Copying The Leofinance Model

in LeoFinance7 months ago

By now, most everyone on Hive is aware of the success that Leofinance is having. The website is active and the token is shooting up. This is obviously something that every application is seeking.

Yet, we find that most are failing. They have not gained any traction and seem to be withering away. This is what makes Leofinance stand out; the fact that it is one of the fear applications on Hive having some success (especially among the tribes).

What is secret to the success? Here we are going to review the formula used to see if it can be duplicated.

At present, Hive is a thriving community. Last count there were over 450 people posting from the front in (over the last month). Of course, that wasn't always the case.

Here is the chart from the latest @leo.stats post.


Source

As we can see, after the switch over to Hive, the usage dropped. Even before that, the user level was nowhere hear what it is now.

Thus, we saw a community that great, not only in number, but also activity. Over time, the users became more committed and got involved.

We saw a report from @abh12345 yesterday that analyzed the number of comments being made from each front end. Here is a chart from that post.


Source

The key thing to note here is the other front ends are much older than Leofinance (with the exception of Hive.blog although that basically replaced steemit.com).

Development Is Key

Throughout the entire process, the Leofinance team has been developing. One of the biggest moves was creating their own UI from the ground up. This got them away from Condenser providing greater flexibility. Also, the team kept producing no matter what was going on. The updates were consistent and frequent. Users could literally chart what was happening.

They also got involved in cross chain applications by developing wLEO. While it was unfortunately hacked, it did provide the basis for a great deal of information which is enabling the team to put together a second, more secure version of that.

The point is that none of what Leofinance did can not be duplicated. Why are other tribes not taking off? When we visit their website, they still look exactly the same as the day they were released. Without any development, how is the user base going to get excited. When things appear to be not moving anywhere, people move on.

Passion

It is easy to look at the situation now and simply proclaim that the Leo users are a bunch of passionate people. Certainly, that is true as the numbers grew yet it was not always that way. A year ago, there was a small handful of us who were dedicated to Leofinance and actively involved. Other were simply tagging the site to get a few extra tokens.

However, the lesson from this is how it does not take a large group to have an enormous impact. Even today, we are still talking about a user base that is less than 10% the size of Splinterlands. Leofinance did not become successful because of thousands of passionate monthly active users. At one point, it was in the dozens.

It is here that we see the path forward for Hive. The financial market is obviously a large one, yet it is still a niche. On here, we use the term "communities" to denote this concept. Many, including myself, believe this is the future of digital and virtual activities. As more powerful technology is in the hands of people, the push idea of distribution is going to dwindle. People will form their own following which is where individual will gravitate towards.

While finance and cryptocurrency is something that many are interested in, there are even more people who are not. That is alright since it is a particular niche. However, it is easy to see how this is not something where the most passion lies.

Here is an idea: what about a community for one of the most successful football (soccer) teams in the world? We know fans are rabid in their support and dedication. What would it look like if a dozen Manchester United or Real Madrid fans, as an example, got together to set up a community on Hive. They could follow a similar process as Leofinance. If they developed their website to cater to the needs of that community, all while providing the opportunity to "monetize their fandom" through tokenization, how would that change things?

Now, if you will, take that concept across many fanbases in different sports. There are hundreds of millions of fans who are passionate about their particular clubs, both professional and collegiate. Can you imagine the number of comments resulting from a back and forth between an Ohio State fan on a Michigan post?

leo.png

Who wouldn't want a chart that looks like this? Here is what the last two months of LEO looks like. Obviously, a 4x is going to bode well for any token holder. Yet, as we see, there is a lot more going on here than a simple pump.

A lot of effort went into achieving these results. Fortunately for all involved, a lot more is being done to hopefully replicate this move again over time.

The main point is that this can be duplicated by other tribes. Instead of focusing upon the token price, concentrate the efforts on building and growing. This is what is required.

Many are down on Hive while pointing to the success of Leofinance. The reality is that the activity on Leofinance all ends up on Hive. Hence, it is feeding into the success of that platform too.

Then how come things aren't moving on Hive like we see with Leofinance? The answer is simply the difference between a Sea-Doo and an oil tanker. One is much bigger.

That said, what if there were a couple dozen projects on Hive that mirrored what is taking place with Leofinance? What if there were different sports teams each with their own tribe? Perhaps we could see major colleges, focusing upon their teams? Dare I say, we could have political leanings where people could discuss all things related to politicians? How about a community where fans of the leading television programs can assemble to discuss the latest episode?

And the best part of this, all of those can be monetized.

Of course, it is not going to happen on its own. It takes a small group of people dedicated to making it done. There needs to be some technical capabilities involved, obviously, to develop things. Nevertheless, as Leofinance is proving, the payoff is there.

In the end, Leofinance is acting as a proof-of-concept. It shows that ideas from the past were valid, they just were not fully exploded. Many ask why would anyone develop on Hive. Part of that answer is contained in the success we are already seeing.

Having a successful system to follow really helps things along. Individuals and groups only need to get together, determine the niche of their passion, and get to work.

We now are aware of what the results can be.


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I wish Hive would change their curation like LeoFinance did!

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Who knows, if we keep pushing towards that direction things could change..

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Good post man and I agree that LEO is a prime example to emulate. However I wouldn't be jumping the gun thinking that Hive could cater to established fanbases out of the box.

What I would believe would make that boom by guaranteeing highest user retention would be to integrate their already utilized membership credentials/details as account creation/logins. Even if those users are going to have email, the superior way is to use what their own fanbase utilises. So that they can transition seamlessly.

The other important thing is how those users are kept on Hive and how they stay connected to their network. I would never onboard masses and tell them to download discord for that. It completely paints the Hive platform as unfinished and inferior. So a robust chat and contacts system here is a must (not so easy to code) since I would only see that as a mobile app to be taken seriously (not the beechat way to peg it to a website or frontend).

Until these two fundamentals are part of Hive then I don't think just copying LEO will be enough because LEO is full of ALREADY CRYPTO heads so naturally they're here for good reason and are OK with discord communications and also that 'sign in with metamask' is seamlessly to them. Outside communities however won't be that committed or knowledgeable so they won't be ok with that fragmentation.

Once Hive has those tools at the ready, then definitely LEO can be mirrored and for a fee, LEO could even offer it as a setup service. Time to get serious on those missing elements as the heads moving Hive forward though. Without a toolset by the base chain, LEO might just be the exception and Hive destined to fade away into obscurity.

Well we don't know, but for comment lovers like me, this is a great opportunity to give and receive feedback on financial matters.
Well one of my favorite tribes is natural medicine and food, but as you say they are still the same although they have a fantastic niche an enviable niche that anyone would want to read and learn about but there is no development there, imagine that they add metamask to those two communities that are I would say very important too and those if they add a lot of value, it would be a great hit.
Who does not adore good food or know about plants that heal knowing how things are in terms of saving, with many people losing their jobs, that would represent a final relief, just like making fantastic recipes at home with simple ingredients, but of course this is not has been promoted we have an unpolished gold mine, as I said this morning about the analysis made by friend @hosgug that we have a ferrari parked on a mountain without a road, a great tool that nobody uses or wants to use, @Kal has done A fantastic job, I know he has had a great vision but we need the teams of the other communities to start seeing this, but I know that for now Kal is very busy, because there should be feedback from the developers of the communities,
well while we continue around here learning every day very well,
By the way, I'm not a football fan but I think that's also something that would give a fantastic boost, it hurts that I haven't seen Rabona attract it yet I hope it will soon.
Thanks for the views.
Happy day.

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But we've been doing insnely well in Alexa rankings. We've got eyeballs. Lots and lots of eyeballs:

That's a huge jump over just 90 days. There's not need for fear. Authors will eventually come. https://leofinance.io site is getting super popular.

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2021 is going to be a great year for crypto and an awesome one for leo. Hope Hive will do well as well and the token's price will appreciate. There's so much potential in it.

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Lot of folks that made money in BTC may want to invest into alts. 2021 will be the year of altcoins IMHO.

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The numbers are also reflected in Alexa, that is true.

All metrics are showing the increase. Hopefully we keep the growth going.

Consistent growth over time will lead to a lot of users at some point.

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100% with you there. Even the small UI improvements are adding up nicely. Maybe we could even see a prediction markets with LEO tokens.I'm dreaming stuff way ahead. But it's still a cool idea :)

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When communities were first launched I was not thrilled about that because I considered my posts would not get that much exposure as before. How wrong I was because through communities one will post for the exact target of the post's topic. Forming communities and living in groups is a necesity for the human kind and we're now witnessing, LEO being here a great example, at the formation of great digital communities. The Hive/LEO comparison is useless. leo however is a great example of thriving community that grows on every level. It does have great people that created it and believed in it through tough times. I'm quite new in here and it's much easier to be thrilled now than it was a year ago when you guys started. Blockchain is revolutionizing many aspects of our life and the idea of hanging around and forming groups/fan clubs will get through the blockchain revokution as well resulting in a new more rewarding and productive way of interacting online.

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Yeah you were thinking about it backwards.

Communities makes it easier for one to stand out especially when the focus shifts from Hive rewards to, in this case, LEO rewards.

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meh..

I think it has more to do with token economics.. inflation.. the properties of leo are way better than hive.. still hive is the infrastructure..
hive will probably only rise again if there is finally progress being made.. like SMTs?

or when there are so many communities using hive infrastructure that RCs are getting more precious..

Leo's inflation rate far exceeds Hive.

In fact, it is more than 3 times the rate.

So inflation isnt really the issue...growth is.

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Note that both ecency and actifit drop a comment under each post made through their apps, thanking users for that choice.

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Yeah it does skew the numbers.

Leofinance doesnt do that although there are a number of bot posts in the comment section. Either way, it all helps.

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I remember that in the beginning, Leofinance offered services to help other tribes get started up, perhaps a time will come when such service will be fully fletched out on the Leofinance ecosystem.

Perhaps the service will be refurnished to include setting up a tribe exactly the leofinance way, with customizable options and ad revenue model. Such that anyone can set up their own network with a couple of steps as seamlessly as possible.

Given the examples stated in the above written post, there is no other way out there of generating value and circulating it around users, for this, hive will always stand out and tall, and people will realize this whether they like it or not. They will come.

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Perhaps the service will be refurnished to include setting up a tribe exactly the leofinance way, with customizable options and ad revenue model. Such that anyone can set up their own network with a couple of steps as seamlessly as possible.

All good ideas that should be considered. There are some things in discussion which, if they come into being, I am sure will help on this end.

Not sure at what pace we will see things rolling out. Still a lot on the plate for Leofinance, let alone other tribes.

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Indeed the success of LEO Finance transformed at the moment they moved away from Condenser and they've built up this beauty of a site. And features are rushing in periodically with the goal of bringing the right tools at the fingernails of each user in order to stay longer on the site. Ensuring that is what makes it thrive!

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All those little details that make it stand out eh?

True, all the rest seem like a Hive.blog clone.

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True, all the rest seem like a Hive.blog clone.

Not seem, they are...well Steemit inc.

Nothing was done to them in 14 or 16 months.

That is what makes Leo so different.

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Leofinance is an example to follow for the Hive tribes but let's say that almost all of them are off.

Speaking of sports, Sportstalk is recently trying to relaunch itself, although there are no devs who can work on it with the same commitment and consistency as Leofinance.

If all tribes had the success of Leofinance, Hive would certainly have greater appeal 😏

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And I hope Sportstalk has great success with their relaunch.

However, it appears that development is needed with the tribes. The Steemit clones do not seem to work for most people.

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now sportstalk has OCD support but unfortunately at Devs level it has no help.

We really hope it will evolve in the future

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There are more market of leo finance to grow bigger. One of my dream is that I will feel experience shopping with leo token.

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Yes there are many tribes and Leo is light years ahead of them that is unfortunate and interesting at the same time.it would seem Leo is the exception and certainly not the rule. I think maybe Leo tapped into the right idea of having the platform form around a more general idea like finance as we all have to deal with that in crypto. Perhaps the other tribes are too niche. Doesn't look well for them.

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I actually think more niche is required.

Like with sports, that is too general. Go with a particular team and target the fans there. They are passionate, loyal, and many, argumentative.

Just what a community needs.

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Let's hope so as there is already a border of entry into crypto. So i'm not sure if all the sports fans and car guys etc., flocking in here like that. It's only 400k people in the defi space. However i get the idea hopefully it works out for them.

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I would love to see more tribes copy Leofinance.
I like the idea of soccer tribes, I thought of it also. I think with the next bullrun and with more people joining the network will be a really good opportunity!

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I mention that because the fans are known for their passion. I imagine a community that rewards the fans of a particular team for their interaction, with a token of that team, would do well.

Hell that would be dozens of groups alone.

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Just made a post in reaction to this post.
i personally believe innovation is at the heart of leo finance success. Other projects should take a cue. Plus, innovation is a continuous thing. Most projects fail because those backing it stops trying.
I do enjoy the fact that this community isn't about some obsession over a coin but one built on different ideas

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Community and engagement will lead to success.

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There is little to add to this. Some of the developers are making it easier for the other tribes to copy LeoFinance's success by creating reusable components of the software that powers LeoFinance.

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I actually just found out about something that will not be on tap this year, as we are quickly running out of days, but might end up helping out in the first quarter of next year.

If it does go into effect, it could really help what is taking place on Hive.

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What I've heard about is tools to create wrapped tokens on Ethereum without needing to code a single line. What else is there coming out?

Just something in the thought stage that could end up rolling out to all of the communities. As I said, it might not hit until Q1 next year, if it does.

It is an idea to try to get other communities going.

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Ads on HIVE perhaps? Would be great to start generating some revenue in one or another...

Could be although how do you do that?

Who owns the interfaces? Would the ones over at Peakd share their revenue? They might but it is a privately held UI.

Who owns Hive.blog? I know that is the Hive UI but someone had to set it up and register the URL.

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Your current Rank (33) in the battle Arena of Holybread has granted you an Upvote of 17%

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Bang, I did it again... I just rehived your post!
Week 30 of my contest just started...you can now check the winners of the previous week!
2

Blurt monetization will take Blurt to the moon.

Got Blurt ?

@taskmaster4450, At the end of the day Development, Engagement and Price, all these aspects are playing very effective role. Stay blessed.

Excellent post!
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Thanks for all you do to encourage many who embrace LeoFInance. I remember how difficult the beginning was with me, but your supports and encouraging words brought forth the fun in it.

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What would it look like if a dozen Manchester United or Real Madrid fans, as an example, got together to set up a community on Hive. They could follow a similar process as Leofinance. If they developed their website to cater to the needs of that community, all while providing the opportunity to "monetize their fandom" through tokenization, how would that change things?

THe problem is that we are missing a vital piece of the puzzle here. The tools to do it. I would set up a community in the morning and dedicate time and effort to growing it. I have friends that would do the same and bring more users to hive based on the site and it's topics.

What we can't do is create that leofinance style site. Most people can't do this either. To be truly successful in this direction we need to be given the tools to do this in the same way that wordpress has made it easy to build a site. We need communities where all of this is just an option to drag into place or switch on and off. If we can give those tools to the community then they can do the legwork and bring in the users and grow there communities. That is where the numbers will come from. People joining sports.hive or art.hive communities and never seeing the back end of the whole system.

We have the people and the passion to do this quite easily but we eed the developers to hand us those tools so that we can do the other part of growing hive. The marketing, recruiting and engagement.

It would be great to see tribes 2.0 coming out at some stage with all the leofinance features now that they have been built or better yet some form of smt based communities where all of this is just an option to click on and we can offer sign-ups through facebook, twitter, google. Hivepay.io can be used to create marketplaces. The resources are coming on stream but there is no point in everybody trying to build there own when we could use all of these tools at base level and hand them to the community to grow and thrive.

https://peakd.com/hive-102930/@niallon11/communities-brainstorm