1 talking one by one with active monero users, convince them to try out the wallet, collect feedbacks, understand which approach works 100 ppl
Week 2 present opportunity to buy/sell XRM confidentially to monero users and their leaders +$3,000
Week 3 present opportunity to buy/sell XRM confidentially to monero users and their leaders +$5,000
Week 4 approach monero whales and mining pools offer them to provide liquidity to XMR pair +$12,000

What’s your budget?

Resource Cost Quantity Monthly Cost Type
Implementer 1,000 PRV 1 1,000 PRV results-based bonus

Is there an existing conversation around this idea?

This proposal is a part of the one of the core team’s main goals - to increase the volume of shielded crypto.

Is there anything else you would like the community to know?

Incognito is a project owned by the whole community. So feel free to add your thoughts and suggestions, and feel free to participate in meeting these goals with me! I value your ideas.

6 Likes

Hey @jason, your proposal got 5/5 vote from the board. I will move this to funded proposal category. Looking forward to hearing update from you!

Hi guys. This is some updates for this proposal in the first week of April.

So far, we have got around $1,910 shield volume from XMR users (The price of XMR was capped at Friday’s rate).

Screen Shot 2020-04-12 at 3.08.09 AM

What I have done in the first week is immersing myself in XMR community, filtering the most active members and chatting with them. You can follow up my conversations with them here (I shared it with andrey)

The plan for next week is:

  • Keep the ball rolling with the series of content that andrey have posted on XMR’s reddit page. One of the examples is this one. The data in February shows that content like this attracted some XMR users and have turned them into our loyal depositors.

  • Post the same content on other XMR’s place-for-discussion, like https://forum.getmonero.org/

  • Reach out to KOLs in XMR community, like the owner of this podcast series https://www.monerotalk.live/, to offer them to try out our product.

  • I’m thinking of dropping a piece on our technology idea on the ‘idea’ part of CCS category of the monero website. The idea should be: we strongly apply monero’s technology in the more scalable network. We don’t necessarily need the XMR community to fund us, just post there to have their attention.

2 Likes

Thanks Jason. Good start ! Would be awesome if you could make some kind of article to share what Monero community thinks about Incognito.

Since they are the most privacy oriented, the feedback could help us to target right users.

1 Like

Thanks, Andrey. Great advice. Actually I dropped it in my update above. Would love to hear more advice from you!

Hi guys, It’s a bit of an update for the week for the second week of April

Overall picture

XMR

we

It’s the chart showing the daily (1st) & weekly (2nd) XMR shield volume in April & the last week of March. In total, we have witnessed $4.800 XMR shield volume, 2.5 times compared to the last week and surpassed the target for 2nd week which is $3,000 (The price of XMR is the weekly average one)

What I have done and am doing

It’s a bit hectic week with the main proposal and other tasks of data analyzing along. In the week, this is what we have had

  • A post on Monero’s Reddit page on XMR staking program aka the feature of XMR liquidity adding on pDEX. I would like to say thanks for andrey for this help.

Screen Shot 2020-04-17 at 4.40.51 PM

  • The XMR users that I’m holding a chat with were informed about ‘DeFi for Monero’. I think they now start to be aware of Incognito.

  • Douglas Tuman, the host of Monero Talk, was reached out. Since it’s the only Monero podcast in XMR community, I think that if we are featured on the podcast, we will have not just exposure but real users

  • I’m drafting a proposal on our idea. The proposal, if gets approved, can be posted on idea part of CCS category of the monero website the

Plan for next week

  • Monero Podcast: I hope to have a deal with Douglas Tuman next week

  • Reach out to commenters on Reddit: There are a number of members who have commented nice things on our Reddit post. The probability that we can acquire them could be the highest. So, I will reach out to them to ask about Incognito experience and introduce our XMR-related products/features

  • Talk with current users: Current XMR users are doing trade on pDEX. A number of them posted some topics on incognito.org like this. I will reach out to them to ask about their problems and try to fix them. After this, we can expect them to shield more XMR to use in-app XMR-related features.

  • Proposal: Finish up the proposal that I mentioned above

  • Reach out to new XMR members: Monero IRC channels are places where many XMR users are chatting everyday. Next week, I will immerse in this and try to talk to them

6 Likes

thanks for the update @jason. there definitely seems to have been a marked influx of monero users to the site lately, in addition to the spike in shield volume. well done!

love that you and @andrey are working in parallel to fix the liquidity issue in the XMR pools. do keep us updated on that front!

what kind of ‘deal’ are you referring to here? is this a paid placement? do you have an idea of how to present Incognito in the podcast?

how are we doing with this? would love more details on this too. i think it’s a smart move – i would bounce ideas with @phuong who built the XMR bridge, as well as the core dev scalability team to draft a solid proposal.

3 Likes

Hey Jason !

  1. I would also suggest you to talk with XMR miners. I think they hold the most XMR and if the provide liquidity in XMR it would be additional interest for them. Ask them just to try it out and get the feedback.

  2. Pitching idea as DEFI for monero make sense for me. Just inform users that it’s still “a betta” version and set up is trusted so they have correct expectations.

  3. If you want to submit a proposal it must be a technical with explanation how we can deliver a trust-less set up. Even if they fund the proposal, not sure if we can implement it right away. Synchronize it with Dev road map. It’s good idea, but not sure if it’s good timing.

  4. Try to be an active member of monero community, wait until someone start privacy topics and do not be spamy. And try do not act like beggar. We build great product, yes the set up is trusted, but it’s just a first version and it works.

3 Likes

Hi @ning. As for your questions, I would like to give out my answers:

So Douglas Tuman usually interview projects in Monero ecosystem or that are Monero-related. The ecosystem is actually quite small, so all the guys who are building up things for Monero are all welcomed without having to pay a penny, as I research. So, the ‘deal’ here is that Incognito’s representatives are to be interviewed by Douglas to talk about

  • Private decentralized swap XMR <> BTC
  • Privacy DeFi for XMR (XMR private staking as liquidity adding on pDEX).

The above 2 ways of calling us would bring Incognito a unique position in the Monero community.

I’m writing the draft. After that, I will send it to the devs team to check if the technological materials in my writing are enough. I do see eye to eye with you on the point that the proposal should be solid to be watched by the Monero core devs team. So it might take time to finalize this responsibility.

Hey Andrey. Thanks for the comment. Would definitely take your idea.

Hey guys. It’s a bit of an update for the 3rd week of April

Overall picture

Screen Shot 2020-04-24 at 8.23.50 PM

All cryptos are in bull, making the total XMR shield volume in April reach $7,900 (129 XMR). Compared to which in March, we are at +209% MoM. However, the dark side of the picture is that the weekly XMR shield volume has decreased by 37% in the 3rd week or April. (I will explain the reason below)

What I have done

  • Seeing eye to eye with Andrey, I don’t see now is a good time for a proposal that will be scrutinized by Monero core dev team. What we need is to gain attention and there are many Monero places where we can do it.

  • So what I did in the whole week is talking to Monero users & trying to be an active member of the Monero community. I messaged all the Reddit users who have dropped comments on our posts on the Monero Reddit page to get their feedback and convince them to try out the product more. I also immersed myself in Monero IRC channels to spread the words about Incognito. Lastly, reaching out to our current users who did the XMR <> BTC on Incognito and ran into some problems and. So basically, the whole week has been used for reaching out one-on-one to XMR users and talking to them. Below are some feedback I have got.

Screen Shot 2020-04-24 at 7.37.55 PM

Screen Shot 2020-04-24 at 7.48.40 PM

It explains the weekly decrease. I kept up the current conversations but didn’t start many new ones. That’s why we haven’t acquired new influxes of XMR users to keep the weekly growth momentum. I will try to fix this problem in the next week.

Other growth charts

When talking with XMR users, I position Incognito as the layer 2 private swap XMR <> BTC. There are 2 ways for privately swapping XMR <> BTC on Incognito pDEX currently: swap XMR <> BTC directly (with low liquidity) and swap XMR to PRV first, then swap PRV to BTC (much higher liquidity).

Here are the charts show how PRV-buying-via-XMR and BTC-buying-via-XMR trading volumes are growing

Screen Shot 2020-04-24 at 8.00.48 PM
(PRV-buying-via-XMR trading volume: 751 times compared to March. Numbers don’t mean much here. The thing is instead of having nothing, we have something here)

Screen Shot 2020-04-24 at 8.10.26 PM
(BTC-buying-via-XMR trading volume: +100% MoM)

6 Likes

Hey Jason.

  1. Could you please highlight in the first line current status, how much is shielded in $ and what is % of total KPI so far ?

  2. Regarding other part of the report, I would suggest instead of sharing you full discussion with users, just sum up the main problems and how do you plan to resolve it.

  3. And highlight the main focus for the next week according to your experience.

I personally enjoyed reading the actual comments from users, they were slick and had many points worth considering.

1 Like

Hi guys. It has been a good week for all Incognito network. I would like to give out the final update for this April proposal.

Overall

In the last week of April, we witnessed XMR shield volume of 112.8 XMR, which made the total XMR shield volume in April reach 243 XMR. Capping XMR price at yesterday’s rate (the last day of the last week of April), the total value of shielded XMR in this month is $15.7k. It was an unexpected result in the last week of April, possibly because of the spike in shield volumes of all cryptos in our network.

Overall, the total XMR shield volume I got was around 78% of the KPI that I committed in the first day of this month. The bright side of this result is that we are at 480% MoM.

xmr2
(XMR shield volume in each week)

xmr3
(How XMR shield volume grew in April)

The reason for the growth

Influxes of XMR shielded in Incognito network must reflect on the growth of XMR activities in the Incognito Wallet, so that we can make sure that XMR users are flocking into Incognito. Thus, I should also show how in-network XMR-related activities has grown in April. Last month, I push strongly the message ‘Incognito pDEX as the private swap XMR <> BTC’. Now let’s look at how the volume of pBTC-pXMR pair has grown in April

BTCXMR2

Since the liquidity pool sizes of pBTC-pXMR were small and users actually encounter bad rates, I instructed users the indirect way to private swap XMR <> BTC on pDEX, which uses PRV as the middleman.

So, to have a right perspective on how all XMR activities has grown in April, let’s look at the total XMR buying & XMR selling volume in April and break them down in pairs.

XMR4

Conslusion

We can see that in April, there were the growths not just in XMR shield volume but also in other XMR activities in Incognito network. Although the KPI wasn’t fully reached, I think there is still room for fine-tuning what we did in April and utilizing XMR-related pairs to create growth for pDEX, the ultimate goal that we will focus on in May.

4 Likes