Mirror adoption- How to improve and increase the user base

Hi, guys! I’m looking for ways to improve Mirror adoption and grow the userbase. Any ideas are welcomed!

So how can we get more users on Mirror? An important metric for every website it’s how many users it has daily, monthly.

Another aspect is the regions or countries these users are coming from. So how do we find out these metrics? We use an SEO tool like SimilarWeb, SEMRush or other SEO Tool.

Here are the user’s analytics from mirror protocol:
https://www.similarweb.com/website/mirror.finance/#overview

-We see most of the users are from Thailand, China, the USA, Poland, Korea, countries that do have access or are limited to the USA stock market.

-Most of the traffic it’s direct traffic and referral traffic. Traffic from googling it’s very small, which means we will need more content like a blog or more articles promoting the website. We lack SEO on google for people to find our website.

-I think developing a marketing strategy for the website will help a lot: A SEO strategy, marketing plan, etc. We need to increase the website traffic in some ways.

-Affiliate Marketing by incentivizing creators on youtube and other people to promote the protocol. I don’t know if this strategy can be implemented, but it’s used a lot by other protocols and big crypto companies.

-We should focus more on the marketing side of the website, by hiring people who have experience in growing a website user base, hire people from Upwork, Fiverr, or other freelancer websites, etc. The website cannot grow long-term if the community it’s not involved in marketing.

-Another way to increase users it’s to look at what the competition it’s doing.
So we can find easily what projects are similar to us from CoinGeko, the synthetic-assets projects.

We can find a way to market Mirror to users that are already used to trade stocks with crypto, like Injective protocol, UMA, or Synthetics. We need to find a way to incentivize those users to use Mirror as well.

-We need to find those countries, which don’t have access to the US stock market like Mexico, countries from South America or Asia. If anyone can make a list, it will help a lot.
After we have the list of the countries, we can search which brokers are most visited in those countries, and promote MIR as an alternative.
An example will be to find forums, posts, websites where traders are active like Reddit, Robinhood, E-torro users, and present Mirror as a dex centralized alternative etc.

-We need a video strategy on YouTube and bring more creators into the Mirror ecosystem. YouTube it’s the no 1 website worldwide by traffic. More videos, more visuals, an academy, etc.

These are some of my ideas right now. I will update you when I will find new ones. In the meantime, every one it’s welcomed to leave his opinion on how we can grow the user’s base on Mirror.

Please comment below if you want to add more ideas. Thank you!

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Here are some of the answers and feedback I got from our Telegram community. I will post them here:

-I think the idea of buying stocks and earn massive interest on them (by staking) is just enough and awesome. As I discovered this I couldn’t believe but I was super suspicious about these “mirror” assets and if they really have the worth of that stock. I think we need a lot more marketing and explain this to the casual/mainstream stock buyer. They are still feared or don’t even know. Perhaps an all-in-one app for the smartphone which makes it much easier to invest in those assets."

-Probably just a much broader selection of mAssets would do the work. If people wish to invest in things without all those limitations (brokerage, tax policies, law restrictions, etc).

For now we only have a USA tech sector, oil, silver, gold, couple ETFs and couple coins… that’s not serious at the moment

  • Where are Chinese/Japanese/European/African/Russian/etc markets?
  • Where are other USA sectors?
  • Where is Mirror V2? :wink:
    Let’s go mirror everything tradable and people will come!"

-One of the main limitations for southamerican people is the barrier we have to buy crypto. We cannot transfer money from our banks to DEX o CEX, and our credit cards, I don’t know the reason, are not able to buy crypto. So, with the new integrations in the therra ecosystem, it will be awesome to have a gateway to buy UST so we can invest in MIR”

-assets such from other major markets should be a consideration since ppl come from all parts of the world! We need more assets. “

-You don’t get it people right? All that matters it’s to increase the website traffic for mirror! More traffic , more users, more trading, the higher the price of mirror! we need more stocks!”

-Lower the quorum for voting the stocks! Also, 20 stocks are to little and are like a provision store. We need an actual supermarket with at least 50-100 stocks! “

-Hello!! Been a user and holder of MIR for a while now. I think MIR needs to offer leveraged products. There is a very real demand for this is the crypto space that MIR is missing out on!”

-Next to zero marketing is the biggest mistake and one that requires attention. Its naiv to believe the best product wins by having the best network/code/technology. Marketing is key.”

-Couple of comments in reply to your view: MEME stock and MEME crypto do actully provide long term growth. You need to get people in the door and recommend it to their friends, meme stock/crypto is a great opening.”

-Adding too many stock and too quickly will dilute rewards and risk a bank run situation, be very careful with that.”

-Everything is gobbledy goop to the average person. They start to read about stuff like Mirror, but the writer has gone into jargon and using terms to show how advanced he is in the knowledge dept.
To get people interested in Crypto, all its fascinating ecosystems and potential like the Cosmos, information needs to be in learner language. It needs to be taught. You need teachers to get in and make it easy to understand.
And if the lessons are posted on youtube , same same, and they need to be slowly presented in good clear english.
And people need to know; this is the future, you are ahead of the rest, now is the time to learn it all.”

-Those assets should have been added automatically instead of leaving it to governance.
Anything that is stable enough should not need a governance vote. All these people putting up proposals which make sense and not passing is just hindering growth.”

I think that it would be a good idea to mirror Chinese stocks as the government there has very restrictive rules on what can be done with shares.

For example, in 2007 and 2015 the Chinese government engineered huge bubbles which resulted in massive gains. However, there were many lock-up agreements in place and restrictions on trading meaning profits were missed out on. They even went as far as making short-selling illegal when the collapse of the bubble was imminent.

This is why I believe that it would be a good idea to mirror the Shenzhen and Shanghai composite indexes so that investors from all over the world can invest in China’s growing economy and spectacular bubbles of financial opportunity without worrying about government policy preventing them from taking profit, trading shares or even making it illegal to short-sell at peak opportunity.

I’d like to see a steady cadence of new stocks being added that are popular across the world by market cap and volume. Non US stocks would be great as well.

  1. Create mirror for all the major indexes : US (S&P500 , Dow, Nasdaq, Russell 2000) ; EU(Dax, Eurostox, FTSE 100, CAC 40) ; China (Hang Seng) ; Japan (Nikkei 225) ; Australia (S&P/ASX 200); Canada (S&P/TSX Composite Index); India (NIFTY 50)
  2. Create mirror for all the blue chip companies (Apple, Microsoft, Berkshire Hathaway, Walt Disney, Alphabet, Amazon, Visa, Mastercard, Nike etc.) , then keep adding companies with market cap over 200 bln.
  3. Create mirror for mid and small cap (S&P 400 and S&P 600) and start adding companies best performing companies with market cap from 10 to 200 bln.
  4. Strat adding hype/meme stocks to keep everyone happy
    Some of the indexes and stocks are already on the mirror but its probably only around 5% and everyone skipped the hard work and jumped straight to hype/meme stocks. Hype could bring some temporary players but if mirror.finance is here for long run it is pointless and people need to focus more on macroeconomy and growth in the long term (SPOILER ALERT - MEME STOCKS DONT BRING LONG TERM GROWTH)
  5. When everything is ready you will have a product to sell so there could be a marketing campaign targeting people from underdeveloped countries that don’t have access to stock market (and there are a lot of countries that cant access stocks).
    And this is just the start, there is so much more that can be done with mirror and I am very bulish on MIR (I am long, keep buying it, and not stopping), I think it can easily reach 10 bln market cap if everything is executed correctly but people need to stop focusing on short term and put some hard work into it.
    P.S. I am happy to work with mirror.finance if my knowledge and skills can be useful but I am not a developer , I am full time trader/market maker/investor-Anatoli!

One way to make interested users actually use the platform, would be to decrease the beginner barriers to use it.

There is two things about which could have been easier for me, the first time I was interested in trying out the platform:

  • bought MIR on Binance, was wondering how I could transfer it to the terrastation wallet; couldn’t figure out it myself and asked on Telegram (if anyone is wondering: you cannot withdraw MIR from binance to a luna address, instead you need the bridge for transfer: bridge.terra.money);

  • where to buy UST to pay the fees? Luckily I got a Kucoin account where I can get the UST. But some people wouldn’t register a new account on an exchange. On most other major exchanges like Binance, OKex it is not possible to buy UST.
    → possible solutions or workarounds: make UST be listed on more major exchanges; make fees payable in MIR, when there is no UST balance available

So that were the main obstacles for me as a interested crypto user. For beginners of crypto there is surely some more obstacles.

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