I’ve been a NEX owner since the beginning and have been very keen to finally use the Nash platform myself. I am very enthusiastic about the nash project but I am also wondering why younger DEX projects took over in the meanwhile. I have tried to write down some feedback what I have collected myself and go from friends that Id like to share here with you. I am really hoping that this might be of use for the team to further enhance the market penetration.
Neither the terms “nash” nor “Nex” are perceived as a brand related to a crypto exchange. The name nash is occupied by several other entities. Therefore when google nash or nex you won’t find nash.io, but rather other non-related topics, same for NEX. Nash should really consider a rebranding. It should be a unique name, that is neither occupied nor vulnerable for confusion.
nash articles right now focus mainly on technology, therefore readers are mainly technical interested folks. Newbie’s don’t understand anything. The newbie user is rather confused by terms like “non-custodial”, “KYC”, “API”, “multi-party computation” etc… Coverage by press and crypto news pages is simply not available right now. In my view the team urgently needs a marketing expert who targets especially newbie customers full time and introduces them step by step to the full range of the nash platform. Customer centricity must be the new mind set!
Furthermore to be successful in the long run nash needs simply more volume. To get more volume nash should shift its focus to the more regular new customers, that are new in the crypto space. For newbies it should be as simple as possible to use nash. Few clicks as possible and a child’s play to use UI. The UX right now is just to confusing and simply not seamless and intuitive enough for newbies.
The most successful DEX’s are Swap platforms like Uniswap right now. Guess why? Because they are so simply to use! New users should be taken by the hand in the beginning. They could for example start with simple swaps. Nash could offer a simple Wallet, which over time can be updated into the full functionality of a platform. Strategy: from simple to complicated step by step to develop the newbie to a professional user without loosing him on the way. Complexity should unfold like an onion layer by layer. For each step the new user should be incentivized on its journey. This way they might also tell their friends of their nice experiences.
they just had a rebranding from nex to nash. Don’t think they will see this as a priority.
Product is just a few months out of beta. focus has just shifted from dev to growth. they want to see what works and what not while doing fast and short product itterations and in that Customer is certainly their prio. Furthermore the marketing is a “ramp up” = slowly increasing with time.
3.You are correct about volume, but it is a chicken and egg story. users bring volume and volume brings users. they want to bring volume in a few ways (payment tool, trading comp, moneymakers, influencers etc) I think that attracting newbies to cryptotrading is just 1 small item in that list. targeting big traders and institutions will bring bigger volume, not newbies alone.
I agree there are things which could be improved. But the team is on the ball… They are even pushing updates more than once a week. What Nash has already achieved in 2 years is remarkable. remember IDEX? and their UI? if u consider that as a starting point you will agree that they are setting new standards in DEX UI’s. plus it is the only non custodial L2 native BTC exchange in the world…which is… LEGAL.
I would strongly advise all the people that shout “more marketing” to listen to the podcasts.
it nicely outlines their growth model (flywheel effect). You start with a strong passionate community, a strong product core (the exchange) and build layer upon layer around that creating more and more momentum. the exchange is the hart of the Nash platform. not more then that. the platform is the vision.
Lastly: Nash is a small fintech startup… so “just hire a marketing manager”, “why no support in weekend” etc… “more marketing” are not correct remarks IMO.
These things tend to cost buckets of money!! Nash is a startup with a limited amount of cash. When the flywheel starts to spin they can hire more people -> gaining momentum. At the moment I am glad they take the prudent approach. the long run is important, that combined with limited cash makes you wanna make smart cost effective decisions with maximum effect.
So if you wanna help: go and make your friends aware of Nash, use the payment solution, make a youtube video, help people in the telegram channel, develope a addon for the platform and best of all: TRADE!!
What I would suggest to Nash team is to target new crypto users. First thing that a new crypto user is going to search for is transferring fiat to crypto. Here Nash has a very big advantage in having no fees for onboarding. This should be one of the main points of Nash and Nash should be one of the first search results when somebody is researching this. All the tech stuff about all your funds being on the blockchain, the non-custodial nature of Nash and the other benefits should be second when it comes to the newbies. Your point about complexity unfolding like onion layers is exactly this. The only problem here is that the Nash fiat ramp is not available in many countries and the fact that there is no credit card purchase as of yet so this might divert some people.
I honestly believe that the key to starting a snowball effect on Nash is Nash Link. Imagine what would happen if Nash Link would get one major name for its partnership, i.e. names like Uber, Steam, OnlyFans, etc… The userbase would go parabolic and we would have thousands of registrations daily. The amount of exposure this would bring cannot be compared to any marketing efforts.
@Garda I completely share your believe that the key to starting a snowball effect on Nash is Nash Link. I guess the biggest potential lies in the possibility to simply pay by scanning a QR-Code, even though I think this hypothesis is more likely to play out for USDC, rather than BTC. I also think that having more Stable Coins and assets like Gold and Silver (like Bitpanda has) on the platform could play out very well. There is a big opportunity for future FX trading on a highly secure exchange.
Our product unfortunately doesn’t have yet a good fit for that profile - you can find anecdotal evidence in this forum with the recordings of people that did the effort to bring as you call a “newbie”.
We cannot format our strategy to target users than aren’t choosing or likely to be users of Nash, so invalidity of points (2) (3) (4) follow from that.
However we are continuing to do changes to make our platform everyday more “newbie” friendly, as the new transfer process that simplifies the experience.
The next step that would allow us to test again how much we are fit for this profile is BTC and ETH buy/sell on Nash Cash, and a tighter integration of Nash Cash within funds and the product in general.
Hi Fabio - I understand you may not be able to comment on the following, but I was wondering if Nash has plans for Nash Cash in the U.S.?
Getting USDC into Nash via Coinbase was a huge headache with withdrawal amounts and occasional 72hr holds for “security” purposes (top tier account). Currently a resident in a state that has access to trading and staking.
Recently I checked again all the USP’s that nash has. It’s all written down somewhere and now we have this nice FAQ ( Everything you need to know). But what I really miss is a nice video that transports the message to the customer in under 2 min. Something like that here, for example on the website, I would find very exciting: https://youtu.be/bXaqDm3rCr4
I think that events of the last few days clearly demonstrate that building and strong fundamentals are still one of the best marketing tools a company can employ. Since announcing the AAVE partnership, Nex exploded in price and Nash exploded all over Twitter and various crypto outlets. Yes, people were attracted for Nex price hike but this was enabled by strong fundamentals. The amount of exposure Nash got in the last few days is more than in all of last year. I agree Nash still needs ads and a more shallow type of marketing but only when it has a market-fit and ready product such as the L1 trading, savings and a few of the best DeFi services on the market today. The realization we are moving in this direction makes me very excited, optimistic and proud.
Btw. I hope the exposure Nash got in the last few days will be noticeable in the season 3 of the Nash League. Crossing the 10 mil daily mark would be awesome!
Couldn’t agree more, 1 partnership and look what happened. The team delivers and we have a very good team. As time goes on we will only get stronger… Most on here are excited
