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Update Q4 2023

· 4 min read

Listings

ATTR is listed on DEXs Uniswap and Sushiswap, and on the CEX Bittrex. As you may already know, recently Bittrex has ceased operations. This is simply bad luck. Bittrex was once seen as a safe CEX, with very stringent KYC requirements for tokens that want to list, and a rather good and reliable reputation.

Bittrex stopping operations is unfortunate for two reasons:

  • ATTR no longer has a CEX listing.
  • CoinGecko and CMC have turned off the ATTR price table/tracking because we lost a CEX listing without adding a new one, and that is not ideal for convincing new ATTR buyers.

Please note there will be a solution, we have various options to consider, e.g. a new CEX listing, paying fixed fees to those websites, etc…

Market update and traction

Although it seems that the crypto world is experiencing some revival, the traction we are getting, and our observations in the market, indicate that the majority of players are still primarily focused on short-term profit (pump and dumps with fake social media followers and wash trading again, for more info please check: https://attrace.medium.com/the-marketing-elephant-in-the-web3-room-bde6cb17b230).

In our view, the interest in the fundamental value proposition of crypto, such as decentralisation and trustless transactions, does not seem to have increased significantly yet.

We are still experiencing traction, primarily for networks such as Polygon and BSC, which we technically cannot yet facilitate as Attrace is currently only live on Ethereum. Expanding to other chains will require additional work. The current Ethereum network appears to be too costly for the communities of projects interested in our protocol. Therefore, this situation calls for perseverance until either Ethereum becomes more affordable, until referrals for very expensive assets are being offered making network fees negligible (we are working on this), or until we are operational on more cost-effective chains.

We still have doubts about the direction in which the market is heading, particularly regarding which vertical or new blockchain to focus on. Almost 60% of the projects in our CRM - more than 100 (!) projects - are now dead or dormant. Many of these were considered very large and prestigious projects with millions in funding. We were very close to allocating substantial resources for full integrations, and now they are dormant. This experience has led us to decide against announcing partnerships until they are technically and truly live. We have learned from our past experiences in this regard. Hopefully this explains to some extent why we definitely have been rather busy but not able to announce a lot of news.

Additionally, a significant portion of those failing projects were actually active on Polygon and BSC, highlighting the challenge of interpreting market trends to prioritise our roadmap effectively. Therefore, until we see a clear direction based on our CRM data and traction, our current focus is on maintaining the existing Oracle network on Ethereum, which we believe will continue to be a leading platform.

New website coming for new strategy

With the above in mind, our strategy will be to keep our current proposition operational, in combination with a new project, which is a targeted push on the additional value that Attrace also has to offer: SEO authority.

As Attrace has been the world's first web3 referral platform, the SEO authority of the Attrace website has become a significant asset in itself. How this will unfold should become apparent by the end of February, which is when the website is scheduled to receive a substantial upgrade. We have been working on this upgrade for some time now.

The ultimate goal is straightforward: To ensure that anyone in the world seeking the technology that the Attrace protocol remotely offers—or can develop—will be directly steered towards the Attrace website. On top of that there will also be additional value to gain which we will explain later.

Happy 2024

Let’s conclude 2023 with a quote that highlights a common tendency to expect rapid technological advancements in the short term, while failing to fully grasp the profound and transformative changes that technology can bring over a longer period:

"We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten. Don't let yourself be lulled into inaction."

B. Gates

Attrace lives by that quote.

It seems web3 could use a reminder of the importance of having a long-term perspective when considering the potential impact of the real underlying technological innovation: Operating in a decentralised and trustless environment.

Let’s repeat this once more: The moment real decentralised web3 becomes mainstream, it is going to need a lot of web3 marketing…

In the meantime, do enjoy your gambling on the meme’s:)

We wish everybody a fantastic 2024!

Attrace team

Erwin Werring
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