Smart contract platform RSK offers Philippine startups the chance to grow their decentralized finance projects. Not only does the platform offer startups various tips on how to rapidly grow their user base, but the RSK platform allows businesses to build applications and scale using blockchain technology.
Through RSK’s solutions, startups can use blockchain to build applications enabling instant payment, securely and efficiently. The offered solutions are all part of RSK’s push for mainstream adoption of decentralized finance, also known as DeFi.
DeFi, of course, is the umbrella term for financial applications in cryptocurrency and blockchain meant to disrupt financial intermediaries. As its name suggests, DeFi means people will have greater control over their finances without having to worry about intervention from banks or regulating bodies.
The cryptocurrency Bitcoin, for example, is part of the DeFi ecosystem because it allows for peer-to-peer instantaneous transactions free of traditional transaction fees. It’s worth noting that RSK adds value and functionality to the Bitcoin network by enabling smart contracts on top of Bitcoin. In the long term, RSK’s work helps the Bitcoin ecosystem grow sustainably.
In the Philippines, DeFi is already growing in popularity. Not only is the Philippines among some of the most crypto-active countries in the world, but leading DeFi apps such as cryptocurrency wallet MetaMask already have millions of users in the country.
Even Philippine regulatory bodies have adopted friendlier stances towards DeFi solutions like crypto. In 2018, the nation’s central bank granted its first virtual currency exchange operator license to PDAX. Today, PDAX boasts about half a million users, all Filipinos looking to invest and/or trade cryptocurrency. Not only does this point to the growing demand for DeFi solutions in the country, but also a growing infrastructure from startups to support DeFi.
According to Asia Partner and Adoption Marketing Manager at IOV Labs (the company behind the RSK platform) Estelle Reynal, RSK offers a great example of what startups can do with DeFi. “RSK shows that participating in DeFi doesn’t have to be needlessly complex,” she said. “At RSK, we make it easy for businesses to adopt blockchain and participate in the future of finance.”
Aside from offering up its blockchain, RSK’s recently released blog post focuses on helping DeFi projects promote themselves. When it comes to marketing, for example, platforms like Google Adwords and Facebook Ads, unfortunately, have restrictions on promoting DeFi-related projects like cryptocurrencies.
RSK advises startups to adopt growth hacking, which aims to increase the number of users, downloads, or clients as fast as possible and sustainably. To use growth hacking, startups need to get closer to their target audience. Because they cannot use Facebook Ads or Google Adwords, the RSK team notes its better for startups to be active on crypto user hubs like DappRadar and CoinGecko.
RSK then advises startups to use growth hacking is by using a growth funnel, monitoring user behavior at the five following stages: acquisition, activation, retention, monetization, and referrals. Ultimately, the end goal for startups is to move a user from acquisition (contact between the users and the startup’s project) to the point where they’re willing to invest money and even tell their friends about the startup (monetization and referral).
The RSK team encourages various methods of promotion to make growth hacking work: influencer marketing, leveraging social media, creating engaging user content, and promoting rewards/giveaways are all strongly encouraged. All of these methods will help create a stronger user relationship with the project at hand, fostering a sense of loyalty and satisfaction towards the startup.
Once DeFi-based startups have captivated enough of an audience, Reynal adds that RSK is more than happy to lend its technology to give DeFi projects scalability and security. In working with RSK, Reynal adds, DeFi projects can open up to the original, largest addressable crypto market—Bitcoin.
“We want every DeFi-focused startup to enjoy the same success we’ve had,” Reynal said. “The more DeFi applications there are out available, the better chance we all have at creating a financial system that truly works for the people.”
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