icon picker
Underdog March '24 Update

Hey Harkl, Let’s see how building Underdog Protocol went in March 2024. We are Solana’s most trusted Digital Assets API. ​TLDR What is Underdog Protocol?
Underdog Protocol is infrastructure for businesses to connect and engage with users through digital assets on Solana.
Asks
Do you know any hungry college students who want to learn about crypto and work with a growing startup?
We’re stretched a bit thin on things that matter the most a. servicing existing customers b. bringing in new business. Only so much that we can do. We are searching for HUNGRY young professionals who want to help us tokenize the world.

👍 Highlights

Partnerships & Biz Dev👬
We’ve reached our milestone (not of the last month) but of 1M NFTs in a Month. This has been something we’ve been hoping to accomplish before the end of Q1 2024.
We’re seeing a large influx from a couple type of customers: developers at large agences/companies, memecoins launching on solana, and developers. This puts us in a ‘prosumer’ bucket and is continuously influencing our roadmap.
Product 📱
We’ve been able to integrate Metaplex Core - a new standard. This is enabling us to diversify our revenue stream. We’re expecting an inflow of ~$40K based on net new mints (from early projects in our pipeline).
We’re becoming the ‘all-in-one’ platform for utilizing digital assets to connect with users by supporting all standards: SPL + Token 22 tokens for financial based rewards & NFTs for social based rewards.
We’re seeing improvements in our onboarding with an increase of 1% since the last couple improvements, after customer conversations we attribute success to a. collecting more information b. surfacing templates

👎 Low lights / Challenges

Tokens, Tokens, Tokens - how do we approach them?
It seems like the market sentiment is to use Tokens as a way to jumpstart networks, example: solmail. We’re a bit weary of utilizing tokens (whether for pricing or testing) due to its murkiness. Do you know anybody who would do pro-bono time?
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. Yes, this is still a challenge for us.
Optimizations is taking time from building Top of Funnel
We’re crunched by what we’re able to do. As we reach 5000 users and 1000 customers - we’re seeing a good amount of opportunity to optimze our current experience + double down on word of mouth.
Unfortunately, this takes time away from chatting with net new customers or outreach

March '24 Growth


Screenshot 2024-04-01 at 10.28.57 AM.png

Thoughts on Metrics

We’ve been able to rebound after making small changes to onboarding ( collecting information + templates) during onboarding and using our tools. We saw a nearly 100% rebound in NFTs minted this months.
After some more digging we’re noticing an opportunity to increase the amount of active users who create over 1000 NFTs. This is currently at 10% MoM. These users are continuously spending and using the APIs + Tools.
We’re noticing that in-terms of ‘revenue split’ we’re seeing a 60/40 of Developer focused (Repeat customers) v ‘enterprise’ focused ( recurring customers). With a split like this, we realize that we need to continue to work to find another goldilocks enterprise customer outside of Metaplex & Solana Mobile.

📰 News

Solarplex is growing since launching paid + relying on Underdog Protocol

Our friends at Solarplex are looking like a scaled out social product. 10,000 users, creators making a full time weeks salary in the Phillipines, and interaction based rewards powered by Underdog.

This is what it looks like to put our systems to scale, awesome stuff!

Experimentation across Ecosystems with cNFTs + Farcaster

Outside of Solarplex, Farcaster, an EVM based social protocol released Frames. A new way to embed experiences into the Protocol. We’ve seen develoeprs create these templates. A learning? Always be marketing. Always be building relationships. This is because we have a channel partnership with Superteam, who onboards new developers into the ecosystem.

🎯 April Priorities

Biz Dev + GTM 📊
We’re aiming to hit a goal of $50K/MRR + 2M Digital Assets Minting within the next month around our MPLX Core API, SPL Tokens API, and Compressed NFT API
We’re in the process of of revamping our positioning - by the end of April, we’d like to have our position in the market around Managing and Airdropping Digital Assets.
We are starting to see inbound from teams like Only1, interest from Layer3 on EVM, and other teams looking for simple ways to use digital assets on Solana, so we are looking to convert 25% of our deals to closed-won.
Product 📱
We’re aiming to release SPL support for all of our tools, so we can widen our net for digital asset use cases specifically for teams from EVM who tend to test with Tokens.
We are going to make some changes to shop.underdogprotocol.com, which has seen a 20+ SOL of volume in the last month. We will need to update it with digital assets and reliability.

Let’s try to hit 2M Digital Assets and $50K MRR in April. Can you help us get there?




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.