Constructing and Cultivating a Vibrant Community for a DeFi Project

Project Overview

In late 2022, a disruptive DeFi company sought Red Souk’s expertise to lay the foundation for a robust and active community, a critical element for any emerging project in the decentralized finance space. The firm needed to establish a thriving Discord Server, create a feedback mechanism, institute a tester program, train AI bot support, and much more, all while ensuring seamless user engagement and growth.

Problem Statement

The DeFi company was facing two primary challenges: the need to build an engaging and secure community from scratch and the requirement to implement mechanisms for feedback, customer support, and consistent user growth. As a start-up in a complex and competitive environment, they needed a partner with an in-depth understanding of the industry and a proven track record of community building.

Approach and Strategy

Building the Discord Server: Red Souk created a tailored Discord server, featuring channels specific to the client’s needs. They integrated plugins to enable a unique ecosystem for the company’s token holders and implemented a customer support mechanism with a process-oriented approach.

Feedback Strategy and Tester Program: The team instituted a structured feedback system, assigning roles based on the level of feedback provided. Furthermore, they built a community-driven tester program to enable Quality Assurance by the community itself.

Moderator and Ambassador Program: Knowing the importance of long-term community management, Red Souk established a program with key moderators and a supportive ambassador program underneath them, which they were entrusted to manage.

AI Bot Support: To address specific queries, an AI bot was embedded into the system and trained using extensive documentation, enabling it to provide swift and accurate responses to users.

Metaverse Space: In a novel move, Red Souk created a bespoke space in the metaverse, allowing the DeFi company to host a range of events, from game nights to Ask-Me-Anything sessions.
User Acquisition and Retention: The team drove user growth through strategic partnership NFT giveaways, Easter egg hunts, and AMAs. The ‘alpha’ opportunities in ecosystem channels and a tipping structure rewarding positive behaviour and active event participation helped ensure user stickiness.

Community Forum and Governance Structure: Red Souk also constructed a bespoke forum for the DeFi project, which soon became the nucleus for community input on niche changes in the protocol. This step played a crucial role in paving the way for a solid governance structure.

Conclusion

By creating a symbiotic relationship between the forum and the Discord server, Red Souk cultivated a dynamic and engaged community with little to no drop-off. The DeFi company’s community members now actively test and provide feedback on the product, and a consistent user feedback pipeline to the product team has been established. Through Red Souk’s efforts, the DeFi company’s community has become an essential part of their product evolution and growth journey.