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,
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
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.
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
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 ⭐
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
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.
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.
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
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 @