Hi, @jayplayco here.
It is now five days that Hunt tokens have been released and listed on the first exchange at Daybit. There had been good lessons about it and also points that needed to be learned to make it better the next time. I would like to share some personal experience with it.
0. Repository
https://github.com/Steemhunt/web
1. Launching at Daybit - the overview
As you can see in the graph we had a price fall from the starting point and are now at a level of 290-320 satoshi (BTC).
The trading volume has increased steadily from about 100K USD in the first days to now above 910K USD in 24hours.
2. Learning points
a. Price stabilization for 24 hours
Source: Debby Hudson
To protect the value for token holders, there had been a 24 hours minimum price barrier been implemented. It was a -10% maximum from the listing price of 0.02USD. The general purpose was to protect the value for the token during the unstable time when the token is just listed and it was considering the number of holders for Hunt tokens and the general trader numbers at Daybit. Unfortunately, this measurement had built up a selling wall at the lowest price for 24 hours, which stopped the traders to further invest or trade the token. As a trader, you would wait that the manual price wall is eliminated, as you would estimate that the price will rather fall and you could buy in on a lower price. This kind of minimum price protection is a measurement that other exchanges were also doing, but mostly for a much shorter time like minutes or maximal an hour.
After this experience, it would be recommended to put a minimum price barrier only for a very limited time like 10 minutes, as otherwise, it could kill the investing cycle of traders.
b. Investor related communication
Source: Pavan Trikutam
Steemhunt is running currently direct communication with investors related questions and communication on three different channels.
- Discord - Main communication for the whole Steemhunt community and also a separate channel for #hunt-token - Link
- Telegram - was not that active until the IEO and now mainly used from international investors to ask about - Link
- Kakao Talk - A Korean specific channel for Korean investors.
Especially the Korean Kakao Talk channel was established and needed to give potential Korean investors the possibility to get enough and fast information about the IEO. It was in the beginning not clear if this communication channel will be kept open after the IEO, but the team decided to change the character of the channel to inform investors of Hunt tokens about the status of the project and be able to answer open questions directly.
Unfortunately, after the listing, some of the users became aggressive and unproductive against the project, mainly because of the token price. A logical and productive critic is always welcomed and needed to learn and flearn fast and effective. But unproductive aggression is, unfortunately, leading to nothing. Based on the fact that the Hunt token price is now in the hand of the market and the team behind @steemhunt informed about the next planned steps, aggressive and unproductive users were warned and proceed if needed.
It takes a lot of resources, especially for smaller teams, to keep direct communication with investors and users. But we had again the positive experience that a stable and vibrant community is a big advantage even in this kind of situations. In most cases, other steemhunt community members jumped in and explained in a calm tone about the current situation, visions and also what kind of project @steemhunt actually is.
c. Finding the right exchange
Source: Finding the right exchange - Why Daybit?
I have written a whole post about the reason why Steemhunt decided to launch first with Daybit. After the listing, we can see that the price is falling and also the trading volume was quite low in the beginning. A short review of the CONTRA for a listing at Daybit as below.
CONTRA
- Current trading volume is not big
- Own DAY currency strategy was not clear in the past.
- Name value is still low.
Source
With a current trading volume of Hunt tokens shortly under 1 Million USD for 24 hours within a week, we are currently on a similar trading volume as Steem in the last 24 hours. As long as this trading volume can be kept at that level or increase, I think we are in a good way.
Source: @coingecko - trading volume Steem 24 hours 1M USD
Daybit will still need a lot of new users and definitely more trading volume, not only for Hunt tokens but also for other pairs, but with some good news waiting around the corner, like launching FIAT, I think we are close to an uprise for Daybit user numbers.
d. Hybrid running a Dapp
As Steemhunt is currently running a hybrid based on Steem and the wallet on ETH (which is not planned as a permanent solution as an SMT project, but a reality at the moment) the implementation of an ETH wallet solution was needed. As all kind of technical solutions may run into troubles, even after an extensive test for the ETH wallet solution, we experienced some troubles on the technical side but also on the communication side. Technical issues were cleared as fast as possible after they were reported both on Steemhunt or Daybit side but the interesting part was the education of users to get used to another Blockchain wallet solution.
As the internal Hunt tokens from steemhunt.com can't be transferred directly to another exchange, you will have to set up or already have a personal ETH wallet and address, where you have the control (private key) of it. I have put together a short post about it here but the most asked question was that the transfer from their private wallet was not transferring to the Daybit exchange. The main reason here was that they had no ETH in their wallet they could use as GAS to transfer the Hunt tokens.
We have to remind the fact again that we need RC to interact at the Steem blockchain, which comes from staked Steem Power. But for ETH you will need actual Ethereum which converts to GAS to interact with the blockchain. So I needed to advise some users to buy ETH to be able to move their Hunt tokens out of their wallet. An important part as a Dapp that is running a hybrid model is, that your users will need support to get used to the specifics of another blockchain.
3. Coingecko
@coingecko is running an own Steem account and is very supportive for SMT based projects. Hunt tokens have been listed already from the very beginning and you can find all the details here
The market cap is not yet actualized, as CoinGecko needs normally several days for a first listed coin to gather the real data from the market.
Hunt token is currently listed at place #3929 from 4371 coins, but I guess this will be updated when the market cap is correctly gathered.
4. Conclusion
A lot of things happened in the last five days and it is really exciting to see how a blockchain project is growing step by step from an MVP to a community-based service and now having their own token listed on an exchange. As a token price is always related to different factors and at the end based on the decision of the market, I think the team can now concentrate on the next pillars like Reviewhunt and Ideahunt to finalize the token economy of Hunt tokens.