Marketing in Crypto Reddit
What is Reddit?
A modern forum, where people can post pretty much anything. It is made out of subreddits, which are basically sections of the site related to a certain topic. For example, a subreddit called /r/Bitcoin will have all posts related to Bitcoin, /r/CryptoMarkets will have posts related to crypto markets, and so on.
The quality of posts is controlled by the community, so Reddit is often referred to as a network of communities. If a post is interesting to many, it will get upvotes, and if it is not related to the topic, it will be downvoted.
Key features:
1. Subreddits
Subreddits are considered communities on their own. It is a dashboard for different topics that starts with /r/ to identify it as a specific topic for a subject area. Each contains a comment section where you can open topics for discussion or debate over a specific matter at hand. Subreddits will give you an advantage in crypto space because each subreddit receives much attention that serves its niche’s purpose.
2. Reputation System
Upvoting and downvoting allow you or your audience to rate posts or comments. This feature works like a popularity contest where posts with the highest votes end up on the front page. The more upvotes you get, the likely your topic will appear on Reddit’s front page and will give you much exposure.
3. Ask Me Anything (AMA)
Ask Me Anything, also known as AMA, is one of the features Reddit is famous for and is widely used by blockchain communities. It gives opportunities to engage with your community members by letting them ask questions about your company, the team, and the technology behind your product.
4. Reddit Karma
Reddit Karma is a post or comment that you can do on Reddit. Post Karma is the standard Reddit score which you can use to see how many times your submitted posts are upvoted. Comment Karma is based on how many times your comments are upvoted by your audience in a thread.
5. RCP (Reddit community points)
This is a digital currency used to unlock some features on Reddit. It is used to help support the company and other users. You can purchase or give it as a gift to your community members who support your platform. It can also be used for adding themes and designs on your dashboards that will attract more users. It will also allow you to test new features on Reddit.
RCP explanation
A new beta feature for the Reddit communities, defined as crypto token on Ethereum and Arbitrum blockchains (both are testnet only).
They are earned by making contributions to the community, like creating content and moderating. They not only represent ownership and reputation within the community, but can also be used for community governance, moderation, and unlocking premium features. They can even be used in custom tools outside of Reddit and on other platforms.
Most importantly, Community Points are a flexible tool that each community can shape to its needs. Each community has its own Points that it can customize with its own name, symbol, distribution rules, and uses. Every community has its own needs and we expect each to use Points differently and in novel ways that help take them to the next level.
While a newer feature, RCP tokens are similar to other incentives the company has offered in the past that enable users to earn rewards for their reputation and contributions. For instance, you might have earned “karma credits” in response to comments or commentary. The difference between RCPs and karma points is that RCPs are crypto assets that have a monetary value that’s decided by the market. So, if a subreddit you follow supports RCPs, this means you can begin to earn cryptocurrency by engaging with its content and community. To date, there are two subreddits that have launched their own Reddit cryptocurrency.
For exmaple, the r/Cryptocurrency subreddit has announced MOON, and the r/FortNiteBR subreddit has announced BRICK.
Let’s take a MOON as an example.
RCP tokens run on Ethereum, making Reddit cryptocurrencies real cryptocurrencies. MOON is the official cryptocurrency of the r/Cryptocurrency subreddit, dedicated to the news, discussions and analysis of cryptocurrency.
This means MOONs are:
- Interoperable with all other Ethereum applications and assets.
- Owned and controlled by users
- Pseudonymous (nothing connects an RCP token to the identity of a Redditor).
According to r/Cryptocurrency guidelines, all posts in the subreddit need to be cryptocurrency related, or associated to the culture in some way. The subreddit is supported by various developers, and Redditors communicate by mostly sharing trading tips, humorous content and general news associated with cryptocurrencies.
Also, the Moon went beyond Reddit and, in addition to Ether, is also deployed on xDai Chain (mainnet).
Earning MOON
Redditors earn MOON tokens based on the content they produce on the r/Cryptocurrency subreddit. This could be anything from original posts to commenting on other people’s content.
If you are an active user, you can earn MOONs from the protocol itself, based on the amount of karma points you generate, or via tips from other Redditors.
Reddit will initially release 50 million MOON tokens to the community, with each Redditor receiving some based on the amount of karma earned in the subreddit to date.
According to the software rules, there will be a set number of tokens distributed monthly using the same method. Reddit also set aside a certain number of MOON to distribute to the community moderators who manage the subreddit and to Reddit itself.
Vault
The Vault is a crypto wallet, embedded in Reddit app for Redditors to view their MOON and other token balances, then spend them on various offerings. Similar to any crypto wallet, Vaults generate a public address, where the MOONs are stored, and private key, which lets users access and utilize them.
Of note, Reddit has access to the ledger balances of RCP tokens, meaning that they can use a Redditor’s public address to check their balance and send them rewards.
Reddit & Crypto
According to stats in Reddit Recap “cryptocurrency” was the most popular topic on Reddit in 2021.
Reddit is also considered a platform for the early capture of shitcoins, new cryptocurrencies, and in general, the place where new projects are born, from where they can be sniped. This happens for one reason – Reddit is a huge repository of content, like Twitter, only with greater opportunities for structuring and evaluating content. There are only accounts on Twitter, and Reddit is a forum with the ability to create and discuss many branches (subreddits), due to this a clearer structure is created.
Reddit has two sides: the degen-style of communication and huge expertise, in modern financial Twitter this style is called “quant degen”. The content that’s posted on the platform must be consistent with this paradigm. The ideal example of content for Reddit is a logical, deep and structured article that has a couple of memes between facts and formulas, but good memes as a separate post is also a good idea.
The best Reddit crypto subreddits
There are a lot of subreddits with various information, but some are more popular than others. They can be a good example of the crypto-related communities.
1. /r/bitcoin
On this subreddit, users can discuss everything related to Bitcoin, from memes to new information. There are some ups and downs to this subreddit, and that is the part where the community is a bit too big, so there users will often see a lot of posts, but a lot of them can be useless. The discussion is also extremely rapid if a thread is popular.
2. /r/btc
This subreddit is pretty much the same as the previous one, but the community is much smaller. Because of that, it is easier to find higher-quality posts and get into discussions without having your opinion lost in a matter of minutes due to high traffic.
3. /r/cryptocurrency
While the previous two subreddits highly focus on Bitcoin only, this one focuses on pretty much everything related to crypto. Users are looking for crypto moons to get onboard before they rise in popularity, crypto exchanges where they can start trading before anyone else, or maybe just have a good laugh at a crypto meme and all of this can be found here.
It’s the biggest subreddit at the time of writing this text, with over 4.4 million members. There will always be a few thousand people online at the time. It’s the best subreddit by far for all kinds of information about overall crypto market.
4. /r/nft
With NFTs becoming extremely popular, it’s no wonder that this subreddit is booming in popularity. Here users will be able to find everything related to non-fungible tokens. Whether they’re looking for new NFT games to play, looking for a new NFT marketplace that just opened up and they will find that info here.
5. /r/bitcoinbeginners
If users are new to the whole crypto scene, then this subreddit can be quite helpful. They can get answers to all the frequently asked questions, and also can post a questions about crypto in case they’re not sure about something.
6. /r/ethereum
Similar to /r/bitcoin, users will easily find all the news related to Ethereum or anything related to app development that this technology is used for.
7. /r/binance and /r/coinbase
Both of these share the same idea: they are subreddits for one of the biggest crypto exchanges out there. They have solid communities, and user can learn about any interesting activity on the platforms by keeping track of the posts on these subreddits.
Audience & Geogrpahy
February – March 2022
- USA – 47.1%
- UK – 7.46%
- Canada – 7.43%
- Australia – 4.26%
- Germany – 3.34%
Subreddit Analysis
Approximate distribution of content by interest to users
3 month recap
The assessment is based on upvotes, downvotes, comments and posting frequency:
- Project news – big releases, funding, partnerships – 30%
- UGC content – community & market deep researches, fun, memes, etc. 40%
- Ecosystem news. announcements – 20%
- Project news – minor releases, fixes, updates – 10%
According to Reddit Recap 2021, the most visited crypto subreddits are (descending list):
- r/dogecoin – 2280000 subs
- UGC content – community & market deep researches, fun, memes, etc. 55%
- Project news – big releases, funding, partnerships – 20%
- Ecosystem news. announcements – 20%
- Project news – minor releases, fixes, updates – 10%
- r/cryptocurrency – 4888176 subs
- Project news – big releases, funding, partnerships – 50%
- Ecosystem news. announcements – 25%
- UGC content – community & market deep researches, fun, memes, etc. 20%
- Project news – minor releases, fixes, updates – 5%
- r/bitcoin – 1144000 subs
- Ecosystem news. announcements – 40%
- UGC content – community & market deep researches, fun, memes, etc. 30%
- Project news – big releases, funding, partnerships – 20%
- Project news – minor releases, fixes, updates – 10%
Examples of derivative DEXes and partners
- Pancakeswap – 80625 subs
- Near Protocol – 10685 subs
- r/dydxprotocol/ – 2960 subs
- r/MCDExchange/ – 396 subs
- Bonfida – 256 subs
- r/PsyOptions/ – 16 subs
Conclusion
Reddit is a platform that is well suited for posting cryptocurrency-related content, discussing such topics, and building a community interested in Web3 and DeFi platforms. This can be seen both from the statistics that Reddit itself provides, and from the constant situational content that appears on it.
Based on the above information, we can divide the Reddit growth into 3 conditional options:
- Minimum
- Posting the same content as in other social media.
- Try to post technical and other complex content in the form of articles and long posts.
- Medium – All of the above and:
- Conducting AMA – this activity is quite popular on Reddit and we can invite local Reddit influencers in the crypto.
- Formation and growth of the Reddit community. We will need active community managers who are well acquainted with the world of cryptocurrencies in general and the scope of our project in particular. Since the Reddit community is quite smart and sarcastic, then community management is in the style of “Telegram support” will not work in this case.
- Maximum – All of the above and:
- Join the RCP program. To do this, we need to develop a model for incentivizing the community and prescribing rewards for each action: creating memes, writing articles, etc. Since the token is on-chain, we can peg it 1:1 to our main token – SPIN, or create the separate tokenomics with its own economy, subsequently displaying it as a community token of the project as a whole, and not just a token on Reddit.
- Community managers are expanding their responsibilities and are starting to go beyond our community, talking in other crypto-related subreddits, attracting a new audience and increasing interest in the Spin with the help of a shill.