It will be an experimental article. It is much more of a story than a report. I did not know where it will lead once I started typing, but it was fun to write. And hopefully, it will be fun to read.Trevor, CEO of Midas.Investments
“Why no reports, sir Trevor?”
The Summer was intense in Midas. Price fluctuations, hundreds of Burn-out activations, and a few burnouts of team members, delays in releases due to multiple bugs that were impossible to ignore, re-building of inner processes, and so on. It was fun.
Overall it caused the one month delay of this report. I was so deep in the ongoing processes that I could not summarise them in one article in the middle of those changes. Now, when I finalized my new view on Midas, let’s get together what was happening in these three months of a rollercoaster.
- Bitcoin stays at 10k.
- Midas coin is slowly accumulating power for growth.
- Nice amount of Burn-out activations. Many new deposits.
- Big plans on InstantSell (back-end fundament is almost finished) and Lock-in (the design is finished).
- The marketing campaign for MNI and Midas works perfectly on such a small market.
- Bitcoin grows 30%. Midas coin pumps almost twice.
- Burn-out starts receiving attention from some private investment groups due to the high referral payout.
- The platform lags a little.
- We continue to develop InstantSell. We continue to test Lock-in.
- We are listing ETH as an interest rate, planning to add as many tokens as possible.
- ETH transaction fees go skywards due to the DeFi hype, which makes it impossible for us to scale on tokens at the moment without additional implementations on the platform.
- Bitcoin is okay at 12k. Midas starts to go down after the pump. A few big sales will trigger a downtrend, which is okay since we needed to fill our Midas funds.
- Burn-out is separated from the Lock-in wallet, which led to a few crucial bugs and confusion from users. The bugs were fixed right before the hype wave came upon us.
- The Burn-out hype wave. Each day dozens of new investors come to activate Burn-out. They led by community leaders that spend a couple of hours with each investor to explain how Burn-out works and how to activate it. I blame our UI that was not polished enough for any such attention.
- Many new Burn-out investors use the link after the registration, which leads to a lot of lost rewards by their referrals. Midas customer support spends a few hours per day to provide help for new users.
- The platform starts to lag a lot. We found a slowdown with the transaction log, which overloaded our servers and fixed this by changing every graphical value of “Set by platform” transactions to zero.
- The platform starts to lag every few hours again. Found and fixed the issue by optimizing server infrastructure.
You quite see how flooded it was in terms of work. All of this fixing stuff could hardly be reflected by in August, so this is why I am writing these lines only now.
This stressful summer led to burnout and vacations of many Midas employees. I used these three weeks to rebuild my understanding of Midas as a business, and this is what happened.
Finding Midas constraints
The strategy of Midas has always been — the launch of innovative features. It helped us to survive the bear market and create a userbase of loyal investors. Overall, it led to multiple issues with interface and user experience, since we did not have time to polish all those stuff. We had to keep running for survival. Now we are established with a decent amount of features and infrastructure it is time to change the pace.
The best tool in my pocket of a business analyst is the Theory of Constraints. So I decided to put Midas through this methodology.
A few days I was collecting and systemizing data for our business to end up with five critical constraints of Midas that do not let us grow.
It is the other side of our strategy, which is releasing many innovative features. We do not say “No” enough in our team.
Other constraints were related to our inner team processes, management of marketing and finance, and so on. It helped to see the exact point, where we should put our efforts to get Midas to another level.
Building mission and values
After finding these constraints, you cannot think of something else.
So, we had to create a way to achieve focus from the bigger mission and goals (which we did not have) and transfer it to each member of our team, and, hopefully, our community to concentrate ourselves. To do this, I had to start with building mission and values.
It was happening during the overall DeFi hype, which created a bunch of interesting tools for passive income. It is all complex, while the main goal of this trend is not to build a unique technology, but rather to create a passive income.
We see that the amount of investment opportunities is growing at the pace we cannot comprehend. And since we started with masternodes, the platform positioning is similar to PoS, DeFi, and interest rates.
After analyzing these trends I ended up with a few fundamental principles on-top of which we build our products. Those principles helped us to figure out the Mission.
Midas is developing an ecosystem of intuitive products assisting customers to build long-term passive income streams in growing crypto-markets.
Each word is in its place.
Now let’s pass it to the Midas team.
Objective and Key Results to synchronize the team
Objective and Key Results, or OKR, is the methodology of transferring company goals through the team. A company has an ambitious goal (objective) and quantitive values of achieving this goal (key results). After picking a few objectives for a company, key results are bounded to each department. Then each department counts those key results as its objectives and creates key results for it.
This methodology was popularised by Google and Intel and it fitted perfectly for our small-sized team.
At this stage, we ended up with two Objectives: Pivot to the Proof-of-Stake market and elevate constraints in each field. It helped us to figure out what we need to do as soon as possible.
I did not expect Midas team to put so much effort, once the Objectives were clear. It was one of the most productive weeks in Midas.
Changes are here
Here is the short list of everything we accomplished in almost three weeks:
- Created a backlog and feature priorities based on multiple variables to know what to build and when;
- Integrated management tracking tool, which boosted our team effectiveness at least by 50%;
- Started building a financial system, which tracks all the data on multiple coins and financial flows of Midas;
- Re-thinked our marketing processes and gathered them into one system;
- Collected all the user feedback we had for the last few months and wrote down insights from that;
- Launched the new version of Lock-in as smooth as possible;
- Found a mentor from Google, which specializes in the world-wide businesses in Russia;
- Changed the ultimate vision of the platform;
- and many more small things.
“Why are you saying this, sir Trevor?”
The reason why I am telling this story is to show that Midas continuously evolves.
And evolution is not coming from the features as I thought before. But from the fundament, you build with the team, such as processes, insights, communication, and the way you do your work.
I believe that Midas, as an entity, is antifragile. Our biggest growths are always coming from the hardest downsides because it shows things that we need to change. And we are changing it.
And this Summer showed a lot to us, so we are ready for action.
So, I expect this Autumn to be the best Midas ever saw. Hopefully, you will join our ride.