The number of total DeFi users recently surged a 1.6M mark, and protocols now have hundreds of daily active users and thousands of community members on discord, telegram, and forums. But who are those users? No, not meaning the personal data, but what are their problems and motivation to use and support a particular protocol?

Roughly, there are six major user groups in a protocol ecosystem:

  • Protocol politicians
  • Keepers and arbitrageurs
  • Protocols, devs, and builders
  • Liquidity providers
  • Users on the demand side (e.g., borrowers, traders, premium payers)
  • Hackers

For a protocol, it’s vital to coordinate and balance the incentives between…


The growth in total value locked in DeFi protocols since the introduction of widespread liquidity mining strategies shows that it is an effective strategy to bootstrap or scale liquidity in a protocol in a short-term period. However, the high APY won’t last forever making this growth hack a debatable topic whether it’s a good way to have a sustainable protocol development, design features, and onboard target customers. …

Vadym Nesterenko

Bootstrapping Open Finance. Product at Atomica.org

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