Underdog February '24 Update

Hey Underdog Team, Let’s see how building Underdog Protocol went in Febuary 2024. We are Solana’s most trusted Digital Assets API. TLDR We need to improve onboarding for the next leg of growth, consistent revenue, and usage from all of our tools by different ecosystem teams

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 Digital Assets superpowers to enrich experiences built on Solana. 🤝 Asks

Can you assist in helping us with positioning + our-pager?

We’ve been hammering away on a new narrative that i’d love to go through with you. Let me know if you’re open to it. I can send the one-pager.

👍 Highlights

Partnerships & Biz Dev👬

We’re powering Solana Mobile’s Loyalty Program for their top 1500 referrees by dropping them digital assets and enabling them to connect with top users + users who preordered the second device

We’re working closely with Metaplex during cHack, compression focused hackathon, to empower developers to use digital assets to build the future of NFTs, we’ve seen a large increase in usage + top of funnel

Our tools like Dust & Shop have been used to specifically acquire/target users from specific lists like $SILLY and creating specific assets for engaged users like Jupiter Exchange

Product 📱

We’ve recently launched support for Solana’s newest token standard, Token Extensions. We’re utilizing the metadata + non-transferable extensions and have seen a ton of growth + creation of tools. We are now deciding where to ‘hand-off’ ie: do we help with LP creation?

We’ve found opportunities to improve our onboarding in order to increase conversion to project creation + discovery of our other tools

We’ve been able to create turn-key tools to drop digital assets at Scale which has constituted for 60% of our activity

I’d like to make it clear that we’re actually experiencing an Odd phenomena, where a lot of demand is coming from our no-code tools, so we are seen as a ‘airdrop’ platform v. APIs

👎 Low lights / Challenges

Our onboarding is in need of a revamp, we’re losing customers & seeing more feedback

We’ve received brutal feedback from customers who’ve identified opportunities to get to project creation, management of assets, and manging organizations, which is reflected in Wallets > Project Creation per Wallet

There is also an opportunity to provide clarity around Pricing ie: spend, cost, etc.

We’re either a ‘Mailchimp for Web3’ or Digital Assets API, What narrative do we double down on, thoughts?

As we enter fundraising season, we need to hone in on a narrative, the real question is do we narrow on use case OR horizontal approach

February '24 Growth

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Thoughts on Metrics

We have a strong brand that we’ve developed from winning the Solana Hackathon, Superteam Partnerships, and word of mouth from Developers in our ecosystem

Our Shop + Dust tools are easy to use + have the right partners like Superteam + Jupiter Exchange which enhance distribution of our brand

We’ve created a rewards program for our Mass Airdrop tool that has created recurring customers + growth in the last three months, we have had 3-5 recurring customers who send 50K-100K NFTs per month

We need to improve our onboarding, alot of demand was halted due to bad first experiences.

📰 News

We launched NFT rewards with Woo Commerce through our partners, Helio Pay

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We’ve been working closely with Helio Pay to make sure that we see adoption of NFT Rewards. We now power NFT rewards for thousands of merchants on Woo Commerce.

We’re powering campaigns from Solana’s biggest Names .... again

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Solana Mobile is rewarding it’s top 1500 referees of the intial 90,000 token pre-orderers. This is creating an even deeper list of high quality solana users to target.

🎯 March Priorities

Biz Dev + GTM 📊

Hit 45K MRR + 2M NFTs in the month of March 2024

Product 📱

Launch a new onboarding flow that prioritizes clarity around

Launch 2 more token extensions that enable a. top of funnel growth & b. more use cases

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