क्या आपको टोकन जारी करने से पहले उत्पाद-बाज़ार का तालमेल ढूंढने की ज़रूरत है?

Original article by Alex Topchishvili, CoinList

मूल अनुवाद: 1912212.eth, फ़ोरसाइट न्यूज़

According to American businessman Eric Ries, product-market fit (PMF) is the moment when a startup finally finds a broad customer base that resonates with its product.

Despite the differences between Web2 and Web3 startups, the profound insights about PMF apply equally to crypto: find it, or fail.

This begs the question: should PMF be implemented before tokens are issued?

In short, it depends on how many tokens the product needs to find product-market fit. The importance of using the token will determine the best time to introduce the token to the product.

In this article, we will explore the problems that arise from issuing tokens before achieving PMF, as well as the few situations where it is appropriate to issue tokens early.

Issues with issuing tokens before implementing PMF

To be fair, many of the existing tokens are not critical to the products they serve.

For crypto products that do not rely on tokens to operate, efforts should be made to ensure PMF before issuing tokens, as the decentralized nature of these projects makes it extremely difficult to make adjustments after issuance. For example, while governance tokens may be critical to a project鈥檚 ecosystem, they are not core to the product.

Introducing tokens too early can hinder the process of finding PMF by distorting incentives, influencing user behavior, and locking in specific product elements. In addition, it is often difficult to adjust the economic model after the token is issued, even if these adjustments are necessary to achieve PMF. And, while token incentives may initially attract users, they cannot ensure long-term user retention or solve fundamental product problems that must be addressed before issuance.

When is it appropriate to issue coins before achieving PMF?

For crypto products that are designed with tokens at their core (which is rare), the tokens are actually a necessary part of the product鈥檚 functionality and must be issued before a PMF can be found.

Examples where tokens are critical to finding PMF include L1s that derive economic security from miners or validators, like Bitcoin, Ethereum, Solana, and BNB Chain, or DePINs like Helium and Dimo that rely on token issuance to bootstrap the supply side of the network.

Although less common, some DeFi products require tokens to properly align incentives in the network (excluding governance). For these products, the token network must function properly to achieve scale and incentive alignment.

Under what circumstances is it not appropriate to issue coins before achieving PMF?

While many products have tokens, few crypto projects actually rely on tokens to operate. The most common use of tokens is to effectively kick-start user acquisition (or eventually provide exit liquidity). One successful example of this might be Blur. They effectively launched a blood-sucking attack on OpenSea, which was the leading NFT बाज़ार at the time, through a token incentive mechanism.

While tokens may be effective in kickstarting user acquisition, if the product has no real PMF, activity is bound to drop significantly when these incentive campaigns end (see what happened with all the major airdrops in 2024).

Conversely, if your product is already working, then by adding incentives to increase user acquisition (in many cases to decentralize governance), you can enjoy the benefits of accelerated growth.

Take Compound, for example. While they have a token for governance, that token is not critical to their core product (decentralized lending). Compound had already achieved significant product traction before launching a token.

Similarly, Uniswap had already captured a major market share of decentralized exchanges with version 2 of its protocol before launching its token. They effectively resisted SushiSwap鈥檚 bloodsucking attack by issuing their own tokens to match incentives.

Recently, Polymarket has found strong PMF in decentralized prediction markets, where users can bet on the outcomes of real-world events using USDC instead of using tokens with wildly volatile prices.

In summary, unless your product truly relies on a token, you shouldn鈥檛 rush to launch a token before achieving PMF. Without achieving PMF, your token may slow down growth rather than boost it.

This article is sourced from the internet: Do you need to find product-market fit before issuing tokens?

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