13 Jun 2023
The Rise of “Shadow Teams” — 64.7% of Top 1,000 Crypto Projects Fail to Showcase Their Team Members
Yuval Halevi Blockchain and SEO enthusiast, bolstering traffic & visibility for crypto projects since 2017
The crypto sphere has seen many changes since it first began. Every high point brought hundreds of new projects, but each low point made many more disappear. We are a Web3 PR agency that has worked with both well-known industry leaders and new projects hoping to build a name for themselves. During this time, we’ve spotted a recurring issue that is especially common among projects that don’t last.
We call this phenomenon “Shadow Teams.”
Shadow Teams are projects that choose not to display their team members on their websites. In many cases, these team members are also absent on LinkedIn.
A comprehensive research published by the National Bureau of Economic Research, involving 885 institutional venture capitalists (VCs), emphasized the significance of a management team over business-specific features like product or technology.
Despite this, many crypto companies seem to overlook this aspect, making it difficult to uncover their team members.
Seeing this discrepancy, we at GuerrillaBuzz decided to dig deeper into the level of transparency in team representation among the top 1,000 crypto projects.
The goal of this research article is to unravel the degree of team transparency among the top 1,000 cryptocurrency projects. We aim to specifically:
Our research methodology was straightforward but labor-intensive. We manually scrutinized each of the top 1,000 projects listed on CoinGecko. Here are the steps we followed:
In this study, we built upon the primary dataset from our previous research on the blogging habits of the top 1,000 crypto projects.
Project | URL | Blog (Y/N) | Latest Article (Year) | # of Articles in 2023 | Domain/Subdomain | Medium (Y/N) | Team: Yes/No | LinkedIn: Yes/No | Employees (LinkedIn |
---|---|---|---|---|---|---|---|---|---|
JasmyCoin | https://www.jasmy.co.jp/en_company.html | NO | Domain | YES | YES | YES | NO | ||
JUST | https://just.network/ | NO | Domain | NO | NO | NO | NO | ||
Kadena | https://kadena.io/ | YES | 2023 | 11 | Subdomain | YES | NO | YES | 83 |
Band Protocol | https://bandprotocol.com/ | YES | 2023 | 1 | Subdomain | YES | YES | YES | 30 |
TerraClassicUSD | https://www.terra.money/ | NO | Subdomain | YES | NO | YES | 40 | ||
Siacoin | https://sia.tech/ | YES | 2023 | 5 | Domain | YES | NO | YES | 9 |
Helium | https://www.helium.com/ | YES | 2023 | 1 | Subdomain | YES | NO | YES | 81 |
Biconomy | https://www.biconomy.io/ | YES | 2023 | 3 | Domain | YES | YES | YES | 54 |
Ontology | https://ont.io/ | YES | 2022 | 0 | Domain | YES | NO | YES | 39 |
Alchemy Pay | https://alchemypay.org/ | YES | 2023 | 27 | Domain | YES | YES | YES | 59 |
OMG Network | https://omisego.co/ | YES | 2023 | 5 | Subdomain | YES | NO | YES | 7 |
ICON | https://icon.community/ | YES | 2023 | 8 | Domain | YES | NO | YES | NO |
MX TOKEN | https://www.mexc.com/ | YES | 2023 | 250 | Subdomain | YES | NO | YES | 555 |
Symbol | https://docs.symbol.dev/ | YES | 2023 | 14 | Domain | NO | NO | NO | NO |
Dogelon Mars | https://dogelonmars.com/ | NO | Domain | YES | NO | NO | 0 | ||
Flux | https://runonflux.io/ | YES | 2023 | 18 | Domain | YES | YES | YES | 34 |
IOST | https://iost.io/ | YES | 2022 | 0 | Domain | YES | NO | YES | 24 |
0x | https://www.0x.org/ | YES | 2023 | 6 | Subdomain | YES | NO | YES | 165 |
Hive | https://hive.io/ | YES | 2023 | 1 | Domain | YES | NO | YES | 12 |
Bitgert | https://bitgert.com/ | YES | 2023 | 9 | Domain | YES | NO | NO | NO |
SwissBorg | https://swissborg.com/ | YES | 2023 | 41 | Domain | YES | YES | YES | 230 |
Reserve Rights | https://reserve.org/en/ | NO | 0 | Domain | YES | NO | YES | 146 | |
BinaryX | https://www.binaryx.pro/ | YES | 2023 | 9 | Subdomain | YES | NO | NO | NO |
SKALE | https://skale.space/ | YES | 2023 | 55 | Domain | YES | NO | YES | 47 |
Nervos Network | https://www.nervos.org/ | YES | 2022 | 0 | Domain | YES | NO | YES | 35 |
aelf | https://aelf.com/ | YES | 2023 | 1 | Domain | YES | YES | YES | 61 |
Note I: The data in this study was collected manually. When evaluating the presence of a team section on each site, we looked for any mention of the team on the homepage or a separate dedicated team page. There may be a few cases where the team information is obscured within the site, causing us to potentially overlook it.
Note II: The data presented in this article was meticulously collected and verified in May 2023.
To comprehend our research findings more profoundly, let’s examine the rationale behind some of these results:
Our research unveils that 64.7% of the top 1,000 crypto projects do not publicize their team members. What might be the reasoning behind this unusual behavior?
Displaying a credible, strong team is an essential aspect of any marketing campaign for a project aiming to establish itself as a market leader. We hypothesize that the lack of team visibility may stem from the following reasons:
Our research indicates that 215 out of the top 1,000 crypto projects do not list a single employee on LinkedIn. Having a LinkedIn presence isn’t just a nice-to-have; it’s essential. Showcasing your company, its mission, and the team behind it is a vital part of establishing credibility and trust.
Much like how companies are expected to have a secure domain address (SSL certificate), a LinkedIn presence is also a standard expectation. Just because we as an audience aren’t actively demanding it doesn’t mean it’s not expected or necessary.
Remember, we’re examining the top projects in a market worth over a trillion dollars (as of the 7th of June 2023). The expectations for these top 1,000 projects should be high; these projects should strive for stronger foundations and better marketing. Simultaneously, the crypto community should also expect and demand higher standards.
One way to accomplish this is by investing in and supporting companies with solid foundations. Evaluating them using parameters that might seem obvious, like: Does the company disclose their team members?; Do they have active LinkedIn, Crunchbase, and main social profiles that help in establishing online presence and credibility? This, along with transparency, should become a standard practice in assessing a company’s credibility and potential for success.
This research should serve as a wake-up call emphasizing the importance of establishing a robust online presence not only for crypto companies but also for crypto investors, traders, enthusiasts, and the broader community.
We should expect more from the companies we plan to invest in. Our collective standards can elevate as we learn and grow together as a community. Remember the ICO boom? Investors soon realized that a one-page website featuring an ICO fundraising countdown and a whitepaper with nonsensical tokenomics was no longer acceptable. Those types of projects have largely disappeared.
At the end of the day, crypto projects must meet the community’s evolving expectations and standards to stand out. By holding these companies to a higher standard, we can all contribute to the maturity and development of the crypto industry.