Web3 teams should stop wasting marketing budgets on the X platform
Original Title: How Web3 Teams Burn Marketing Budgets on X
Original Author: Stacy Muur
Original Compilation: Golem, Odaily Planet Daily
Every month, Green Dots conducts research on KOL promotional activities on the X platform to understand the strategies of other Web3 marketing teams and track which strategies and post styles are truly effective. However, due to the new paid partnership policy introduced by X, which has changed the marketing landscape on the platform (Related Reading: * Elon Musk Upsets Crypto KOLs' Livelihoods)*, most Web3 project promotional strategies are no longer suitable. In this article, Stacy Muur reveals common issues present in many recent Web3 promotional activities, using Starknet as a case study.
Author's Statement: This is not aimed at Starknet; their technical strength remains strong. Despite the doubts and skepticism from the outside world after the airdrop and TGE, the team continues to release and develop products, which is commendable. However, this article focuses solely on one aspect: marketing strategy. Starknet's recent product promotion is just a typical example.
How Does Starknet Conduct Advertising Promotions?
Starknet recently launched strkBTC [₿] and invited some content creators on the X platform to promote the event. They adopted a very classic promotional model:
- First, they released an announcement with a promotional video;
- Within 12-48 hours after the announcement, KOLs would post collaborative promotional posts;
- Subsequently, articles would be published to explain the advantages of the product in detail.
Even though this promotion took place in late February, to comply with X's paid partnership policy, some creators included paid partnership labels when posting related content. However, the focus of this article is not on paid disclosure but on the effectiveness of this promotional strategy itself.
On February 10, regarding another announcement released by Starknet, their marketing team conducted another KOL promotion. The same routine was followed: first, a video announcement was released, then promoted through KOLs.
Of course, Starknet also has other promotional methods, such as publishing several long articles and conducting some promotional activities in the Korean-speaking region.
To clarify, I do not know who is responsible for managing this activity, nor do I know if an agency is involved; I am merely providing some thoughts from the perspective of a marketer as an outsider.
One obvious issue throughout the promotional process is the weak selection criteria for the participating creators.
X is essentially a perception layer. Ideally, creators promoting on X should lead to:
- More discussions about the brand
- More independent creators voluntarily posting
- Increased production of community content
- Stronger ecosystem activation
But is this what we see? Not at all.
If you use simple filtering criteria on X to view the popular posts mentioning Starknet in February, the results are evident.
The most mentioned post is actually Warhol's post. Overall, only a little over 100 independent posts mentioning Starknet received more than 10 likes in February. For a well-known L2 ecosystem, this number is not significant.
Some naturally popular posts mentioning Starknet include:
- Mookie's post about token unlocks post (about 10k views)
- Warhol's post about the best internship brands in the cryptocurrency industry post (about 16k views)
- Warhol's L2 rating list (about 30k views)
- Santiment's post ranking L2s based on developer activity post (about 50k views)
- Mztacat's post about the "big four" post (about 82k views)
This roughly summarizes Starknet's mention volume on the X platform in February. This raises a more important question, not just concerning Starknet, but concerning the classic Web3 marketing strategies that are gradually becoming ineffective on the X platform.
Why Have Classic Web3 Advertising Strategies Become Ineffective?
For years, the default model for Web3 marketing has been: release announcement ------ KOL promotion ------ community discussion.
In a less crowded timeline on X, where narratives are strong and most promotional activities are not easily identified as paid promotions, this classic model was effective. However, this model has become ineffective following the changes below.
Paid Disclosure Stifles Implicit Communication
Once creators start adding paid disclosure information, this promotional model becomes obvious to fans.
First, users see an announcement, then within the next 24 hours, 5-10 similar promotional posts appear, and all the post content is quite similar, allowing users to immediately recognize this structure. It does not spark community discussion; instead, it sends a signal of "this is an advertising campaign."
In the environment of crypto Twitter, advertisements rarely provoke community discussions; they are often directly scrolled past by users.
KOL Behavior Is Now Easily Recognizable
Crypto Twitter has matured, and people understand how KOL marketing operates.
When the same group of creators quotes the same announcement with slightly different wording, it is easily interpreted as a coordinated promotional activity. Once the content posted by KOLs is clearly identified as a promotion, user engagement rates drop because the audience switches from curiosity mode to advertisement filtering mode.
X Rewards Topic Engagement, Not Announcements
X is not a distribution channel; it is a narrative space. Unless Web3 project announcements can provoke the following, they rarely become hot topics:
- Argumentative debates
- Meme coins
- Popular opinions
- Competition among KOLs
Without these dynamic factors, communication can only lead to brief user reach, failing to truly win over users' minds. Therefore, to genuinely gain topic engagement, Web3 projects should change the order of their marketing activities.
The old promotional process was announcement ------ KOL promotion ------ community discussion; the new promotional structure should be to first build a topic ------ provoke creator debates ------ produce community content ------ finally announce, making the announcement the final confirmation moment rather than the starting point.
If the project skips the narrative stage, promotion becomes impossible.
How to Redesign a Promotional Activity for Starknet
Let’s get back to reality; Starknet carries a heavy burden. The previous airdrop phase triggered a lot of panic, uncertainty, and skepticism, and merely explaining and promoting through videos will not solve this issue; the project team needs to take control of the dialogue to address the problem. Different goals also require different marketing strategies.
If the goal is to win over users' minds
The strategy should be to actively engage in controversies, not to try to suppress critics, and to design topics that can provoke debate.
For example:
- "Which L2 is better for developing BTCFi?"
- "Ethereum L2 vs btc-42">Bitcoin L2"
- "The top five ecosystems for BTCFi developers"
Then sponsor posts listing rankings, comparing Starknet with other projects, and posts that spark debates. Perhaps half of the timeline will support Starknet, while the other half will attack it, but both sides increase exposure. Creating drama is not bad marketing; marketing that goes unnoticed is what is truly bad.
If the goal is to dominate public opinion
Then stop publishing lengthy PR articles; very few people will read them. Instead, release visual infographics, ecosystem maps, competitor comparisons, and short frameworks that KOLs can reuse. Give creators space; recombining content is far more powerful than content they can only quote.
The goal of dominating public opinion is not a good article, but dozens of derivative articles; this is the way of narrative communication.
If the goal is to attract developers
Then remember that developer acquisition is a B2B model. Posting announcements on X does not effectively guide developers. What the project team should do is:
- Build topic momentum
- Create ecosystem prestige
- Showcase successful developers already there
Once this trend is established, guiding developers will become much easier. Because developers will also chase hot topics.
Conclusion
The traditional promotional model of Web3 (release announcement → KOL promotion) is gradually dying on X. The new model resembles: design topic → stimulate creator interest → provoke discussion → let the community continue to play a role.
Project announcements are still important, but they should no longer be the starting point of promotional activities; they should be the endpoint.
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On March 16, 2026, in Dallas, Texas, USA, CanGu Company (New York Stock Exchange code: CANG, hereinafter referred to as "CanGu" or the "Company") today announced its unaudited financial performance for the fourth quarter and full year ended December 31, 2025. As a btc-42">bitcoin mining enterprise relying on a globally operated layout and dedicated to building an integrated energy and AI computing power platform, CanGu is actively advancing its business transformation and infrastructure development.
• Financial Performance:
Total revenue for the full year 2025 was $688.1 million, with $179.5 million in the fourth quarter.
Bitcoin mining business revenue for the full year was $675.5 million, with $172.4 million in the fourth quarter.
Full-year adjusted EBITDA was $24.5 million, while the fourth quarter was -$156.3 million.
• Mining Operations and Costs:
A total of 6,594.6 bitcoins were mined throughout the year, averaging 18.07 bitcoins per day; of which 1,718.3 bitcoins were mined in the fourth quarter, averaging 18.68 bitcoins per day.
The average mining cost for the full year (excluding miner depreciation) was $79,707 per bitcoin, and for the fourth quarter, it was $84,552;
The all-in sustaining costs were $97,272 and $106,251 per bitcoin, respectively.
As of the end of December 2025, the company has cumulatively produced 7,528.4 bitcoins since entering the bitcoin mining business.
• Strategic Progress:
The company has completed the termination of the American Depositary Receipt (ADR) program and transitioned to a direct listing on the NYSE to enhance information transparency and align with its strategic direction, with a long-term goal of expanding its investor base.
CEO Paul Yu stated: "2025 marked the company's first full year as a bitcoin mining enterprise, characterized by rapid execution and structural reshaping. We completed a comprehensive adjustment of our asset system and established a globally distributed mining network. Additionally, the company introduced a new management team, further strengthening our capabilities and competitive advantage in the digital asset and energy infrastructure space. The completion of the NYSE direct listing and USD pricing also signifies our transformation into a global AI infrastructure company."
"As we enter 2026, the company will continue to optimize its balance sheet structure and enhance operational efficiency and cost resilience through adjustments to the miner portfolio. At the same time, we are advancing our strategic transformation into an AI infrastructure provider. Leveraging EcoHash, we will utilize our capabilities in scalable computing power and energy networks to provide cost-effective AI inference solutions. The relevant site transformations and product development are progressing simultaneously, and the company is well-positioned to sustain its execution in the new phase."
The company's Chief Financial Officer, Michael Zhang, stated: "By 2025, the company is expected to achieve significant revenue growth through its scaled mining operations. Despite recording a net loss of $452.8 million from ongoing operations, mainly due to one-time transformation costs and market-driven fair value adjustments, the company, from a financial perspective, will reduce its leverage, optimize its Bitcoin reserve strategy and liquidity management, introduce new capital to strengthen its financial position, and seize investment opportunities in high-potential areas such as AI infrastructure while navigating market volatility."
The total revenue for the fourth quarter was $1.795 billion. Of this, the Bitcoin mining business contributed $1.724 billion in revenue, generating 1,718.3 Bitcoins during the quarter. Revenue from the international automobile trading business was $4.8 million.
The total operating costs and expenses for the fourth quarter amounted to $4.56 billion, primarily attributed to expenses related to the Bitcoin mining business, as well as impairment of mining machines and fair value losses on Bitcoin collateral receivables.
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· Cost of Revenue (excluding depreciation): $1.553 billion
· Cost of Revenue (depreciation): $38.1 million
· Operating Expenses: $9.9 million (including related-party expenses of $1.1 million)
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· Fair Value Loss on Bitcoin Collateral Receivables: $171.4 million
The operating loss for the fourth quarter was $276.6 million, a significant increase from a loss of $0.7 million in the same period of 2024, primarily due to the downward trend in Bitcoin prices.
The net loss from ongoing operations was $285 million, compared to a net profit of $2.4 million in the same period last year.
The adjusted EBITDA was -$156.3 million, compared to $2.4 million in the same period last year.
The total revenue for the full year was $6.881 billion. Of this, the revenue from the Bitcoin mining business was $6.755 billion, with a total output of 6,594.6 Bitcoins for the year. Revenue from the international automobile trading business was $9.8 million.
The total annual operating costs and expenses amount to $1.1 billion.
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· Revenue Cost (excluding depreciation): $543.3 million
· Revenue Cost (depreciation): $116.6 million
· Operating Expenses: $28.9 million (including related-party expenses of $1.1 million)
· Miner Impairment Loss: $338.3 million
· Bitcoin Collateral Receivable Fair Value Change Loss: $96.5 million
The full-year operating loss is $437.1 million. The continuing operations net loss is $452.8 million, while in 2024, there was a net profit of $4.8 million.
The 2025 non-GAAP adjusted net profit is $24.5 million (compared to $5.7 million in 2024). This measure does not include share-based compensation expenses; refer to "Use of Non-GAAP Financial Measures" for details.
As of December 31, 2025, the company's key assets and liabilities are as follows:
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· Miner Net Value: $248.7 million
· Long-Term Debt (related party): $557.6 million
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