We’re back for our third Parachute Digestive — In this episode we review our first Parachute TownHall, key updates for ParJar, and some awesome insights on the utility of PAR.
Last week we came together for the first Parachute Town Hall. It was a livestream with the Parachute team and anyone else in the community who felt like hopping on. While the chat had an incredible amount of of takeaways (which you can hear in the link below), it was something I found out in prep that still has me buzzing.
In preparation for the day we were pulling together a mixed bag of ParJar stats. There’s the user growth, tips, and some other big-picture numbers that show a growth trend we’re always happy to share. For this event, we also needed to look at some numbers for the first time.
One of these was ParGas. While we look frequently at how often its used — we put off one important stat that would make or break a key value hypothesis we had: That PAR would be a useful alternative for gas that people actually used. It’s simple and and easy to measure, so we did.
With a pretty quiet roll out and a good amount of time to see how/if ParGas was adopted, we looked at how many withdrawals were made, and of those how many used PAR instead of ETH.
When I asked this, I was hoping to see a 20–30% adoption which would have shown me enough evidence that there was some glimmer of value and that further investigation of our hypothesis was warranted. What we found, was that over 64% of all erc20 withdrawals on ParJar are made using the PARgas feature! That is just way beyond what we expected and has given us a few key takeaways.
Key takeaways: First, ParGas is something people find useful. Without pushing people to use the feature they found it and used it. That shows value of the feature and great UX to guide people to using it. Second, people are getting their hands on PAR. While it would be a stretch to think people would ever deposit PAR over ETH to make deposits on ParJar, people who use ParJar are getting their hands on PAR inside of the 500+ communities we live in and PAR is moving around.
This leads us to next steps. Now that ParGas shows some value as a feature, we’re going to see how it grows. Our major targets for 2020 are pushing adoption of ParJar. If we can 10x our user base, we’ll be testing if the usefulness of Pargas does the same.
What we’re listening to:
I mentioned this one a few times over the last week. This isn’t just for people starting companies, its for anyone looking to frame how they look at where a product is and if the founders are leading it in the right direction.Andy Rachleff is a startup legend and gives incredible insights here — highly recommend it! (also — shout out to DASH at XIO for sending it our way!)
What we’re working on
— We’ve added GET and JOB to ParJar (let the puns begin)
—We’ve made two bug fixes that improve consistency of deposit confirmation messages and consistency of tip confirmation messages.
—We’ve applied for A16z crypto school in San Fransisco
— We hosted our first Parachute Town Hall- which you can listen to here.
— Parachute Run Club launched to give Parachuters PAR for running
— Parachute Call of Duty community launched to give Parachuters PAR for playing video games
— we’re building a new community page that lets new Parachuters discover interests with other Parachuters
What we have lined up:
— New projects listing with additional PAR staking
— Three new ParJar features
Welp — thats it for now. Have a happy holiday and see ya on the flip side:)