When I started building my derivatives exchange, Biqutex, I went through almost every marketing idea I could think of: Early Birds programs, Mystery Boxes, multi-level loyalty schemes, trading competitions, quizzes, paid ads in Telegram channels — you name it. At one point, I spent about $20K on a CPA banner campaign to promote a quiz-bonus event, even though we didn’t have a working testnet. Unsurprisingly, we mostly got a bunch of bounty hunters from Indonesia, who signed up for the bonuses, not the product. Looking back, I’m glad we ran those tests before the launch instead of after. Building an exchange isn’t easy, and if we’d started promoting a product at the MVP stage, we would’ve spent years refining something that ultimately needed a complete pivot. Instead, those early failures saved us time. I ended up scrapping 90% of the pages and plans from our original product documents and rethinking our approach. That $20K might feel like a lot, but it was much cheaper than years of chasing the wrong vision. What I’m sharing here are the lessons we learned along the way. Hopefully, this can save another team from making the same mistakes. And, maybe even keep them from spending that extra $20K. Choosing a realistically servable market At some point, I realized that trying to compete with the big exchanges — especially by targeting the top 100 coins — wouldn’t work. It’s an incredibly competitive market. With platforms like Binance and Bybit dominating thanks to their massive user bases, liquidity, and resources. Breaking into that space felt completely unrealistic for us. So, we shifted focus to a less crowded part of the market. Instead of trying to be an all-encompassing exchange, we decided to position Biqutex as a derivatives launchpad for early-stage tokens — whose founders want to launch a derivatives market for their token but don’t meet the requirements for sufficient trading volumes or the high listing costs of tier 1 exchanges. It’s a smaller, more specific niche, but one where we felt we could actually deliver value. Testing early with trusted users When you’re building something as complex as a crypto exchange, starting with trusted users is critical. For us, those early testers were friends, colleagues, and traders we already knew from the community. In short, people who understood the space and were willing to give us honest feedback. The stakes are too high to launch a platform like this to thousands of users right out of the gate. Even in production, things can go wrong, and dealing with issues at scale can be a nightmare. Starting small gave us the chance to test the waters without taking on too much risk. If you’re building a product in a niche, chances are it’s not your first time in that space. You’ve probably crossed paths with people who fit your ideal customer profile (ICP). If not, finding them early is crucial. Your mom or partner might cheer you on, but they’re not your market. The people around you who align with your product’s vision are the ones to trust with early testing. What’s great about testing with your circle is that they’re likely willing to help out of personal loyalty. But the real win is when they stick with your product because it actually fits their needs — not just because they know you. That’s your first step toward achieving product-market fit. Building a Community with Healthy Motivation Starting an exchange means starting from zero — no users, no fees, no trades. Motivating early users to engage with your platform is critical, but it’s also tricky. Misaligned incentives, like giving rewards for meaningless actions, can attract bounty hunters who sign up only for bonuses and leave as soon as they can cash out. Similarly, allocating large amounts of tokens to VCs at early stages often leads to token dumps that hurt long-term value. Finding the right way to align incentives with meaningful participation is key. One of the best examples of growing a community from scratch using tokens was demonstrated by HyperLiquid, a derivative DEX, through its highly effective HYPE token airdrop. The airdrop became the largest in history, with the peak value of the distributed tokens estimated at ~$10.8 billion. As part of their launch strategy, Hyperliquid allocated 31% of their total token supply — 310 million tokens — directly to their community during a genesis airdrop event. The token distribution was thoughtfully structured to prioritize long-term engagement and community growth: 31% allocated to the genesis airdrop, distributed to early users based on meaningful engagement. 38.888% reserved for future emissions and community rewards to ensure ongoing participation incentives. 23.8% designated for current and future contributors, supporting platform development and maintenance. 6% set aside for the Hyper Foundation to guide the project’s strategic growth. 0.3% allocated for community grants to encourage innovation and ecosystem expansion. 0.012% reserved for HIP-2, a specific community-driven initiative. The airdrop wasn’t just a giveaway. It was designed to recognize and reward real contributions. Eligibility depended on meaningful activities like trading volume and providing liquidity, ensuring the tokens went to users who were genuinely engaged with the platform. This approach encouraged active participation, attracted loyal users, and built a strong foundation for community growth. Their airdrop has since become a benchmark for effectively using token distribution to foster a sustainable, community-driven project. For our project, we didn’t issue tokens. We relied on a bonus system to reward engagement. While the specifics differ, the principle remains the same: incentives should drive real value, not just fleeting interest. It’s not about giving rewards; it’s about using them to build a lasting connection with the right users. Using Thought Leadership to Build Trust Crypto is known for its anonymity. But at the same time, it relies heavily on trust to onboard users, which isn’t easy to build. Trust comes from two things: who is behind the project and what they’re doing. If you’re a well-known founder, this process is easier. But for most, trust must be earned by clearly understanding what you’re building and showing that you can handle the risks in such a sensitive space. In my case, I addressed the security aspect by using a custodian to manage user assets. This allowed me to assure users that my exchange doesn’t have access to their funds — only the established custodian does. For DeFi projects, this might involve auditing smart contracts to prove their reliability. Despite these safeguards, many projects launch with faceless teams and rely on generic communication, which feels distant and impersonal. That approach doesn’t work when building something like a centralized exchange, where trust is critical. I wasn’t naturally inclined to put myself out there. My Twitter wasn’t active, and I wasn’t used to talking about my work publicly. However I realized early on that sharing my journey as a founder could help build trust in ways that traditional marketing couldn’t. Whether joining podcasts, writing about our progress on Twitter, or answering questions directly, showing up as the face of Biqutex helped users connect with the project. It’s not just about being visible; it’s about being transparent. Talking openly about what’s working and what’s not, and our decisions makes users confident that we’re not hiding anything. It’s a simple way to stand out in an industry where so many projects keep their teams hidden behind pseudonyms or corporate branding. Building Long-Term Partnerships with Influencers Crypto traders spend a lot of time on platforms like YouTube and Twitter, making these platforms ideal for connecting with potential users. What worked for us wasn’t one-off shoutouts or generic ads but creators who focused on producing high-quality, authentic content. Even smaller creators made a big impact when they showcased the platform in-depth, walking their audience through how it worked or providing tutorials. Educational content, like explaining trading strategies or features unique to the platform, proved far more compelling than a simple 30-second mention. In a space where skepticism is high, quality content — especially educational material — does more than just drive traffic. It helps potential users understand the value of your platform and builds trust through transparency and depth. Influencers delivering content that resonates with their audience creates a stronger, more lasting connection to your product. Banner ads, CPA campaigns, and overly generous incentives didn’t work because they brought in the wrong users — people chasing bonuses, not the product. We couldn’t retain them. The real shift came when we focused on a niche we understood deeply, had direct access to the target users, and could offer real value to them. Testing with these early adopters helped refine the product. Thought leadership and personal branding from the team built trust; community engagement ensured retention, and influencer partnerships brought in quality traffic. Though this approach might seem like baby steps, it’s precisely what’s needed to attract the right early users and ensure the product is solid before scaling further. When I started building my derivatives exchange, Biqutex, I went through almost every marketing idea I could think of: Early Birds programs, Mystery Boxes, multi-level loyalty schemes, trading competitions, quizzes, paid ads in Telegram channels — you name it. At one point, I spent about $20K on a CPA banner campaign to promote a quiz-bonus event, even though we didn’t have a working testnet. Unsurprisingly, we mostly got a bunch of bounty hunters from Indonesia, who signed up for the bonuses, not the product. Looking back, I’m glad we ran those tests before the launch instead of after. Building an exchange isn’t easy, and if we’d started promoting a product at the MVP stage, we would’ve spent years refining something that ultimately needed a complete pivot. Instead, those early failures saved us time. I ended up scrapping 90% of the pages and plans from our original product documents and rethinking our approach. That $20K might feel like a lot, but it was much cheaper than years of chasing the wrong vision. What I’m sharing here are the lessons we learned along the way. Hopefully, this can save another team from making the same mistakes. And, maybe even keep them from spending that extra $20K. Choosing a realistically servable market Choosing a realistically servable market At some point, I realized that trying to compete with the big exchanges — especially by targeting the top 100 coins — wouldn’t work. It’s an incredibly competitive market. With platforms like Binance and Bybit dominating thanks to their massive user bases, liquidity, and resources. Breaking into that space felt completely unrealistic for us. So, we shifted focus to a less crowded part of the market. Instead of trying to be an all-encompassing exchange, we decided to position Biqutex as a derivatives launchpad for early-stage tokens — whose founders want to launch a derivatives market for their token but don’t meet the requirements for sufficient trading volumes or the high listing costs of tier 1 exchanges. It’s a smaller, more specific niche, but one where we felt we could actually deliver value. Testing early with trusted users Testing early with trusted users When you’re building something as complex as a crypto exchange, starting with trusted users is critical. For us, those early testers were friends, colleagues, and traders we already knew from the community. In short, people who understood the space and were willing to give us honest feedback. The stakes are too high to launch a platform like this to thousands of users right out of the gate. Even in production, things can go wrong, and dealing with issues at scale can be a nightmare. Starting small gave us the chance to test the waters without taking on too much risk. If you’re building a product in a niche, chances are it’s not your first time in that space. You’ve probably crossed paths with people who fit your ideal customer profile (ICP). If not, finding them early is crucial. Your mom or partner might cheer you on, but they’re not your market. The people around you who align with your product’s vision are the ones to trust with early testing. What’s great about testing with your circle is that they’re likely willing to help out of personal loyalty. But the real win is when they stick with your product because it actually fits their needs — not just because they know you. That’s your first step toward achieving product-market fit. Building a Community with Healthy Motivation Starting an exchange means starting from zero — no users, no fees, no trades. Motivating early users to engage with your platform is critical, but it’s also tricky. Misaligned incentives, like giving rewards for meaningless actions, can attract bounty hunters who sign up only for bonuses and leave as soon as they can cash out. Similarly, allocating large amounts of tokens to VCs at early stages often leads to token dumps that hurt long-term value. Finding the right way to align incentives with meaningful participation is key. One of the best examples of growing a community from scratch using tokens was demonstrated by HyperLiquid , a derivative DEX, through its highly effective HYPE token airdrop. The airdrop became the largest in history, with the peak value of the distributed tokens estimated at ~$10.8 billion. As part of their launch strategy, Hyperliquid allocated 31% of their total token supply — 310 million tokens — directly to their community during a genesis airdrop event. The token distribution was thoughtfully structured to prioritize long-term engagement and community growth: by HyperLiquid by HyperLiquid 31% allocated to the genesis airdrop, distributed to early users based on meaningful engagement. 38.888% reserved for future emissions and community rewards to ensure ongoing participation incentives. 23.8% designated for current and future contributors, supporting platform development and maintenance. 6% set aside for the Hyper Foundation to guide the project’s strategic growth. 0.3% allocated for community grants to encourage innovation and ecosystem expansion. 0.012% reserved for HIP-2, a specific community-driven initiative. 31% allocated to the genesis airdrop, distributed to early users based on meaningful engagement. 31% allocated to the genesis airdrop, distributed to early users based on meaningful engagement. 31% 38.888% reserved for future emissions and community rewards to ensure ongoing participation incentives. 38.888% reserved for future emissions and community rewards to ensure ongoing participation incentives. 38.888% 23.8% designated for current and future contributors, supporting platform development and maintenance. 23.8% designated for current and future contributors, supporting platform development and maintenance. 23.8% 6% set aside for the Hyper Foundation to guide the project’s strategic growth. 6% set aside for the Hyper Foundation to guide the project’s strategic growth. 6% 0.3% allocated for community grants to encourage innovation and ecosystem expansion. 0.3% allocated for community grants to encourage innovation and ecosystem expansion. 0.3% 0.012% reserved for HIP-2, a specific community-driven initiative. 0.012% reserved for HIP-2, a specific community-driven initiative. 0.012% The airdrop wasn’t just a giveaway. It was designed to recognize and reward real contributions. Eligibility depended on meaningful activities like trading volume and providing liquidity, ensuring the tokens went to users who were genuinely engaged with the platform. This approach encouraged active participation, attracted loyal users, and built a strong foundation for community growth. Their airdrop has since become a benchmark for effectively using token distribution to foster a sustainable, community-driven project. For our project, we didn’t issue tokens. We relied on a bonus system to reward engagement. While the specifics differ, the principle remains the same: incentives should drive real value, not just fleeting interest. It’s not about giving rewards; it’s about using them to build a lasting connection with the right users. Using Thought Leadership to Build Trust Using Thought Leadership to Build Trust Crypto is known for its anonymity. But at the same time, it relies heavily on trust to onboard users, which isn’t easy to build. Trust comes from two things: who is behind the project and what they’re doing. If you’re a well-known founder, this process is easier. But for most, trust must be earned by clearly understanding what you’re building and showing that you can handle the risks in such a sensitive space. who what In my case, I addressed the security aspect by using a custodian to manage user assets. This allowed me to assure users that my exchange doesn’t have access to their funds — only the established custodian does. For DeFi projects, this might involve auditing smart contracts to prove their reliability. Despite these safeguards, many projects launch with faceless teams and rely on generic communication, which feels distant and impersonal. That approach doesn’t work when building something like a centralized exchange, where trust is critical. I wasn’t naturally inclined to put myself out there. My Twitter wasn’t active, and I wasn’t used to talking about my work publicly. However I realized early on that sharing my journey as a founder could help build trust in ways that traditional marketing couldn’t. Whether joining podcasts, writing about our progress on Twitter, or answering questions directly, showing up as the face of Biqutex helped users connect with the project. It’s not just about being visible; it’s about being transparent. Talking openly about what’s working and what’s not, and our decisions makes users confident that we’re not hiding anything. It’s a simple way to stand out in an industry where so many projects keep their teams hidden behind pseudonyms or corporate branding. Building Long-Term Partnerships with Influencers Building Long-Term Partnerships with Influencers Crypto traders spend a lot of time on platforms like YouTube and Twitter, making these platforms ideal for connecting with potential users. What worked for us wasn’t one-off shoutouts or generic ads but creators who focused on producing high-quality, authentic content. Even smaller creators made a big impact when they showcased the platform in-depth, walking their audience through how it worked or providing tutorials. Educational content, like explaining trading strategies or features unique to the platform, proved far more compelling than a simple 30-second mention. In a space where skepticism is high, quality content — especially educational material — does more than just drive traffic. It helps potential users understand the value of your platform and builds trust through transparency and depth. Influencers delivering content that resonates with their audience creates a stronger, more lasting connection to your product. Banner ads, CPA campaigns, and overly generous incentives didn’t work because they brought in the wrong users — people chasing bonuses, not the product. We couldn’t retain them. The real shift came when we focused on a niche we understood deeply, had direct access to the target users, and could offer real value to them. Testing with these early adopters helped refine the product. Thought leadership and personal branding from the team built trust; community engagement ensured retention, and influencer partnerships brought in quality traffic. Though this approach might seem like baby steps, it’s precisely what’s needed to attract the right early users and ensure the product is solid before scaling further.
