Welcome to the 241 new people who joined the onchain letters community since Sunday!
I'm thankful for all 2773 of you and I hope everyone is having a great start to the week 🔥
If you're enjoying my writing, please share Onchain Letters with your friends in Crypto and join the /onchainletters channel on Farcaster 🤝
Sections Below
Terminally Onchain Updates
Metrics
Swatches
Resubscriptions
Reimagining Governance
Hypersub Accelerator
Let's dive in 🚀
Terminally Onchain Updates
Metrics
In last Tuesday's update, we were at 164 subscribers & 3.27 eth in earnings.
This week....we grew by +41 subscribers and +0.88 eth in revenue.
Last Friday also marked 1 month since the launch of Terminally Onchain!
I'm pretty happy with the hypersub performance for March. Of course, it's worth noting that there was a huge initial push the first few days post-launch in terms of subs. The real test will be to see what the new subscriber numbers look like for April and May... can I continue shipping and prove that this hypersub is a scalable product?
Swatches
Last Thursday, Terminally Onchain partnered with @jvmi for his new NFT collection: swatches.
I already discussed what swatches were in my what I minted post from last Sunday so I won't get into details here.
But the main thing I wanted to call out was the collab itself. Jvmi messaged me 2 weeks ago that he's trying a Farcaster first marketing strategy for his NFT drop.
He decided to give 50 Terminally Onchain subscribers a free mint pass for the collection. So not only did these subscribers get a chance to land a secured spot, but it was also free of cost for them.
Overall, it seemed like this collab was a huge hit! I decided to announce the morning of launch day so that it was fresh in people's minds.
Jvmi set up a frame where anyone could check if they qualified for the pass, so that made things easier to let people know.
Resubscriptions
The final update I wanted to include is that last week I noticed people were starting to resubscribe to Terminally Onchain!
I mentioned this is in my letter to Terminally Onchain a few weeks ago:
The most important metric to focus on by far is subscriber retention rate. How can I provide enough value so that people want to stay in the community?
In this first month, I was able to ship a decent amount for the community! I put out a token gated onboarding doc, have been managing a private chat with 115+ people, have done three newsletter spotlights, and provided 4 perks (note: the initial promise was just 1 per month).
One product feature from the Fabric team that has been killer is a Hypersub bot notifier on Farcaster that lets people know if their subscription is expiring. I'm sure that helped drive a ton of conversions for resubscriptions. Props to them for building it - so simple yet so effective. I've personally resubscribed to hypersubs because of those bot notifications as well.
Farcaster Vote
The first spotlight for today is Ferran and the Vocdoni protocol team! They've been working on making the voting and governance process fully decentralized and encrypted using ZK snarks since 2020!
A simple way to understand the product is just comparing it to Farcaster. Vocdoni is the core voting protocol that the team has been iterating on for years, and throughout that time they've shipped several clients for different use cases (i.e. anonymous voting, local municipalities, etc.).
They have a variety of clients that are geared for web2 and web3 users. In fact, some of their products have been used by many high level orgs such as Football Club Barcelona, political parties, etc.
However, recently the team has refocused to being Farcaster first. For them, it's clear that Farcaster is the best place to do governance - the identity and authentication is solved. And additionally, having governance done in the same place where discussions happen/people socialize is a huge unlock for discoverability.
Their v1 is called Farcaster.vote which is a governance solution within a frame that is built on top of both Vocdoni and Farcaster protocols. The client enables you to customize polling for all sorts of gating use cases such as channels, NFTs, ERC20s, etc. And they're working on integrating POAP, Gitcoin Passport, etc. in the near future.
In fact, in the short time since they've launched the product, it's already being used by communities such as DegenDAO, Faristocats, etc.
This v1 was to see if there was initial interest in a polling system for crypto native communities. The team got great feedback and usage so far and are now in the process of transforming it into a platform designed to facilitate governance for all kinds of use cases: Farcaster-native groups, DAOs, channels, etc.
The reason I'm personally excited for this product is that it's clear to me that Farcaster channels will be the primary marketing medium for crypto communities in the near future. I wrote about this in my letter to Farcaster channels as well:
We're starting to see the most interesting crypto projects all launch on Farcaster first. Builders & creators are doing so because they are receiving quality engagement and feedback from the Farcaster community. Additionally, the onchain composability (especially with frames) makes it simple stupid to experiment with onchain marketing.
And if the migration of DAOs, NFT projects, memecoin communities, product channels, etc. continues to increase then it's a no brainer that governance will also live on Farcaster itself. Why use any third party tools when you can vote in-feed. It's no different than the in-feed commerce point as well.
Discoverability + Action in one stream is a powerful unlock that we've observed in the last 3 months since Frames launched.
And the best part is that Farcaster already has your connected address so the UX for customizing governance based on what you own now is all abstracted away.
The team also launched a notifications feature (similar to the Hypersub bot mentioned above) to alert community members of key updates as well.
I'm excited to see how Ferran and the Vocdoni team continues to ship. I'll be trying out Farcaster.vote myself soon - I want to gate a poll for casters who own a Terminally Onchain NFT!
If you have any questions about the product or want to lean more about how your community can integrate with Vocdoni, feel free to message @ferran on Warpcast directly :)
Hypersub Accelerator
I've written extensively about Hypersub and my journey with Terminally Onchain so far. If you've been subscribed to Onchain Letters the last month, it's clear that I'm a huge hypersub fan and am rooting for the product to win.
The idea of earning subscription revenue through time based NFTs is fantastic and unlocks cash flow for all kinds of creators and builders.
Now, I'm not going to explain what hypersub is here again, please read the posts above if you're not familiar. But I did want to take a chance and pitch why you should apply to this accelerator. I'll keep it short and simple.
The truth is, no one really know what the future of hypersub is going to be. The product has only been around a few months and who knows how many creators will stick to the platform, what features will be launched, etc. But I think that's exactly what makes it such a great time to try using it and experimenting.
Simply put, it pays to be early.
Right now, all the creators on Hypersub including me are trying things in real time. We're all writing the playbooks for different models and figuring it out with Jonny and the Fabric team. In just 1 month of using the product, I've already bothered Jonny about 239420 times and he's responded within a few hours without fail.
So in my opinion, if you're already active in the Farcaster ecosystem and have even the slightest interest in showcasing your work, then it should be a no brainer to give Hypersub a shot. When I launched my Hypersub page, it was literally just because I wanted to try the product out for the post I was writing. I had no idea it would get so much positive feedback and totally change the trajectory of what I'm working on.
That's not to say the same will happen for everyone. But I think if you're a creator of any kind - designer, writer, video producer, freelancer, etc. then there's no downside of seeing if you can work with the Fabric team to come up with such an interesting experiment that it brings you revenue you didn't even think was possible just a few weeks ago.
This is an asymmetric opportunity in my opinion and as a power user of the product, I highly recommend just applying to the accelerator to help clarify your thinking on any potential project that has been in the back of your head. Plus, you'll get to work closely with other community members on the same page as you, receive distribution help from the Fabric team, and get a chance to jam on any ideas that have been sitting on your idea shelf for a while.
Check out the application here, the deadline is April 15th!
If you are applying, please feel free to DM me for any advice, happy to help :)
That's all for today's post!
I'll be back in your inbox on Friday.
I hope everyone has a great rest of the week :)
- YB
