Blockchain Adoption: CoinList Survey Provides Insights on How Incentivized Testnets Should Be Implemented

CoinList, the crypto launchpad and exchange that provides access to established crypto assets, recently conducted a survey of over 500 validators and testnet participants in order to gain insight “into their preferences and inform their future initiatives.”

Testing crypto products and protocols “requires active community participation and ensures that projects can test new tooling, experiences and services in a lower-risk environment ahead of their eventual launch.”

While those established in crypto can “draw upon their existing communities to take part in these tests, early-stage startups must go to additional lengths to promote community involvement and find the right participants to battle-test their network or product.”

CoinList’s survey was carried out “with the aim of identifying the most successful methods of driving early participation as well as targeting early adopters with the right expertise.”

Of the 500 people surveyed, “almost half (47.9%) unsurprisingly said that the amount of rewards available was the primary driver for them to participate, while 34.2% pointed to engaging with an interesting or exciting project as their main motivation.”

The survey also found “that more than two-thirds (67.5%) of respondents preferred task-based reward formats, where users are rewarded for the completion of specific tasks, rather than a performance-based system where users compete against each other.”

CoinList helps projects “source, vet, and reward testnet participants all in one place, and has helped some of the best teams in crypto, including Solana, Filecoin, and Celo, launch their testnets and grow their communities.”

Recently, the company partnered with ZetaChain, “a Layer-1 blockchain which closed a $27M equity round in August, to secure participants for the project’s incentivized testnet.”

Brandon Truong, Core Product Contributor at ZetaChain, said:

“Working with CoinList allowed us to plug into their community of crypto natives to reach more than a thousand experienced validators from diverse geographical regions within the span of a week.”

The survey results also dispel common myths, “such as the misconception that network participants will be put off by longer-term initiatives, with 36% stating that they would be prepared to enter a project for 6+ months, while only 7.4% said they would spend a max of one month on a project.”

CoinList also recently partnered with bitsCrunch, an AI-powered decentralized NFT data platform. Less than 1 month after the program launch, over 20,000 unique wallets have been connected to help test real-world scenarios and interactions on the protocol as it progresses towards mainnet, generating 5M+ impressions.

Raghav Gulati, CEO at CoinList said:

“Through our testnet offering, we provide builders in crypto with access to validators, developers, and early adopters with a track record of contributing to top protocols like Solana, Filecoin, Sui, Celo, and ZetaChain.”

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