Winter has arrived for the crypto industry. One might even say that it’s Christmas in July due to the gifts crypto’s recent downturn has brought with it. For example, we have learned that 19,000 active crypto projects are simply too many to sustain. We can expect an approaching economic recession to clear out thousands of defunct crypto projects launched during the unsustainable bull market with no utility tied to them.
A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work digitally as a medium of trade that is not reliant on printed currencies that are controlled by central authorities like governments or banks.What is Cryptocurrency?
Platforms that unwisely embraced the digital riff-raff are also suffering, while more curated, user-centric platforms are seeming increasingly more likely to take their place. Although, if your particular token adds value, and if you’re in the transition to Web3 for the long haul, this is the best time to develop and improve a project.
A lot of people are still not familiar with crypto, but everyone has heard a lot about it — some true, some little more than hype. Even with so much negative publicity around crypto this year, plenty of users still want to dive in. Their expectations are probably more realistic now, but many remain unsure where to invest. The sudden collapses of Celsius, Voyager, Three Arrows, and other exchanges are baffling even to crypto veterans, but exponentially more so for newcomers. Crypto is meant to be a transparent, secure, and decentralized approach to finance, not the same broker-dealer model without the protections offered by government insurance.
We are easing these people into the crypto world by making the experience of earning their first cryptocurrency easier and more enjoyable by deploying a time-tested model — crypto as a reward for spending. We have designed a system where our members can purchase household and luxury items with their native currency and earn cashback in crypto. This fosters financial inclusivity and allows the other 99% to participate in the ongoing crypto revolution.
We named our platform Rewards Bunny because we loved the idea of people earning rewards that multiply like bunnies. But even with such a cute name, we realized that most people were unlikely to choose our token from a list of thousands of others. After all, crypto has been marketed as an investment, not a utility. What mattered in the past was primarily familiarity and momentum. In essence, if you were going to trade dollars for crypto, you had to believe that those tokens were burning hot enough to go to the moon.
With our platform, we chose a different approach. Rather than market hype, we offered utility. Instead of making our token an investment, we decided to make it a reward for doing things that people already enjoy doing. So far, we have partnered with over 1,000 online merchants, from AliExpress to Zulily. These partnerships provide two major competitive advantages: one, we benefit from our association with large and popular global brands; and two, we provide a crypto experience that is 100% stress-free, gas-free, and risk-free. We call our platform the world’s first next-gen gateway to crypto rewards and payments.
The results have been counter-intuitive, suggesting that we are dialing into a brand-new community, rather than the same crypto bros who viewed Web3 as a money grab. More than 80% of our users chose Rewards Bunny tokens as payment currency when withdrawing. Ethereum is the least favorable option for our users so far, proving that people are still open to new crypto projects, though they still want more than just the hype that pumped up DogeCoin, Shiba Inu, and many others. They demand trust, and over time, they will value loyalty.
Our challenge now is to implement more ways that users can capitalize on their rewards. So far, we are only providing a straight withdrawal to a Binance Pay account or DEX wallet. We are launching our membership tiers very soon, allowing our members to stake their crypto rewards for more significant benefits, like enhanced cashback.
As with anything new, it helps to ease people in. We learn new things by interacting. We will understand and remember them better if the experience is enjoyable. Our goal is to make the transition from Web2 to Web3 easier for everyone. Cryptocurrency is here to stay, but so many of its potential benefits are not yet fully understood. After being dominated by the same tech giants, who control half of the Internet and share our data with abandon, the crowd is more than ready for decentralized finance.
To help them along, in March, we released a mobile app on both Apple iOS and Google Play. The one caveat is that users must first sign up in order to receive an affiliate link. There may still be 19,000 other ways to invest in crypto — maybe even more — but we give our members a different value proposition: earn more by spending less, while just one click away from investment success.