A critical review of the Voyager Loyalty Program and recommendations for improvement
Tags: Trading, Cryptocurrency, Cryptocurrency News, Btc, Crypto

In my last article, I wrote about the Cryptocurrency Broker Voyager Digital. In that article, besides the stock, I also talked about the upcoming possible utilities for the Voyager-Token (VGX). Basically, I was right about the fact that a new utility program will indeed be created in the coming weeks with cashback, more interest, and so on and so forth.

In recent weeks, however, it has become apparent that the upcoming program is not yet ideal for both token AND shareholders. In both cases, the goal should be that we generate as many new customers as possible. We (the community) have discussed these issues in the Unofficial Voyager Telegram Channel and on Twitter.

In this article, I try to explain the problems of the program and at the same time give detailed suggestions for improvement. All these suggestions have been discussed in one way or another in the community.

A quick summary of the program

With the new utility program, the structure of the tokens will also change. The reason for this is that Voyager has bought out the European exchange LGO. This exchange also has a token. As far as I know, a basic condition for the merger is, that the old LGO-Holders should not be abandoned. For that reason, the two tokens are merged and Voyager adds more tokens as a marketing pool just for the growth of users on the platform. This marketing pool is spent only on marketing activities and is otherwise burnt. You can read about it in detail here.

Basically, I think it’s very good that this marketing pool exists. The goal of this pool is for Voyager to generate as many new customers as possible while increasing the price of the token through a good loyalty program. If this is successful, then the token will quickly be in the top 100, generating many new customers and increasing the value of the token through supply and high demand. It is also good for Voyager if the price of the token is rising quickly because they will have more money for marketing and at the same time it will be less inflation for the token holders. On top of that, it will also be very good for stockholders because more customers mean more revenue and therefore a higher stock price. This is a good snowball effect for everyone.

The problem right now

The problem is that there is no good reason to hold the VGX-Token. You can get all the benefits without the VGX-Token and many people will just dump the cashback rewards in VGX on the market. In the end, loyal Voyager customers will pay the price with their investment going down. This is bad for everybody. It should be much more the case that a good utility program will increase the price of the token and give VGX-Holders significant advantages on the platform.

A better loyalty program will drive the price up of the VGX-Token, the cryptocurrency space will take notice, we will get some organic coverage, which will give us more customers and put us on the map in the EU and all upcoming countries where Voyager is going to launch. Those people will be ready to jump on board when it is rolled out there. At the moment we are getting no real interest from outside the USA. You can call it whatever you want, but the goal should be that you want to be “part of the Voyager family” and have a strong bond with Voyager.

To understand the problem in depth we need to take a look at the current structure

“Current” hopefully soon old structure of the Voyager Loyalty Program

As you can see, one of the biggest problems with this structure is that you get all the levels by simply holding assets on the platform. There is no reason to hold VGX-Tokens.

To be precise: there is a reason to hold VGX-Tokens. The reason is that with this system, theoretically, every user on the platform buys back VGX-Tokens. That sounds great at first but as already mentioned, it will be the case that many tokens will be dumped and the marketing pool will have to be emptied first before Voyager is buying back tokens. In theory, this is great but in practice, it won’t work at all and it’s additionally very hard to explain the advantages of the VGX-Token to new people. That’s why something new is needed. The VGX-Token must be easy to explain and bring clear benefits to holders and at the same time generate many new users and strengthen customer loyalty to the platform

My personal suggestion with a lot of feedback from the community