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What is an example of relying on subsidies to cultivate users and successfully maintain your user base?
Luckin seems to be one of the few examples I can think of.
Five years ago, when it was close to delisting, the coffee story almost didn't make sense in China.
Years of the 9.9 subsidy battle really cultivated coffee habits among second- and third-tier young consumers.
Most perp projects in the crypto circle rely on issuing tokens as incentives, but it seems they haven't truly generated stickiness and are all following in the footsteps of dYdX and Synthetix.