Retention Strategy in HIVE
Having sustainable growth in the crypto project demands a retention strategy that keeps the users actively participating in the project. Hive as a prominent crypto project has initiated several strategies that yield a consistent founder-user relationship. Such a relationship has made retention easier because users tend to understand the heartbeat of the project especially when they feel involved in the project; sometimes it results in making the users see it as their project.
In the crypto space, the success and durability of a project are determined by various factors, below are the recent innovative initiatives used by the #hive blockchain to fortify its project's foundation and promote long-term viability.
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Making the Users Understand the Project
Simplicity is one of the ways that make a project well-defined. On the other hand, retention is known as the strategies and practices to keep users actively engaged to invest in a project. For a crypto project like #hive, scalability is seen as one of its features; #hive has posed its aims and objectives that involve building communities that continually find value in the ecosystem, leading to sustained participation. These communities have unique goals as they jointly offer daily tasks to engage the users. For instance, #inleo initiates daily prompts, @splinterlands and @holozing offer art contests, and many others give weekly prompts that engage the user resulting is worthwhile rewards.
Active Communication:
Communities like #vibes proudly founded by @lordbutterfly have been the focal point of the ecosystem because of the eye-catching rewards to the participants of the community’s contest. The regular updates on the blog, Twitter X, discord, etc keep the community informed about the project's progress and make them aware of the plans. Adding to that, transparency builds trust and keeps users engaged.
Interactive Platforms:
One of the ways to make the users feel involved in a project is when there is an interactive platform for discussion and feedback. For instance, in the #inleo community there is a sense of belonging when users are allowed to share responses about the inleo frontend. Also, users are opportune to give suggestions that help improve the features of the site.
Incentivization Programs -Staking Rewards:
In the recent #leo Power-up day reward, I was glad to be awarded a delegation by @simplifylife as announced by @leogrowth. the delegation reward came as a result of my involvement in the #lpud – LEO POWER-UP DAY happening every 15th day of the month. This program has encouraged users over the years to hold the $LEO token because of the reward to the participants. As the market volatility reduces, the project gains more value causing users to be onboarded because of its prospects. Special thanks to @simplifylife because I am truly encouraged and it has boosted my retention to the hive blockchain.
Conclusion
The Hive blockchain has seen retention initiatives as not just beneficial but essential for the sustainability of the project. Focusing on community building, incentivization, making the users understand the project, interactive platforms, and active communication can build a loyal user base that joins in the long-term success. So, as the market continues to evolve, #hive which prioritizes retention will be best positioned to thrive amidst the competition.
This article is written in InLeo
Inleo is a blockchain-based Web3 community that builds innovative applications on the Hive, BSC, ETH, and Polygon blockchains. Our flagship application: Inleo allows users and creators to engage and share content on the blockchain while earning cryptocurrency reward