This is part of a series of interviews with founders and builders in the Web3 space called the Web3 Growth Handbook. The official handbook will be released in the coming months, but you can read all of the other available interviews here.
"For me, growth usually means two things. The first is very easy. It’s that our product is being used by more and more users. User growth is a key growth metric for us. We want to be expanding vertically against the same target market as well as expanding horizontally into different markets."
Manage your portfolio, trade on a decentralized exchange, participate in ICOs—Eidoo does it all. They provide a multi-currency wallet that is non-custodial and a hybrid exchange with all the features of decentralized exchanges minus the latency. Eidoo’s Vice President of Engineering, Emiliano Bonassi, believes that by doing as much as they are, the company positions itself for growth both horizontally across markets and vertically within current markets.
Founded in 2017, Eidoo caught the tail end of the ICO craze and managed to raise nearly $30 million from an ICO in October of 2017. They’ve used the funds to help build out their team, accelerate growth, and focus on adding new capabilities that push them toward the growth Emiliano and the rest of the team are hoping for. The company has built three main products: A wallet that allows users to manage many different cryptocurrencies, a hybrid exchange that allows for trades on the go, and a curated ICO list with information to help people understand and participate when new tokens are launched.
We had the chance to talk with Emiliano at length about how he views growth in the Web3 space, the challenges that Eidoo has faced, and what the future might look like.
How do you define growth?
For me, growth usually means two things. The first is very easy. It’s that our product is being used by more and more users. User growth is a key growth metric for us. We want to be expanding vertically against the same target market as well as expanding horizontally into different markets.
The second thing we look at with growth is that the user is more and more engaged over time. The idea is that you are able to deliver services that make people want to come back and use the app more frequently.
What has been the most difficult part of growing your company so far?
As a wallet, the use case for the user is that they need a place to store cryptos. You see a lot of users that barely open the app. They open it maybe once a week. So creating engagement when the use case doesn’t encourage engagement is difficult. We are trying to figure out how to encourage more engagement.
What do you think needs to happen to help break through some of the growth barriers you’ve seen?
We are looking at ways to offer more leverage that would increase user engagement. Weekly newsletters, Twitter engagement, etc are all fine. But you should also find ways to ask the user to continue the app. This means adding features that are worth coming back to the app for.
What are your predictions for Web3/Blockchain growth in 2020?
We saw, in 2019, very big growth in DeFi with a lot of add ons in that market. Synthetic assets, lending, and more helped grow the space. I expect in 2020 that we will see massive growth in the value locked in the DeFi. I hope DAI will hit $1 billion locked.
Utility of DAOs will improve in 2020, so we’ll see an increase in companies that leverage DAOs. We’ll move on from ICO trend to more focus on DAOs.
Eidoo has plenty to offer for anyone interested in decentralized finance, cryptocurrency investing, and more. Give them a try here.