3 Steps for Web3 Projects to Grow On-chain Transactions

Every swap, every bridge, every NFT minting...

Every on-chain record depicts the entirety of the value flow within the project.

On-chain data serves as the project's facade and, more importantly, its core asset.

How to increase the on-chain transactions?

Channel for Acquiring Users

Content, partnerships, advertisements, and activities are the most common methods for acquiring users.

The process for acquiring users through content marketing and partnership is long. Projects need to take a long time to build the brand, enhance the projects' visibility and reputation, and finally, they will gain users.

Advertising involves purchasing traffic directly with money. If you are an advertising expert, you may be familiar with the cost of acquiring a new user in Web3.

Most projects choose to advertise on traditional social media platforms, like X, Facebook, etc. Because these platforms have a large number of Web2 users.

However, because of common Web3 problems — high usage thresholds and inadequate user experience — this cost is often high.

We have one more method: activities.

Effective market promotion activities can help projects reach more potential users. The trend is gradually moving towards releasing activities on growth platforms such as TaskOn.

Why choose TaskOn instead of launching activities on your own?

• Growth platforms boast robust user data and analytical capabilities, enabling precise targeting of target user groups for communities. This means platforms can tailor promotional and marketing activities to users most likely interested, thereby enhancing community user acquisition efficiency.

• Most of the users acquired through growth platforms have a basic understanding of Web3 and Crypto. thereby reducing the workload for community managers.

• Growth platforms also have growth needs, aiming to attract more users to achieve their growth goals. Therefore, collaborating with growth platforms allows communities to leverage this growth drive, facilitating rapid expansion through a mutual growth effect.

• Compared to traditional marketing channels, acquiring users through growth platforms typically lowers user acquisition costs. This is because growth platforms have substantial user bases and traffic, reducing the need for substantial investments in advertising or marketing campaigns.

• Other Web3 projects are also utilizing TaskOn. By launching activities on TaskOn, you can attract users from other projects, facilitating traffic exchange even without formal partnerships.

When you manage to gather sufficient attention for your project, it's time to focus on crucial steps to promote transactions. You should strive to convert this traffic as effectively as possible, ensuring their long-term retention to accumulate value for your project's core assets.

Enhancing Conversion Rates

Operational personnel understand that as business processes grow, the risk of user churn increases. Neglecting conversion rates at each stage can consume significant resources, and even with substantial traffic influx, the actual number of retained users may be minimal, hindering the healthy and sustained growth of transactional data for the project.

Sustainable Incentive System

Sustainable and robust incentive systems are essential to promote user conversion rates.

For projects that have not issued tokens, Token Generation Events (TGEs) are commonly employed. These events leverage anticipated airdrops to influence user behavior and stimulate product usage.

While TGEs can enhance users' patience with the project, the waiting period for anticipated airdrops may lead to mid-term user abandonment.

How can you reduce the churn rate during this waiting period?

Fill this gap using a points-based level system.

Establish a comprehensive user grading system using a points mechanism to reward every valid action. This setup allows users to receive timely feedback and view their community points in real-time, aiding decision-making processes.

TaskOn can help projects to create a points-based level system tailored for each project, accompanied by a real-time updated Leaderboard.

To effectively stimulate users' on-chain behavior, projects can establish a transaction-based points grading system that distinguishes rewards between transactional and non-transactional activities.

Typically, mixing transactional and non-transactional activities provides users with more options when leveling up. Users often prefer non-transactional activities because they are relatively simpler and quicker to complete. Even if transactional tasks offer more points, users may still prefer accumulating points through daily non-transactional activities.

By implementing a differentiated grading system, the project's points framework offers more diverse gameplay:

• Weekly and Monthly Leaderboard Incentives: Establishing weekly and monthly leaderboards to reward the top ten users based on points accumulated each week and month. This incentive mechanism can ignite a competitive spirit among users and encourage active participation in transactions.

• Achievement Incentives: For instance, rewards for first-time transactions, achieving a specific number of cumulative transactions, consecutive trading days, etc. Users receive special points rewards upon completing achievements.

• Trading Competition and Point Bonuses: Hosting trading competition during specific periods, offering additional points based on users' transaction frequency and volume. For example, doubling points during specific timeframes encourages users to engage in more transactions. The system can automatically upgrade users' point levels once they reach a certain number of transactions, providing higher bonus coefficients for frequent traders.

• Group Trading: Group trading: Users can team up with friends, and when the group's total trading volume reaches a certain threshold, the group will earn extra points or coefficient bonuses.

These strategies not only diversify the gameplay of the project's points system but also effectively incentivize and engage users in various on-chain activities.

Cultivate User Interaction Habits

To cultivate user interaction habits and improve retention rates, it's essential for users to develop a habit of using the product regularly. Habit formation is based on frequency, but how many interactions does it take for users to form a habit?

• Successful projects historically focus on encouraging users to use their products daily:

• Centralized exchanges host continuous trading competitions.

• Layer 1/Layer 2 projects actively support their ecosystems by integrating more dApps, encouraging users to explore their ecosystems.

• dApps continuously expand their reach and influence.

• …

In TaskOn Community's task templates, there's a critical task setting option: Recurrence. When setting up community tasks, administrators can specify how often community members should complete these tasks—options include Once, Daily, Weekly, and Monthly. Once set, tasks refresh automatically without needing repetitive manual actions.

User Experience Optimization

To promote transaction activities and enhance Transaction data, it's crucial not only to incentivize users through a reward mechanism but also to optimize their transaction experience by streamlining steps and reducing costs:

Optimizing Transaction Experience

Optimizing transaction experience is pivotal in boosting user engagement. By simplifying and enhancing the transaction process, users can complete transactions more conveniently, reducing frustration and attrition caused by complex operations.

Simplifying Transaction Steps

• Clear interface design: Create an intuitive and user-friendly interface where users can easily find necessary functions and information. Ensure that the transaction page is clean and straightforward, with critical operations clearly visible.

• Single-step transaction flow: Condense complex transaction steps into a single operation, minimizing the clicks and form filling required from users. For instance, pre-fill common information, auto-detect and fill addresses.

• Swift settlement and confirmation: Optimize transaction confirmation and settlement processes to ensure transactions are confirmed and completed in the shortest possible time, reducing user wait times.

Providing Transaction Guidelines

• New user guidance: Offer detailed transaction guides and operational demos for new users to quickly familiarize themselves with the transaction process. This can be achieved through video tutorials, guided modes, etc.

• Real-time customer support: Provide real-time online customer support to address any issues users encounter during transactions, ensuring smooth transaction completion. If real-time support isn't feasible, provide a contact channel where users can submit issues, with a commitment to timely responses.

Reducing Transaction Costs

Reducing costs incurred during transactions can increase user willingness to engage and their overall activity level.

• Gas fee refunds: Implement a mechanism to refund a certain percentage of the gas fees users pay during transactions, thereby lowering their actual transaction costs. Refunds can be in the form of points or tokens, enhancing user satisfaction.

• Transaction subsidies: Offer transaction fee subsidies during specific periods or under specific conditions. For example, new users could receive full or partial gas fee subsidies during their initial transactions, encouraging more users to participate in transactions.

The key to driving successful Transactions lies in establishing effective customer acquisition channels, achieving high conversion rates, and building a sustainable reward system to cultivate user habits. By lowering transaction barriers and enhancing transaction efficiency, we can attract more users and increase their participation and satisfaction. These measures not only contribute to the growth of on-chain data for projects but also lay a solid foundation for the healthy and sustainable development of Web3 projects.

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