Catena AMA Session, June 2023 Full Transcript (Part 1/2) Marketing & Operations
Q: What marketing strategies does the Catena team have to ensure the growth of the community in the future and when would these things happen?
A: We believe that community engagement and adoption are critical for the success of any crypto project.
Let’s highlight the significant goals we’ve established for the next two quarters of this year. Our primary goal is to greatly increase the size of our community and user base, with the goal of roughly tripling its current size. This expansion is critical to the success and growth of our project in the cryptocurrency market.
Our current community size is insufficient to meet the listing standards of new major crypto exchanges, nor does it attract the attention of potential funding entities. To solve these problems, we will devote our full attention and energy to implementing the following marketing techniques.
Here are a few strategies we intend to implement:
Social Media Presence: We recognize the value of social media platforms in reaching a larger audience. As a result, we’ll be actively engaging with our community on platforms like Twitter, Telegram. We hope to keep our community informed and active by providing regular updates, news, and educational information.
Collaborations with Influencers: We acknowledge the importance of influencers in the crypto world. To grow our community and raise knowledge about our initiative, we intend to work with respected influencers who share our beliefs and ambitions. We can effectively advertise our project by utilizing their reach and trustworthiness.
Targeted Airdrops: Offer airdrops to encourage user adoption and viral growth. Airdrops include offering rewards as tokens to people who do specified tasks like downloading the wallet, sharing content, or referring others to the Catena ecosystem.
Referral programs: compensate existing users for referring new users with tokens or other advantages.
Advertising: targeted online ads on social media, and cryptocurrency-related websites.
Participate in Crypto Conferences and Summits: Attend relevant cryptocurrency conferences, summits, and meetings to network with industry experts, investors, and future users. Set up an exhibition space or conduct a presentation to highlight the project and engage individuals. Use these events to make crucial connections and gain attention.
Community Events and Meetups: We believe that having a strong offline presence is equally vital. We will host community events and gatherings in various places, allowing us to connect with our community members in person. These activities will promote networking, knowledge exchange, and a sense of community among our community members.
Partnerships and integrations: In the crypto sector, collaboration is essential for success. To build mutually beneficial relationships, we will actively pursue partnerships with other projects, exchanges, and service providers. We may use existing players’ user bases and develop our own community by connecting our technology and services with them.
We are firm believers in the potential of high-quality content to educate and engage our community. As a result, we will generate educational blog posts, articles, and videos on a regular basis that explain the complexities of our project, its use cases, and potential benefits. We hope to recruit and retain a knowledgeable and enthusiastic community by sharing valuable content.
As always, we remain committed to transparency, innovation, and delivering value to our community, and look forward to the exciting journey ahead.
Q: Dear Catena Team, Tell us where the light at the end of the tunnel is and how to get there. At the moment, the whole community who have put all their trust in this project is trapped in the core of the earth and cannot find a way out of the darkness. Give us the compass to escape the darkness.
A: Success is a journey, and impatience can sometimes hinder progress.
It’s important to remember that setbacks and challenges are inevitable on this journey. However, staying committed and resilient during these times will ultimately contribute to progress and success.
Success doesn’t happen overnight. It takes time, effort, and persistence.
Let’s Stay focused on our long-term vision and keep pushing forward, even during challenging times. Trust in the value of the project and the dedication of the team and community.
Q: The drastically reduced price made the holders very upset and cold-hearted and mistrustful, and the team does not take any action in this regard, and the market is zero. The price situation is worrying and the possibility of price growth and confidence is very difficult What price plans do you have?
A: As a holder and a community member, I understand your concerns. However, I would like to clarify some points before fully understanding your perspective.
Catena, formerly known as CORE, is one of the present-day cryptocurrency projects that are still in the development phase and has its own distinct concept.
We have not received any significant funding from venture capitalists or other firms who aim to control or manipulate the project by controlling a large portion of it, unlike many other projects in the market namely Solana or Polygon. Furthermore, we have not sold team tokens in order to cover the project’s expenses.
Our token holdings are safe and secure under vesting contracts that can be verified.
Following three months of private sales, we entered the markets as a token on November 15th, 2021. There were just 300 token buyers in these sales, and there was no formal promotion. The token’s original price was 0.004, which grew to 0.016 after it was listed on ten exchanges. The price rose further, hitting an all-time high of 0.040 on January 16th, 2022. Even after reaching this high point, the price remained much higher than the initial listing price for seven months in a row.
However, beginning in May 2022, the crypto market underwent a fall known as the “crypto winter,” during which several projects, including well-known ones such as Luna, saw their value drop by 90%. Despite the difficult market conditions, our project, CORE, continued active development with limited funding.
We created a wallet app for all platforms, developed the chain, launched testnets to improve transaction performance, and included interoperability capabilities with EVM, BSC, and other chains. We have worked on other initiatives such as an academy and a gaming portal.
During this crypto winter, our team grew from 10 to 75 members in 7 countries, displaying our progress and dedication. We are now stronger than ever, with all of our initiatives live and operating. However, price declines continue to be an issue due to Current market conditions and marketing efforts.
According to our analysis, over 75% of our early token holders sold their tokens, which they had purchased between 0.004 and 0.005, at the all-time high, generated returns of up to 8x before the May 2022 crypto crisis.
We are currently on the verge of becoming a full-fledged project with our own extensive ecosystem, which is uncommon when compared to other projects that are simply tokens or protocols on existing chains. Once completely completed, we will host a variety of DeFi projects, tokens, and other assets on our chain, in addition to our wallets. At that point, we will initiate significant advertising and a powerful start to promote our ecosystem.
Let me clarify further in response to your primary question about the price.
The cryptocurrency market is highly speculative, affected by both rational and irrational forces.
In the cryptocurrency market, the correlation between a project and its price is complex and influenced by a variety of factors. The value of a coin might fluctuate significantly.
The relationship between a project and its price in the cryptocurrency market is perplexing and influenced by a number of factors, including but not limited to:
Demand and supply: The price of a cryptocurrency, like any other market, is primarily determined by the combination of supply and demand. When there is a high demand for a cryptocurrency and supply is restricted, the price tends to rise. In the other case, if demand falls or supply rises, the price may fall.
Here are some of the actions that we did last year to help reduce the supply:
We have burned 2 billion CMCX.
Under the vesting contract, 100% of the project tokens and team tokens are locked in.
All direct token sales methods other than CEXs and DEXs have been halted.
Started a pre-main net staking program, encouraging early adopters to stake the tokens as much as possible for substantial rewards.
Despite this, since the demand for cryptocurrencies, in general, was at an all-time low last year, we chose to focus on development until overall market demand rebounded.
Market sentiment and speculation: Market sentiment and speculative behavior can have a significant impact on cryptocurrency markets. Positive news, developments, or collaborations surrounding a project can generate excitement and attract investors, thus driving up the price. Negative news or uncertainty, on the other side, can cause a price drop.
We made every attempt to be transparent to users and to avoid misleading or negative news from spreading. However, as the broader market crashes, we are also affected by selling pressure and negative conditions.
On the other hand, one of our regional communities is actively posting negative comments and making allegations against the project instead of any technical or marketing contributions.
We received multiple reports of fake groups using our name, as well as people impersonating us.
Use Case and adoption: It can generate positive feedback, which may increase the prices and attract more users and investors, hence increasing demand.
We believe that we are on the right track because we successfully launched the main net and our multi-chain wallet for all platforms.
Market dynamics and volatility: The cryptocurrency market is notorious for its volatility, with values frequently fluctuating rapidly. Market manipulation, regulatory changes, macroeconomic conditions, and overall market conditions can all have an impact on volatility. Also cryptocurrency market can be very speculative and prone to price manipulation, resulting in dramatic price fluctuations.
The above factors are mostly out of our control and depend on general market conditions.
Q: When does advertising and marketing start?
A: We will be focusing the third and fourth quarters of this year mainly on marketing, and we are in the process of hiring new team members for our marketing department. This process will begin immediately following the completion of rebranding and the launch of the new website in early August.
Q: The next question is that there is still a lot of capital in this market, what plan do you have to attract investors to this project? You must have a strong marketing team and attractive plans for the future.
A: In fact, capital has yet to be directed toward the market, and the market is still waiting for the Bull Run. However, in terms of our project, we had the marketing strategy in place long before the rebranding. However, due to the rebranding, we had to postpone it until the new website was ready and the backstage work with exchanges, particularly CMC and CG, was completed.
Q: As you said in the previous AMA, you were supposed to promote this currency in a community-oriented way, but you did not run the hackathon and promoted the programs yourself, the currency started to decrease from the same day. You even said that you will introduce the team. , but the first caused a drop and you made a lot of bad promises, this currency is no longer community-oriented, will these bad promises continue in the future or not? What is your explanation for these?
A: None of us is happy with the current situation on the market, but the future looks as bright as it can. With all happening with the price, we are working harder than ever to complete the remaining tasks and begin marketing. We indicated in the prior AMA that the team is free to reveal themselves, but we would never push it on anyone. We respect everyone’s privacy, whether they are members of the user community or part of the team. Right now, the entire team’s focus is on the tasks, rather than on putting on a show.
Q: Please tell me an immutable timeline for executing the rebranding, and releasing the updated edition of the white paper.
Both the rebranding and the introduction of the new website are expected to take place in the first few days of August.
The updated white paper is scheduled to be released before the end of the third quarter of 2023.
Q: When the Coinmarketcap will be updated for the CMCX token/coin?
A: This process will be done after the rebranding; most importantly after the new website launch in early August.
Q: The road map has not been completed in previous years. When will you finish them and put the new road map and white paper on the site? I am waiting for the technical white paper of this currency and I am eager to know what interesting things he wants to do in the future to attract investors to this currency.
A: Absolutely, there is a new roadmap. The roadmap is being updated and will be revealed through the new website.
Q: When will the coin be listed on top-tier exchanges?
Q: What are the upcoming exchanges for CMCX listing and their timeline?
Q: When is the listing on Binance planned, considering it is a significant market for us?
Q: What is the strategy for listing on new exchanges and how soon can we expect the currency to be listed on a new exchange?
A: Listing on top-tier exchanges typically necessitates satisfying a number of criteria, including the demonstration of a strong community, the possession of a solid project foundation, the fulfillment of legal and compliance requirements, and meeting the requirements of the specific listing guidelines of the exchange.
Engaging in the crypto. Community and forming strong partnerships can potentially boost the likelihood of getting the cryptocurrency listed on recognized exchanges.
During the course of the previous year, we had some of the top 10 exchanges on our shortlist. We had also fulfilled the standards and requested a review; however, there were a few factors that prevented us from listing them during that time.
1. The community size wasn’t good enough.
2. The level of engagement from the community in the project was so low that there were no real discussions about fundamental or technical topics; instead, the conversation focused mostly on the price.
3. The main net had not yet been launched and was still in the process of being developed.
4. There were other projects with the CORE brand or similar in the crypto space.
5. Bear market
6. Uncertainty about the Legal status of some exchanges like Binance by regulators.
Due to the reasons stated above, the majority of the Top Exchanges that we approached either declined to list our Project or requested an extremely high listing fee that was completely out of reach.
Despite this, we are making progress toward listing on leading exchanges as a result of our rebranding, our plans to grow the community and the fact that our products are now available on the market. These products include the Main net and the wallet, therefore it is nearly certain that we will be listed there.
We have already resubmitted, and we are currently in the process of active negotiations with these exchanges.
we are restricted from naming any of them here as it would violate the Exchange’s NDA.
We have a major surprise for you, and our approximate listing date is the 15th of November, which marks our second exchange listing anniversary.
Q: When will it need VC backing to keep running?
A: The need for venture capital (VC) investment to continue a project is determined by a variety of factors, including the business’s funding strategy, financial planning, income generation potential, and market conditions. While some projects rely on venture capital funding to sustain their operations and development, others may have other funding methods or revenue streams in place.
To get the necessary funding in the crypto industry, many projects first rely on fundraising through token sales or private investments. however, the long-term viability of a project is frequently dependent on its capacity to generate income or build a sustainable business model.
We are exploring many revenue-generating options, including transaction fees, collaborations, and the delivery of additional products or services. We may reduce our reliance on external funding sources like venture capital by diversifying our revenue streams while maintaining the project’s goal of not being influenced by big tech or VCs.
Q: Did you have any plan to partner with any Venture Capital (VC)?
A: As previously stated during the AMA sessions, having a VC behind the project could result in it in a number of areas of risk, the most significant of which is making the project less decentralized and possibly less independent.
Q: When will you announce the next partners? Be sure to introduce a good strategic partner for cooperation
A: At the moment we cannot announce the next partner, as the meetings are still ongoing with a number of potential partners.
Q: How does the Catena team finance their employees although the team tokens have not yet been sold and the CMCX price has hardly any liquidity and the CMCX price has fallen very sharply.
A: Since day one, the team has been financed by initial private angel investors and silent partners. NONE of the team/project wallets have been touched since the project’s inception.
Q: For how long can the Catena project remain active and ongoing with the capital it has, given the current market and absolute crash in the price?
A: We are supported by an anonymous group of angel and private investors since the very beginning of the project. They are supporting the team to ensure that the work continues regardless of market conditions.
Our primary project backers have higher ambitions and objectives in terms of decentralization and privacy, and they have no financial expectations associated with the project token market.
Q: Does the team behind the project and employees also receive the same 50% staking benefits as regular investors receive?
A: To ensure that the network is as decentralized as possible, the team and individuals behind the project are barred from participating in mainnet staking.