Underdog August '23 Update

I forgot to send this to you, here bruv: Did you know we sent our first investor update 12 months ago? How time-flies.

TLDR: We’ve increased distribution, finding success from investing time + effort into key projects built on our API, and are extending the functionality of no-code in our API. We’re slowly becoming Solana’s most trusted NFT API. We’ll be speaking at Solana’s Breakpoint Conference + appearances with other big podcasts in the space 😉! Check out some of our podcasts this month:

Unlayered⁠

Solfate⁠

What is Underdog Protocol?

Underdog Protocol is an API that enables developers and startups to seamlessly integrate web3 into their product or workflow to enhance user experiences

We’re building a data-rich blockchain by giving NFTs superpowers to enrich experiences built on Solana.

🤝Asks

Increasing Usage w/ Current Users

Can you help us figure out how to expand revenue in current accounts? We have 20 paying accounts with $2650/MRR → we think we can increase this by 3x by helping our partners grow

Enterprise customers

Do you know any web2 and web3 companies who want to create experiences like Customer engagement + retention for their users? The verticals that we are focused on are Consumer.

👍 Highlights

Partnerships & Biz Dev👬

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Solarplex.xyz⁠

launched their v2 and has experienced some rocket ship growth (we power all of their NFT infra), here are some cool stats:

8,000 User-Generated Content (posts), 20,000 likes, and 750 Users within the last 7 days.

We’re integrating with Chainstack, a web3 infrastructure provider, to get Underdog API infront of thousands of EVM Developers. We have now seen some interest come from Ethereum based developers.

Once again - We’re in the arena, trying things, and our branding + positioning is working ⭐

Product 📱

We’ve made a ton of iterations on our Targeted Marketing Tool, we’re adding different NFT collections - it brought us 15 SOL last month.

We’ve launched our Underdog Identity product - you are able to use gmail to mint NFTs. An absolute game changer. Check it our for you

Increasing our support for exterior data (not in our database) by adding a DAS API + Validator. This positions us as true all in one solution for anybody planning to use NFTs.

Check out the apps here -

duster⁠

snapshot⁠

ticketing⁠

onchain report card⁠

, and

stamps⁠

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👎 Low lights / Challenges

Fundraising 🐶:

Time is ticking. Summer is back, we have our deck ready + polished. Our main focus is revenue & growth of our partners → increase in NFTs minted using Underdog.

Long tail usage is low, short tail usage is high

We’ve seen an increase in credit cards inputted into our system but we are seeing low usage in the API (revenue = $1-$5 per user). Our focus on helping our partners grow has been paying off with an increase of +20% in usage for our key partners.

Revenue is decreasing

I think the correlation between a decrease in revenue is equal to a decrease in subscriptions. This is mostly due to the fact that we switched our pricing plan from subscriptions to pay as you go.

August Growth

August Growth

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📰 News

Chainstack Integration

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We’re not going cross-chain, we’re bringing other chains into Solana

We’ve heard from developers that we’re the easiest way to mint NFTs and it’s not close. Compression on Solana unlocks a plethora of business models that other ecosystems are taking notice of.

With the Chainstack Integration, we are baked into their platform, so developers and Enterprises who use Chainstack, can create Compressed NFTs on Solana through Underdog Protocol. Even better? Revenue Share! Time to push the partnership!

GET YOUR PORT CO’S ON CHAINSTACK REGARDLESS OF CHAIN.

People are building on on-top of the API and it’s some really cool stuff!

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In less than a year, we’ve gone from no projects to 52 projects built on the API! Many of which are emerging startups themselves and making revenue! From the recent OPOS Hackathon, we saw 8 projects utilize our API to create interesting tools in creator economy, data + ads, and gaming.

Check out Alphalines & Sporting Labs which is one of my favorites this month. They’re using our API to create cookies on-chain and reward users for actions.

🎯 August Priorities

Biz Dev + GTM 📊

Increase projects built on API by 20, Tony will be doing increased outreach during the next Solana Hackathon since we are Judges ,

Hyperdrive⁠

Run experiments on revenue for latest cohort of users compared to last months cohort users by +100% (this in theory if user spends $1, we can make some incremental movement to $2).

Product 📱

Launch our competitive DAS API to Helius & Metaplex Protocol

Increase functionality of Underdog Identity by enabling creation of individual projects and customizing links

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