Introduction & Domains of Operation:
Over the past nine months, The Beethoven X DAO has strived to play a pivotal role in strengthening Balancer’s presence and influence within DeFi.
Our journey commenced in April 2023 when we assumed the role of a dedicated Service Provider, initially focusing on technical support as outlined in BIP-254.
In response to the evolving landscape and the departure of Orb Co, The Beethoven X DAO transitioned to bolster Balancer’s marketing efforts, originally undertaken by Orb Co.This strategic shift prompted modifications to BIP-254, expanding its scope to include marketing responsibilities.
The subsequent introduction of BIP-314 clearly defined the nuanced parameters for the services provided by the Beethoven X DAO, distinctly categorising them into technical and marketing domains.
The implementation of BIP-394 marked the adoption of a more refined marketing strategy, aiming to build upon the foundation laid over the preceding three months. From August 1, 2023, to December 31, 2023, a concentrated effort has been made to amplify Balancer’s presence across social media, highlight various growth pillars central to Balancer’s Product-Market-Fit (PMF), continued brand development, and the development of long-term initiatives, aiming for a robust and enduring impact for the Balancer ecosystem.
Additionally, with the imminent launch of Balancer V3, substantial efforts have been directed towards planning a successful Go-to-Market (G2M) campaign and ensuring an impactful release at the beginning of Q2 24’.
As the current funding period under BIP-394 draws to a close, this proposal seeks an extension of funding exclusively for the continuation of marketing services from January 1, 2024, to June 30, 2024.
The subsequent sections will delve into the key objectives and success metrics guiding our past endeavours as well as highlight future goals.
Key Objectives & Success Metrics
Over the last 5 months, our primary objective in marketing has been to position the Balancer ecosystem as a leading force at the forefront of DeFi innovation. Our strategic focus involves the creation of high-quality educational content on core technology, the cultivation of a robust community, and the amalgamation of a captivating visual identity with an approachable brand voice to reinforce the Balancer vision.
Our approach revolves around a synergistic relationship between users and diverse content forms to sustain and amplify engagement. For an in-depth exploration of our philosophy and marketing strategy, please refer to the following post.
To achieve this goal we have focused our energy on the following areas:
- Social Media
- Core Growth Pillars
Below we have outlined the intention for these initiatives with relevant KPIs for their measurement/success.
Social Media: Social Media (X), plays a pivotal role in Balancer’s branding and outreach strategy. As the primary platform for showcasing Balancer’s content, Twitter serves as a critical avenue for communicating our brand narrative, educating users on our key products and maintaining a direct line of connection with our audience.
Our social media growth strategy for Balancer encompasses several pivotal elements. We prioritize the creation of consistent content aligned with Balancer’s core growth pillars, emphasizing simplicity and educational value. We actively cultivate partnerships to broaden our network impact, refining our visual identity and voice for a cohesive brand representation. Additionally, our engagement extends to community initiatives (AMAs etc.), fostering increased participation and interaction within the Balancer community.
Content: Content serves as the linchpin for our entire communication strategy, permeating most aspects of our brand marketing and establishing the overarching tone for the ecosystem. As such a major focus is to deliver high-quality content to our users in a clear and easily digestible manner. Ranginng from individual tweets, to more detailed threads and educational articles we have curated a wide variety of content to dynamically showcase the nuances to both the Balancer ecosystem and its technology.
Below is a sample of the various types of content produced over the past 6 months:
For an updated library of Balancer content plese see the following link.
Community Contributors: In addition to core content the contributions from the community contributors have continued to drive significant value for the Balancer ecosystem with weekly Balancer Reports, Gauge Updates, and the staked ETH animations.
For a list of all community contributor content please see the following content library.
KPIs / Data Analysis
(Analytics for April 1 - Dec 04).
The overall number of followers has increased by 8.7%, for a cumulative total of 1151.86K. The number of impressions has increased by 78%, totalling 6,402,075. Tweet engagement also saw an increase of 106% with a total of 72,128, while the total number of profile clicks was up 99.5% with 21,038.
Overview: From April 01, 2023, to Dec 04, 2023, Balancer has seen significant progress in key social media metrics, reflecting positive impacts on the brand’s online presence and engagement.
Social Media Growth: The total followers increased by 8.7%, reaching 1151.86K, showcasing consistent community expansion. Impressions increased by 78% to 6,402,075, indicating a broader reach and increased visibility on X (Twitter).
Engagement Metrics: Tweet engagement increased by 106% to 72,128, highlighting heightened audience interaction. Profile clicks rose by 99.5% to 21,038, signalling a growing interest in exploring the Balancer profile and the brand.
General Trend: A consistent positive trend in Balancer’s social media performance is evident, with collective growth in followers, impressions, and engagement metrics. This suggests an expanding and more engaged audience, affirming the effectiveness of SP-led marketing efforts in elevating Balancer’s visibility in the DeFi landscape.
Outliers: During August and September, two notable exploits impacted the Balancer protocol, causing a spike in activity. This reflected hyper inflated reactions related to the exploits.
Conclusion: The cumulative increase in followers, impressions, and engagement metrics underscores the success of our marketing goals during the SP role. This positive trajectory affirms that implemented strategies have effectively contributed to Balancer’s growth and engagement on social media platforms, solidifying its relevance in the ecosystem.
Core Growth Pillars
In collaboration with the BD team, it was apparent early on that targeting marketing efforts towards the most important areas defining Balancer’s PMF was going to be crucial to long term success. To measure efforts in this regard we have identified key core growth pillars that are critical to the success of Balancer’s ecosystem. These pillars are:
- Liquid staked tokens (LSTs) / Boosted Pools
- Building on Balancer
- Ecosystem Growth
To promote the development of each of these core growth pillars the following strategies have been implemented:
8020: We have concentrated our marketing endeavours on showcasing the advantages of the 8020 model. Additionally, we’ve introduced an 8020 partnership initiative, aiming to highlight successful case studies, collaborate on co-marketing initiatives, and develop an educational resource pack. Our goal has been to provide users with valuable insights into the benefits of the 8020 approach.
- Qi Dao Case Study
- ParaSwap Case Study
Radiant Case Study
- 8020 Initiative Article
- 8020 Partnership Pack
- 8020 Dashboard
There are currently 20+ protocols that have successfully onboarded into the 8020 with more planned for the near future.
LSTs / Boosted Pools: With the growing importance of interest bearing assets, Balancer’s cutting-edge technology is instrumental in supporting LSTs. To magnify it’s unique PMF we have focused content to highlights the unique features that distinguish Balancer, emphasising its role in hosting and facilitating the growth of LSTs within DeFi.
Building on Balancer: More than a DEX Balancer offers a clear proposition as a programmable base layer for developers. It has become the backbone for numerous successful projects, streamlining development and unlocking innovation. To amplify this capability we have focused on educating users on the numerous benefits Balancer provides.
Ecosystem Growth: Balancer plays a pivotal role in fostering growth across diverse verticals. Whether it’s expanding into new ecosystems, facilitating the liquidity growth of supported protocols, or empowering developers to innovate new primitives, our strategic marketing efforts have centred on spotlighting these invaluable benefits.
Since the Milan Onsite in early October, a significant portion of time has been dedicated towards the planning and execution of a larger G2M campaign for the launch of Balancer 3.
To maintain consistent momentum for the V3 campaign the G2M strategy has been structured into three distinct phases:
Phase 1: Unveiling V3 (Nov - 31 Dec)
Phase 2: Pre-Launch (01 Jan - 17 Mar)
Phase 3: Launch (18 Mar - May)
Currently, we’re moving through the end of Phase 1 with the official unveiling of V3 now behind us. Below, we’ve outlined the key tasks.
Phase 1: Over the course of phase 1 our priorities were set on creating the foundations necessary for a successful start to the V3 campaign. This included:
- BD Notion Partner Pack
- BD Partner Outreach
- Teaser Campaign
- Public Announcement and PR
- Finalise G2M Campaign
Here’s a brief summary on each key action items:
BD Notion Pack: This involved creating a notion pack that highlights all of the major technical innovations for Balancer V3.
BD Partner Outreach: With the Notion Pack complete, the next step was to build rapport and foster synergy with key partners through in-person calls to inform them about V3 and explore collaboration opportunities / co-marketing.
Teaser Campaign: With V3 set for a public unveiling at the beginning of Dec, we set about curating content and coordinating with key partners to ensure a successful release.
Public Announcement and PR: Aiming to create general awareness about V3 without revealing full technical details, we focused efforts on building hype for the unveil through a launch article. To amplify this launch we co-marketed with key players in the ecosystem.
Finalising G2M Campaign: Fine-tuning details for the larger G2M strategy, including ad campaigns, visual direction, roadmaps, partner relationships and press release.
Phase 2 & 3: As we embark on the successful first leg of our journey, the road ahead in phases 2 and 3 requires dedicated efforts to maintain the V3 momentum. Our overarching objective is to meticulously showcase the technical innovations of V3 through an in-depth exploration series, establishing robust partnerships for a united launch and fostering collaboration in BD. Additionally, we plan to refine our PR strategy for optimal coverage, launch diverse ad campaigns and community initiatives to generate excitement and enhance engagement. Education will remain a central theme and we plan to release various forms of educational content to make sure all user demographics are fully informed on the benefits and innovations of Balancer V3. To elevate our branding efforts across the board, we’re committed to up-skilling our design department, ensuring that we have a competitive edge in our visual identity/branding efforts.
There’s still much to be done, but we’re ready to embrace the challenges ahead and we are focused on making sure Balancer is well-positioned for a groundbreaking and successful V3 launch, solidifying its status as a pioneering force in the DeFi.
Security Incidents: Q3 presented challenges for the Balancer ecosystem, marked by two significant security breaches. During this period, our primary marketing focus shifted towards providing ample space and attention to effectively communicate about the linear pool vulnerability / DNS exploit. In an effort to foster trust and transparency, we temporarily adjusted our regular content schedule, prioritising relevant communications on social media channels related to the security incidents.
These incidents have served as invaluable learning experiences for our marketing team. The challenges posed by the exploits have reinforced the importance of adaptability and responsiveness in our communication strategy. This period of intense focus on addressing vulnerabilities has not only strengthened our crisis management capabilities but has also deepened our commitment to building trust and transparency within the Balancer community. Moving forward, these learnings will fortify our marketing team, ensuring we are well-prepared to handle unexpected challenges and to maintain an unwavering commitment to open communication.
Supplementary Funding Update: Over the course of our SP contract, the requested supplementary budget of up to $5000 USDC per month in BIP-394 for external marketing services (animations, design, content, etc.) was established in response to the discontinuation of Coordinape funding. This reserve was intended as a buffer to temporarily augment service output or engage external expertise as needed. However, to date, there has been no necessity to utilise this potential reserve.
Length of Engagement & Budget:
For the services described above, we are requesting an extension of the current funding outlined in [BIP-394] of $30K USDC / month for marketing-related services for the period of January 1, 2024, until June 30, 2024.
Our marketing efforts consist of 2 FT contributors working at 100% as well as 2/3 PT contributors working at 25-50%. As our team is small, our contributors work across several disciplines; Jedi and Naly (FT) work on the overall marketing strategy, content curation, and social media management. Vee (PT) works on brand development and visual design. Skly (PT) specialises in smart contract development and assists with technically focused articles. Jeff (PT) works on BD and partnership coordination.
Additionally, outside of the active contributions this month, the Beethoven X DAO has access to several contributors whose expertise ranges from financial accountants, quantitative analysts, and engineers to DeFi social scientists with PhDs that we will tap into as and when needed, all scoped within the above budget.
These funds will be used solely to cover contributor salaries and as such we request that this amount be made available in a liquid form.
If approved, $30,000 USDC would be sent to the below ETH address around the first of each month.
ETH Address to Receive Funds: 0x811912c19eEF91b9Dc3cA52fc426590cFB84FC86
Moreover, we propose the continuation of a potential for a supplementary budget of up to $5000 USDC per month dedicated to financing external marketing services (animations, design, content, etc.), to be administered by the Balancer DAO. This allocation would be invoked solely on an as-needed basis, adhering to a maximum cap of $5000 USDC for any given month, with all expenditures meticulously documented in a monthly budget breakdown. The envisaged application of this budget aligns strategically with the significant V3 launch in Q2 2024, offering a valuable resource to maximise the effectiveness of our G2M strategy. In the event we need to cover costs larger than that stipulated in the buffer budget for marketing efforts around the V3 launch, a separate proposal to the Balancer DAO will be made.
In conclusion, the past nine months have seen The Beethoven X DAO actively contribute to enhancing Balancer’s position in the DeFi space. As we navigate these dynamic landscapes, our commitment remains steadfast, and we are poised to overcome future challenges while maintaining an unwavering dedication to transparency, trust, and communication within the Balancer community.
We are honoured and deeply grateful for the opportunity to play a role in Balancer’s success. While we take pride in our accomplishments thus far, we view them as milestones in an ongoing journey of improvement and heightened contribution. Our team maintains a long-term outlook, aspiring to continuously evolve and be the best version in service to Balancer and its community.
As we anticipate the pivotal launch of V3, our determination and commitment are only strengthened. This significant event marks a crucial moment in Balancer’s trajectory, and we are enthusiastic about contributing to its success, further solidifying Balancer’s pioneering role in the DeFi space.