Underdog July Update

Hey Frictionless Team - Let’s see how building Underdog Protocol went in June/July 2023. There was no investor update last month - we had some annoying interactions with Investors in June. More interesting use cases, pricing changes, and extreme focus on generating revenue. TLDR: We’re deep in a bear market,

Dust⁠

is generating ~10 SOL/mo for us, our pipeline is growing via WoM, devnet usage is way up, and big names like Phantom, Layer3, and Brave Wallet are keen on using us. For the sake of candor, we are having a hard time with revenue expansion and finding enterprise buy-in, we believe this is partly because of the sentiment of web3/crypto.

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 the modern data stack for web3 by turning the blockchain into a shared data layer so we’re able to build user-centric experiences

🤝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 $2900/MRR → we think we can increase this by 3x by helping our partners grow

Products, Ecosystem, or API

We’re in an interesting area where we can expand current accounts, build new products for markets (loyalty + rewards for web2), or continue to build new use cases. What would you advise us to do?

We are currently doing a combination of building new use cases + expanding current accounts.

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- De-Fi, Consumer Products, and Social

👍 Highlights

Partnerships & Biz Dev👬

Referrals is now the leading channel for Underdog leading to Phantom + Layer3 in our pipeline (both have a combined 2.5M users), they’re interested in using our API to power all of their NFT needs in their product.

Brave Wallet is keen on integrating Underdog Compression into their wallet (5M+ Users) which can be interesting for revenue + use cases.

Once again - We’re on the radar while branding + positioning is working ⭐

Product 📱

Applications like Dust & On-chain stamps are being used and integrated into products, leading to an increased WoM cycle, if it’s airdrops or cookies in web3, it’s related back to Underdog. See

here⁠

We’re seeing weekly usage of 20k-30K NFTs being dropped for targeted marketing & airdrops.

Continued Usage, our partners Solarplex, are running weekly scavenger hunts on their Platform that make up ~2500 NFTs each week, it’s a great way to engage + retain users.

Check out the apps here -

duster⁠

snapshot⁠

ticketing⁠

onchain report card⁠

, and

stamps⁠

⁠

👎 Low lights / Challenges

Pipeline Losses 🌀

We’ve cleared out $250,000+ of pipeline in the past couple months, these leads were stale, not interested, or decided to build it themselves.

The two biggest reasons: build it themselves + NFTs aren’t essential to their business in the bear market.

Fundraising 🐶:

We had received a commitment from a prominent fund but unfortunately due to some issues, we had to pass on the check.

We have put fundraising on hold to focus on revenue and let the market heal.

Pricing Changes lead to new thoughts

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). This has lead to alot of pressure in thinking about engagement or upstream (enterprise) focus.

July Growth

July Growth

⁠

📰 News

Backpack Mobile Accelerator

⁠

We’re sponsoring the Backpack Mobile App Accelerator powered by Superteam. This is going to be awesome, it’s a curated group of Solana’s best builders trying to create Consumer Social Applications. TLDR; Backpack is a superapp disguised as a wallet.

Mint + View NFTs using Gmail

⁠

Loading…⁠

⁠

You don’t need a wallet anymore to interact with Underdog or to even create + view NFTs, you just need a Gmail. Check out the future @

id.underdogprotocol.com⁠

🎯 August Priorities

Biz Dev + GTM 📊

Increase Revenue by $500/MRR & move Solarplex from $250/mo to $500/mo MRR.

Sponsor hackathons + builder events to increase usage and brand recognition of Underdog Protocol through various Distribution Channels (Backpack, OPOS, and Airdropping NFTs)

Product 📱

Implement on-chain stamps into 5+ Products and submit 3+ submissions to the OPOS Hackathon

Launch and Combine our competitor product to Mailchimp using NFTs.

Want to print your doc?
This is not the way.

Try clicking the ⋯ next to your doc name or using a keyboard shortcut (

CtrlP

) instead.