Smartcoin’s innovative take on yield farming has swept the Cryptoverse. Their self-feeding farm on Avalanche has been a viral sensation on Twitter and Telegram for weeks. The selling point- When Total Value locked doubles, APR% doubles as well. Defi veterans and newcomers alike have been enthralled- the marketing machine behind SmartCoin took no steps to hide it’s Ponzi-ish structure.
As one of the most dynamic projects in Defi this year, the SmartCoin team (allegedly a group of academics) has implemented designs that serve as a case study in behavioral psychology in Web 3, an untapped potential application to yield farming.
Upon initial virality and hype around the project, many skeptics anticipated a rugpull. Instead, when TVL reached $40M, the team responded by burning treasury tokens. This is not your typical Defi farm, and SmartCoin is gunning to prove just that. Something is brewing here for the long run, and entertaining the Crypto world in the process.
SMRT Marketing, Psychology, & Innovation
What I find most impressive is the team’s expertise in psychology and advertising. Most Defi projects have little to no concept of effective marketing and consumer experience strategies, while SmartCoin Clear is leading the way with their take on “The Squid Games” of crypto.
Average defi protocols succumb to issues creating a brand with dozens of competitors and forked projects across numerous blockchains. The engagement is passive instead of active. The Web sites aren’t user friendly. They struggle to acquire and maintain investor confidence with poor marketing.
SmartCoin, on the other hand, has been blowing the competition out of the water. They are the most popular coin on Avalanche for a reason. Their marketing budget is being funneled back to the community through innovating yield farm protocols, massive meme competitions, and viral marketing bounties to the community.
The homepage is user-friendly and clean, with a minimalistic theme. The eye-catching portfolio gains, progress bar for shared community goals, and the APR doubling progress stand out clearly to get investors glued to the screen. What stands out most, however, are their promotional videos.
Once again showing their mastery of human psychology, a British narrator confidently explains the mechanics of SmartCoin in a very easy to understand manner. This production value is rarely seen in Crypto, and highlights that the brains behind SmartCoin understand tokenomics and conversion rates. The network effect of word-of-mouth marketing is in full swing here, with active wallets reaching 7,000 in a matter of weeks.
The hype extends beyond the general public and the higher rungs of the Avalanche DeFi community. SmartCoin’s Twitter account (@0xSmartCoin) has several key followers, including AVALabs DeFi Director Luigi D’Onorio DeMeo, @Cryptofishx, Co-Founder of Trader Joe (Avalanche’s largest DEX), @AVAXtr (Avalanche’s Turkish Twitter account), and Zhu Su, CEO Three Arrows Capital and AVAX bull.
It is usual for founders in DeFi to remain anonymous. They do not want their names to be associated with this kind of project because it is automatically assumed that they are wealthy.
The case is no different here. The people behind SmartCoin are anonymous, especially in markets with where investors may suffer large losses or realize massive gains. Twitter has speculated based on tweets from SmartCoin that the founders may be successful and wealthy individuals from the public sector. They are however not completely in the shadows. The team has disclosed their identity to RugDoctor.io, a service that attempts to build trust between Crypto project founders and investors.
They have also hinted on Twitter that one of their founders is a Harvard professor. The tweet says that he was the first to work on the project, and devised the thesis’ and spreadsheet by himself.
The Avalanche Conspiracy
When SmartCoin was launched, some declared it a rug because doubling APR as total value locked doubles may not work in the long run.
The team has not rugged the project despite having a large and impressive total value locked ($35 Million).
If the Avalanche team was trully behind SmartCoin, why would they rug their own project that is bringing them such attention?
What if the Avalanche team decided to launch SmartCoin as a way to do just that? They would certainly have fulfilled their goal, as they recently hit an all-time high in users, wallets, and price.
SmartCoin developers, founders, and the marketing team have made it a successful project by using intelligent tactics to orchestrate a powerful DeFi project that has gone viral across crypto. That is the reason why it has such a massive following.