CoinList Survey of Testnet Participants Shines Light on How Incentivized Testnets Should Be Shaped

Survey of over 500 follows CoinList's recent testnet experience with ZetaChain, bitsCrunch, and Powerloom - highlighting participant preferences for task-based reward formats and longer-term initiatives.

SAN FRANCISCO, Oct. 26, 2023 /PRNewswire/ -- CoinList, the leading crypto launchpad and exchange that provides access to cutting-edge and established crypto assets, recently conducted a survey of over 500 validators and testnet participants to gain insight into their preferences and inform their future initiatives.

Testing crypto products and protocols requires active community participation and ensures that projects can test new tooling, experiences and services in a lower-risk environment ahead of their eventual launch. While those established in crypto can draw upon their existing communities to take part in these tests, early-stage startups must go to additional lengths to promote community involvement and find the right participants to battle-test their network or product. CoinList's survey was carried out with the aim of identifying the most successful methods of driving early participation as well as targeting early adopters with the right expertise.

Of the 500 people surveyed, almost half (47.9%) unsurprisingly said that the amount of rewards available was the primary driver for them to participate, while 34.2% pointed to engaging with an interesting or exciting project as their main motivation.

The survey also found that more than two-thirds (67.5%) of respondents preferred task-based reward formats, where users are rewarded for the completion of specific tasks, rather than a performance-based system where users compete against each other.

CoinList helps projects source, vet, and reward testnet participants all in one place, and has helped some of the best teams in crypto, including Solana, Filecoin, and Celo, launch their testnets and grow their communities. Recently, the company partnered with ZetaChain, a Layer-1 blockchain which closed a $27M equity round in August, to secure participants for the project's incentivized testnet.

Speaking about his experience of engaging with CoinList, Brandon Truong, Core Product Contributor at ZetaChain, said, "Working with CoinList allowed us to plug into their community of crypto natives to reach more than a thousand experienced validators from diverse geographical regions within the span of a week. CoinList also provided KYC/AML services, enabling us to compliantly manage and onboard participants with minimal friction while preventing sybil attacks and spam that we saw with other solutions."

The survey results also dispel common myths, such as the misconception that network participants will be put off by longer-term initiatives, with 36% stating that they would be prepared to enter a project for 6+ months, while only 7.4% said they would spend a max of one month on a project.

CoinList also recently partnered with bitsCrunch, an AI-powered decentralized NFT data platform. Less than 1 month after the program launch, over 20,000 unique wallets have been connected to help test real-world scenarios and interactions on the protocol as it progresses towards mainnet, generating 5M+ impressions.

Commenting, Gopi Kannappan, Co-Founder & CPO at bitsCrunch, said, "Choosing CoinList as our strategic partner for the launch and onboarding of the bitsCrunch testnet was a pivotal decision in our journey. From the earliest stages of preparation to the final execution, CoinList's unwavering commitment to excellence and profound industry knowledge was evident. This collaboration was instrumental in the successful acquisition of over 26,000 wallets for our testnet. For bitsCrunch, CoinList has been the cornerstone of our testnet's success."

Raghav Gulati, CEO at CoinList said, "User acquisition in crypto is extremely difficult, especially when you're trying to attract passionate and knowledgeable crypto enthusiasts to stress-test your network or product pre-launch. Add to that the nuances around testnet participation, where reward systems should be thoughtfully designed to attract high-value users – that's where CoinList comes in. Through our testnet offering, we provide builders in crypto with access to validators, developers, and early adopters with a track record of contributing to top protocols like Solana, Filecoin, Sui, Celo, and ZetaChain."

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Anna Ryan
Senior Consultant, Wachsman
E: CoinList@Wachsman.com 

About CoinList

CoinList is a leading crypto launchpad and exchange that provides access to cutting-edge and established crypto assets. Our mission is to empower crypto builders at any stage in their journey and connect them with high-quality early adopters. Since 2017, CoinList has become the global leader in community growth, helping blue chip projects like Filecoin, Solana, Celo, Algorand, Dapper, and others connect with hundreds of thousands of new token holders. CoinList has expanded to support the full crypto lifecycle, from community sales through token distribution, trading, and staking. Visit coinlist.co for the latest testnets, sales, and other offers.