2024.01.15
| PM
| (authors) | Christie Wei |
|---|---|
| Engineer | @Anonymous @Anonymous |
This Product Requirements Document (PRD) outlines the key features that will be delivered in the Minimum Viable Product (MVP) stage, allowing users to test the usability of our product. The MVP will enable users to add crypto funds to their Wallet, execute and exit investment trades, manage assets, share profits between experienced users (degens) and investors (newcomers), and foster a community where they can exchange valuable trade information.
The current landscape of onboarding individuals without an IT background into the world of crypto investments is characterized by boredom and a lack of rewards. Existing market tools overwhelm newcomers with industry-specific terminologies and technical complexities, discouraging experienced players from guiding others through the investment process unless they receive tangible rewards in return.
While the Centralized Exchange market offers a solution known as "copy-trading," allowing individuals to automatically replicate investment positions managed by others, this approach has its drawbacks. First, individuals whose trades are copied are often online strangers lacking a trusted relationship. Second, the onboarding process is typically time-consuming. Third, Centralized Exchanges, unlike Decentralized Exchanges (DEX), are considered less secure because funds are essentially stored in a centralized platform/wallet address. Finally, the range of available cryptocurrencies on Centralized Exchanges is limited compared to the broader market.
In light of these challenges, our product aims to address these issues by creating a decentralized platform that deeply connects experienced users (degens) and newcomers in the Ethereum network. Specifically, newcomers will be acquired by degens to join the platform to invest in the crypto world. The goal is to facilitate discussions about investment potential, ensured funds security, collaborative decision-making on investment plans, and co-investment in the most promising cryptocurrencies. Importantly, this collaboration aims to create a win-win situation where both rewards (for degens) and profits are achieved.
Beyond the MVP stage, our vision for the product includes further enhancements such as refining user interfaces for a seamless experience, and integrating educational resources to simplify complex concepts. Additionally, we envision expanding the community features powered by AI to include forums, live discussions, and expert-led webinars to foster continuous learning and engagement among users. This holistic approach aims to transform the crypto investment landscape, making it accessible, rewarding, and collaborative for users of all backgrounds and expertise levels.
| Category | Metric | Definition |
|---|---|---|
| User Acquisition | New User Sign-ups | The number of new users registering for the product. |
| Source of Acquisition | Identify the channels (e.g., organic, paid, referrals from KOLs) bringing in the most users. | |
| User Engagement | Daily Active Users (DAU) | Track the number of unique users actively engaging with the product on a daily basis. |
| Session Duration | Measure how much time users spend within the product during each session. | |
| Feature Interaction | Monitor usage of specific features, such as transactions/trades, balance checks, and contract tracking. | |
| User Retention | User Churn Rate | Calculate the percentage of users who stop using the wallet over a given period. |
| Profitable User Rate | Track the percentage of users who have achieved gains with a certain period of time. | |
| Transaction Metrics | Transaction Volume | Track the total value of transactions conducted, over a certain period. |
| Transaction Frequency | Measure how often users are initiating transactions, and identify the trends. | |
| Average Transaction Value | Understand the typical value of transactions within the wallet to gain insights on the revenue of transaction fees. | |
| Average return rate | Measure the success of manager’s investment decision. | |
| Third-Party Integration Metrics | Integration failure | Track the API call failure rate. |
| Authentication Success Rate | Measure the success rate of user authentication processes. | |
| Compliance Metrics | KYC Compliance | Track the percentage of users who complete Know Your Customer (KYC) processes. |
| KYC success and failure rate, and failure reason | Understand the customer quality. |
The success of our product is most likely to occur in a bull market, creating an environment where investors can capitalize on potential profits through dynamic and often risky crypto investments.
In a bull market scenario, characterized by rising asset prices and an optimistic investment sentiment, our product aims to leverage the heightened interest in crypto investments. The assumption is that during such market conditions, investors are more inclined to explore opportunities that promise lucrative returns, even if they involve a certain level of risk.
The business model hinges on the assumption that individuals commonly place trust in the investment ideas put forth by their friends or KOLs. This trust serves as a pivotal mechanism for attracting newcomers to our platform.
We believe that the influential power of personal connections and the guidance of KOLs within the crypto community has impact on personal investment decisions. We anticipate that individuals will be drawn to our platform through recommendations and insights shared by trusted friends and KOLs, fostering a sense of credibility and reliability in our user base.