I never planned to become an influencer. “Influencer” sounds so cheesy and cringey.
There’s a negative sentiment around influencers and the whole influencer economy. I understand why. Crypto is full of grifters who harm by shilling and dumping on their followers.
That’s not my story, though.
Money wasn’t the motivation to post on Twitter. I was simply bored during the bear market of 2022. More on this later on.
Now, bored again, I asked on X what to cover next. The most popular idea was to share insights on becoming a KOL, growing an audience, and revealing some secrets of crypto influencers and marketing. And since I reached 100k followers on X, I thought it’s a good chance to share something different.
In this post, I'll briefly share my story, offer advice on growing your audience, discuss popular monetization models (including pricing), and share how to effectively pitch someone.
So, You Want to Become a KOL?
I worked at a Korean CEX when the market crashed late 2021. Suddenly things got quiet(er) in crypto.
For a few months, I went to the office just to scroll on Twitter. Nothing fun was happening. Even worse, my boss was selling the CEX, so there was no real work to be done at the office.
It was my second bear run, so I knew a new bull run would come.
You see, the 2020-21 bull run began in DeFi, but few people understood how it worked. Most traded on CEXs and didn’t know how to use Metamask. When DeFi summer came, those who knew basics of DeFi made good gains. I was early too, farming YFI on Curve at 10,000% APY. Good times...
My plan was to keep researching to find the next "meta" early.
I first started writing on Twitter as a tool for personal note-taking, like proof that I really understood the topic. That's why my name was “DeFi Research.”
Tip: If you think you really understand a concept, try writing it down. You’ll realize that it’s harder to explain your thoughts clearly on paper than it seems in your head.
But I was still bored. So, I wrote mega research regarding roadmaps of 25 DeFi protocols to identify common trends. I spent a week writing this one single thread.
I was worried it might flop. After putting so much time into one post, you really hope it succeeds.
It went viral. The DeFi Edge, Miles Deutscher, DeFi Dad… all big DeFi KOLs engaged with it and to this day it’s my top 5 post by likes (and 244k views).
I had just 300 followers. But after it went viral, followers kept coming for days. I thought the crypto algorithm was broken. I grew to ~3k followers with this one thread. 10x!
Tip: Quality content matters on X. While a viral post might happen by chance, consistent follower growth requires insightful and unique content. It takes time and effort. Some posts will flop, but the successful ones will attract quality followers.
I continued to do similar in-depth weekly threads on tokenomics, stablecoins, SBTs, and quite quickly grew to 10k followers.
Tip: Consistency is key. Once you start gaining momentum, you need to continue pushing. Otherwise, the X algorithm ‘forgets’ about you, and your posts won’t feature in the timeline.
First milestone achieved. The first 10k are the hardest. After that, you can cover a wider range of topics. More tips on growing your audience will follow.
Why You Should Write on X (Even if You Don’t Want to be an Influencer)
Two other factors motivated me to start writing on X were: my girlfriend and an Almanack of Naval Ravikant that totally changed my thinking about ‘making it’. In his famous thread on How to Get Rich (without getting lucky) he shared his experience for success.
The thread is great, but the book is more detailed. Can read his book here.
Funny enough, as an experiment, I wrote my own (viral) thread on how to get rich in crypto that got me thousands of followers more.
In short, Naval teaches to chase wealth instead of riches. You get wealthy by arming yourself with specific knowledge, and leveraging it via the internet, which massively broadened the possible space of careers.
This specific knowledge is highly specific and creative which is found by pursuing your genuine curiosity and passion. You can apply specific knowledge via coding and media - “You can create software and media that works for you while you sleep.”
Yet this part hit the jackpot for me:
“If you can't code, write books and blogs, record videos and podcasts.” Which finally leads to applying “specific knowledge, with leverage, and eventually you will get what you deserve.”
You see, in the attention economy, having audience gives you leverage.
Today, our attention is limited while information is infinite. With so many competing for your focus, it’s more valuable and harder to capture.
For online-only crypto, capturing your attention can mean the difference between the success or failure of a protocol. I’d argue that technical features come second.
What is this if not a game of attention?
Valuations are largely driven by attention, and crypto remains 99% speculation.
That’s why I defended Polkadot’s choice to employ influencer marketing. I believe it’s the most effective way to spread the message to native Web3 users. Polkadot’s problem is terrible execution.
Because crypto especially is driven by narratives and sentiment, companies want to work with influencers.
As Edgy explained, this leverage makes it easier to get jobs and deals, reducing reliance on a single source of income.
In short, Naval's book clarified everything for me:
Bored but curious about crypto, I began researching, which helped me build specific knowledge.
Since I can’t code, I chose writing to increase my audience, gaining leverage.
With a larger audience, I got multiple monetization options.
Crypto is like a game for me. (In my teenage years, I played Lineage 2. Leveling up in the game is similar to growing followers on X. Money in crypto is like in-game Adena, and becoming a KOL is like being a hero in Lineage, amplifying your reach.)
Tip: What are you genuinely curious about? You’ll need this to keep you motivated in the long run.
Monetization of Audience
Before I share tips on growing the audience, I want to share more reasons why you should want to become a KOL—monetization.
This is the part where many KOLs struggle the most. Actually, growing audience and followers is easier than monetization.
A few months after starting to write, I quit my 9-5 job. The best feeling ever.
I went to a cafe, opened a Notion sheet, and listed all the popular models that influencers use to monetize. My first idea was sourcing deals for VCs as I get to know great protocols in the space. Long story short, I ended up with a blog, referrals, ambassadorship at Instadapp, and launching my KOL marketing agency Pink Brains.
Instead of a salary, I have at least five sources of income (including airdrops, lol).
Note: This Notion sheet was for myself only! Haven't touched it for a year. So, it's full of typos and isn't finished. Just opened Substack and started to write.
So, here are the most popular monetization models for crypto KOLs and how much you can earn:
Paid posts: Seem simple but can harm your reputation.
One bad partnership with a shady protocol can ruin your reputation. Ensure protocols are high quality. Accounts with under 10k followers rarely attract major protocols, while those with many followers get overwhelmed, making research time-consuming.
Payment varies due to private negotiations, KOLs reputation and reach, and KOLs' lack of knowledge about others' rates. Threads usually start at $500 for KOLs with under 20k followers but can exceed $3k-$5k for those with hundreds of thousands of followers. Major protocols often pay less as the reputational risk is lower.
Rates change quickly as market turns from bullish to bearish and vice versa.
Blog sponsorships:
Dedicated section in a blog post. Price varies from a few hundred to a few thousand, depending on subscribers. Can expect $1k+ for 150 words within a blog post.
Featured blog post: A well-known influencer I know charges $15k for a dedicated blog post, although the usual rate is much lower.
Paid subscriptions: Not popular because it limits your growth while you can earn more from dedication section or featured blog posts sponsorships.
My blog is paid if you want to read older than 1-month posts. I earn $13k per year from this (before all the fees and taxes).
KOL private investment deals:
More and more popular approach. Protocols prefer it because KOLs have skin in the game vs being paid-to-post in stablecoins.
Ticket size is usually between $1k to $20k per KOL.
Terms like unlock period, valuation, etc., are better than most VCs get into.
Requires you to post about the project. Usually a few tweets per month.
High earning upside and USED to be considered almost risk-free due to shorter unlocks and low valuations. Things are a bit different now as low float and high FDV tokens keep dumping.
Advisory/ambassadorship:
Both have minimal monthly posting requirements and are long-term. Compensation is usually in tokens, unlike one-off paid posts on X, which use stablecoins. Payment varies but often can get $5k, $10k, or even $15k per month.
Referrals/affiliates:
I like those referrals that give special benefits to people who use the referral. Best for airdrop related referrals. Also, CEXes reward with % of fees earned from new users. Unstable revenue.
Dumping on followers
Buy tokens and dump it on your followers. Very common, even among ‘respectable’ KOLs on CT.
There are many more, like becoming a delegate for a DAO. Only your creativity is the limit.
Finding your monetization model takes time. It took me 9 months and 40k+ Twitter followers to get the first blog sponsor! I decided not to do paid posts (did only one for Pancakeswap V3 launch) and started a KOL agency instead.
In fact, I could earn more from doing paid posts than I earn via our KOL agency. It would also be less work. But I want to grow Pink Brains into something bigger. Not sure what. Yet.
How To Grow Your Audience
This could be a separate blog posts, and many threads can be found on X, like this one by Edgy. To keep it simple, I will share my personal tips:
Begin with a focused niche, then broaden your reach as you grow.
Start by focusing on a trending sector or even just one protocol and become the go-to account for it. Write guides, share updates, connect with the core community, and share your insights.
Make sure you are really passionate about it, then it won’t feel like work.
Expand the coverage as you grow: One hot protocol → Similar protocols → DeFi → Crypto → Anything else
Find what you are good at:
In crypto it could be on-chain trading, meme making, airdrop hunting. The best is to combine multiple skills and package it in making you irreplaceable (E.g. design + crypto + meme making = perfect intern).
E.g., CC2 ventures shared airdrop guides while personally farming those airdrops
Provide value first, seek monetization later.
You first need to give to your audience something without expecting anything in return. Write guides, share insight, and network with like-minded people.
Monetization will take time. If you start monetizing early with paid posts, it could hinder your growth.
E.g., ELI5 of TLDR grew to 13k followers by sharing explanatory comments on viral posts.
Avoid hashtags; use token tickers instead. Excessive hashtags make your post look like spam.
Select a standout profile picture and stick with it (almost forever). An NFT avatar, like Pudgy Penguins, can unlock exclusive communities and boost your follower count—but it comes at a high $ price.
Experiment with content: Yesterday's hits might be tomorrow's misses. Stay ahead by continually reinventing yourself as crypto trends and algorithms evolve.
I’ve seen quite a few influencers lose traction as they failed to reinvent themselves.
Be unique to stand out. Take inspiration from your favorite writers but don’t copy their content.
Mix in light content posts (like this one) with threads and long posts. Light content gets views; long content attracts followers.
Tag a few experts on your topic at the end of your post. Mix it up—tagging the same people repeatedly can get annoying.
Resist the urge to mindlessly shitpost. Insightful shitposting is a high-level art form, demanding wit and specific knowledge. Gwart comes to mind as the industry's top shitposter.
Use tools like Typefully to help you write posts: Fix grammar, use AI to help brainstorm, schedule posts, and track performance.
Review your analytics to understand what type of content resonates most with your audience. Adapt your strategy based on these insights.
Reply to comments on your posts, engage in discussions, and show appreciation for your followers. Building a community is a two-way street.
Try other platforms: Can start with Farcaster, Debank, or Lens to build your audience without the tough competition. Once you've got a solid following, bring them over to X.
Don’t look for easy shortcuts. There aren’t any.
Avoid Twitter events requiring likes, retweets, and comments. These skew your engagement metrics. Post-event, the algorithm shows future posts to the same reward-seeking users. If they don't engage again, your reach diminishes. Prioritize a small, dedicated community instead.
Skip the clickbait and aim for quality. Forget vanity metrics; attract "value followers" with top-notch content.
Ultimately, it boils down to having unique insights, knowing how to write, and consistently pushing forward. It took me two years to reach 100k followers.
Unfortunately, growing a follower base is tougher than ever now.
Newcomers to crypto Twitter are scarce, making it the same crowd posting and reading.
The X “For You” feed has lessened the need to follow accounts directly.
I recommend following Alex Finn to learn about changes in the X algorithm and how to adapt to grow your audience.
How to Pitch Anyone on X
A surprising side effect of becoming a KOL is becoming better at sales. And not just because of a larger audience.
I receive dozens of daily DMs but can only reply to a few. Unfortunately, I can't respond to every message, as it is very time-consuming, and most DMs miss the mark.
Most KOLs and anyone with a large following will do the same. The number one reason for not replying is a lack of mutual follows: if I don’t follow anyone who follows you, it’s a pass.
That’s why, even if you’re not a KOL but a developer, researcher, company employee, business developer, etc., you should gain followers if you plan on reaching out to people on X.
I get so many pitches daily that they taught me how to pitch someone. A few tips:
• Keep it concise; long messages get skipped.
• Introduce yourself, state your needs, and highlight your value.
• No links in the first message, especially Calendly!
• Stay persistent yet polite: relevant updates can revive lost messages.
• No reply? Your pitch may not fit my needs. Don't take it personally.
Nothing is worse than a Calendly link in the first message!
All in all, is just my path. Yours will be different. And if you have more tips, make sure to leave a comment!
