Ways to incentivize people to stake in a pool

Acquiring stake really is the hardest part of running a profitable pool. It’s important to understand this and set realistic expectations for yourself. Pools are essentially competing with each other for a finite amount of resources, and its not necessarily a level playing field.

Your first three points of attraction are solid, and work well for some pools.

As of late, people have had amazing success attracting stake by participating in various ISPOs. To catch these, you need to diligently research and interact with upcoming projects. Its a symbiotic relationship for pools to work with upcoming projects, as they will both benefit from the buzz created around a new project. Its important to note that even if you put in all the effort, you may not be selected to participate in an ISPO.

Interacting and supporting the greater Cardano community is also a great way to create strong organic growth in your pool. This can look anything like interacting with technical discussions, assisting others troubleshoot various problems, or even just being a kind and supportive human being to others in this community. We are all humans, and the vast majority of us are interacting with block-chain technologies because we love and believe in this technology’s ability to create a better future. You, as an operator, can contribute to that better future today!

Joining alliances such as Single Pool Alliance, Bare Metal Alliance, and etc can help to broadcast any common ground you may have with others. Joining a few of the many SPO coalitions is a wonderful way to gain some exposure and create connections/contribute with other operators.

If you are more technically savvy, there are many dev groups with extremely helpful and open arms waiting for new members.

Point being, get yourself out there and interact with this community. Your pool is both a business and an extension of yourself. Try to define your pool. Follow you interests, promote things you think are neat, and know that this road is now a slow road of growth for most pools.

Having run my pool for almost a year now, I can say that it has been very rewarding on multiple levels. Its sometimes tough, stressful, and time consuming…but, I personally really love contributing to this space.

Best of luck and please do share any tips and tricks you find along your SPO journey!

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