DUBAI, UAE / ACCESSWIRE / October 6, 2023 / In 2021, as the euphoria of the bull market reached its zenith, perceptive minds were already raising questions reminiscent of searching for needles in haystacks: When would the bull market peak, and when would the bear market descend? Of course, there were optimistic participants who believed the bull run would continue indefinitely. In hindsight, while these assessments may have sounded hyperbolic, they were not entirely baseless. The driving force behind it all was the influx of "hot money" that seemed unceasing at the time. Capital from around the world was vying for a piece of the cryptocurrency industry pie. Even a relatively inexperienced investor remarked, "We have more projects in our portfolio than we can count." It was already late 2021, yet the optimism prevailed.
Fast forward to the first half of 2023, and the same investor's outlook had changed significantly. He revealed that most of the projects he had previously invested in had ceased operations, and they hadn't ventured into new cryptocurrency investments for nearly a year. Traditional capital was making a hasty exit, and the trust of players had waned, with many steering clear of the cryptocurrency sector. The chilling winter had arrived, and no one within the cryptocurrency community could evade its grasp. The once seemingly limitless flow of "hot money" had either evaporated or been trapped. Almost daily, headlines proclaimed the cessation or pivoting of cryptocurrency projects. For instance, in mid-2023, the prominent Chinese cryptocurrency platform, 8btc, announced a strategic shift away from cryptocurrencies, embracing the realm of artificial intelligence. Smaller projects, even more, had to concede defeat, announcing their shutdowns. Informed observers undoubtedly noticed this trend, as some cryptocurrency influencers on Twitter began cataloging projects that couldn't withstand the bear market's pressures.
So, is there no lifeline for emerging projects during the depths of the bear market? In actuality, there is hope. Many projects have found ways to not just survive but thrive in these challenging conditions. This article uses L7Dex as a prime example to illustrate how emerging projects can leverage their strengths to weather the bear market.
I. Properly Naming the Product
In a bear market, the scarcest resource isn't necessarily capital; it's the trust of the public in the project. In today's environment, gaining the approval and following of the masses is vital for the sustained development of any project. Take L7Dex, for instance. This project starts with its product and engages with users through various avenues to build trust and drive product advancement.
L7Dex, still in its early stages of development, has chosen transparency as its mantra. It openly shares its product progress and future plans on a multitude of prominent websites. Simultaneously, it engages in insightful, in-depth discussions about its product and technology with communities worldwide. Those interested can actively participate in these endeavors through L7Dex's official Twitter account or community groups.
As a decentralized perpetual contract platform, L7Dex employs the relatively advanced "PVP-AMM" trading model. This innovative technology may be unfamiliar to most users. Therefore, L7Dex never ceases in its promotional efforts and collaborative activities to elucidate the underlying logic of its product. For example, in recent days, Huobi Academy hosted a dedicated SPACE event for it, while Binance Daily published articles delving into related products and their technical principles.
Of course, while promotion and communication are crucial, the product's actual development and output take center stage. Currently, various official channels provide comprehensive L7Dex -related content and detailed analyses. Based on official information, the smart contract product is scheduled for an official release in the fourth quarter of 2023, with testing well underway.
II. Mobilizing the Community Strength
Built around the product, it has formed a sizable community of enthusiasts and supporters. According to official data analysis, L7Dex has currently established communities and nodes in more than seventy countries and regions worldwide.
Managing such a vast community necessitates meticulous attention. Community governance and development have been tiered to match users' habits and their degree of interest in the project:
1. Mass Media Tier
This segment represents the largest user base, but their engagement and interest in the project tend to be relatively low. Most of these users are primarily active on platforms like Twitter and Telegram groups. They often participate in various project-related events and giveaways, primarily attracted by the incentives offered by L7Dex.
2. Enthusiast Community
Within this group of users, a growing interest in the project is apparent. In L7Dex's community, we can readily spot numerous users spontaneously initiating MEME creations about L7Dex in the Discord channel. These users, valuable fountains of inspiration for any project, are evidently a cherished asset. Furthermore, official materials frequently feature traces of content crafted by the community.
Simultaneously, we observe a surge in users who provide context-specific or distinctly personalized ideas and opinions concerning the project's development. In recognition of their contributions, L7Dex has thoughtfully established a dedicated page and often extends special rewards to these individuals.
3. Project Builders
In line with the ethos of Web3, contributions yield rewards - this is the fundamental driving force behind most community initiatives. L7Dex has made notable strides in this regard, with dedicated efforts and meaningful achievements.
In the development journey of L7Dex, project builders have participated in various capacities, such as nodes or forming communities, providing crucial early support for the project.
Users who hold an optimistic outlook for L7Dex's future have acquired various NFTs available through public platforms. They've become nodes and have actively contributed to the project's development. Different levels of NFTs offer varying future income opportunities, including:
For most users already holding NFTs, the first four functions have already been fully or partially realized. According to data from CMC and various data platforms, L7Dex's platform token, LSD, has been listed on mainstream exchanges such as MEXC and Huobi. Consequently, users who possess NFTs can employ these channels to monetize their LSD holdings or participate in project governance, thereby gaining access to more anticipated future rewards.Fulfilling users' and the community's expectations is one of the key factors enabling L7Dex to attract more community attention and followers. After the official launch of the product in the fourth quarter of this year, additional channels will be available for incorporating NFT rights, further rewarding early supporters of L7Dex's development.
III. Cultivating Brand Authority
Apart from securing support from global nodes and major platforms, L7Dex has placed considerable emphasis on building its platform branding. The goal is to achieve broad information dissemination and deepen user engagement while forging partnerships with other projects. In addition to the previously mentioned reports from Huobi and Binance, content related to L7Dex has appeared on various levels of cryptocurrency media portals worldwide. These articles provide comprehensive analyses of the project from multiple angles.
Here's a small suggestion for L7Dex: Consider aggregating this content on the platform's website. This move would undoubtedly save users a significant amount of time in searching for information and further contribute to establishing a comprehensive brand image.
While expanding its presence in the media, L7Dex has entered into unique collaborations with projects spanning different directions. These partnerships include technical and investment-related cooperation with major public chains to advance future product cross-chain plans. L7Dex has also partnered with major exchanges and market makers to ensure that the platform's assets have ample liquidity and value endorsement. Moreover, it has engaged in collaborations with various high-quality Web3 projects, laying the groundwork for future Farm and IEO development.
Of course, the product is still in development, and the launch of IEOs will take time. If L7Dex's plans materialize, it could be a boon for other projects grappling with the challenges of the deep bear market. After all, most projects currently struggling face difficulties in securing both funding and user traffic. L7Dex's project partnerships and IEO development can provide much-needed liquidity and high-quality user traffic to the market
Steady Progress, Elevating the Market
Viewed from the perspective of L7Dex, it presently boasts a large and highly-engaged community while garnering attention and support from various platforms and projects. With a measured approach, the rollout of products aligned with market expectations, and a focus on brand building, L7Dex can confidently navigate the bear market.
Naturally, the bear market's duration remains uncertain, and the timing of its end remains unknown. It might be precisely this resistance to the prevailing "uncertainty" that has prompted L7Dex to view community sharing and IEO development as pivotal stages in its journey. Therefore, let's maintain an optimistic outlook on both L7Dex and the market's future. Can L7Dex continue to execute its platform development meticulously, as outlined in its plans, and provide support to other projects enduring the bear market, ultimately contributing to the growth of the entire Web3 ecosystem?
Ultimately, whether to prioritize self-preservation or contribute to the greater good is indeed a dilemma. However, in the midst of this harsh winter, coming together for warmth might just be the path to await the arrival of spring's blossoms more comfortably.
Website: https://www.l7dex.finance/
Twitter: https://twitter.com/L7_DEX
Telegram: https://t.me/L7DEX_Official
Discord: https://discord.gg/l7dex
Media Contact
Company Name: L7 Labs
Contact Person: Lucas
Email: bd@l7dex.finanace
Website: https://www.l7dex.finance/
SOURCE: L7 Labs