Underdog May '24 Update

Hey Underdog Team, Let’s see how building Underdog Protocol went in May 2024. We are one of Solana’s most trusted Digital Assets API but we’ve decided to rework our positioning & product offering.

TLDR on the month: We’ve focused on our positioning, talking with customers, and launching targeted campaigns for a teams in Solana. We bounced back from last month to 200K+ Digital Assets, but still down MoM and our ATH from 1M minted. What is Underdog Protocol?

Underdog helps onchain businesses engage users through digi tal assets on Solana.

Teams like Solana Mobile, Jupiter, and Solflare Wallet use our marketing automation platform and APIs to target audiences, distribute assets, and create campaigns to convert wallets into active users.

How you can help?

We’re launching an SF-based community with the help of Solana Foundation. Do you know any third spaces we can occupy for events, activations, and workshops?

👍 Highlights & Low lights 👎

Highlights

Solana Foundation tapped our team to launch an SF based community which comes with a $50,000 infusion to get started. This is a good way to a. get buy in from Solana Foundation b. dog-food our products through IRL experiences c. Create a community around Underdog

We’ve been able to narrow down our focus and repivot our positioning in the market & are beginning to explore niches like: memecoins, games, & casinos. Our activity this month is from this focus.

Lowlights

The reliability of our infrastructure is still a work in progress. This is something that we believe is both effecting our top of funnel growth of users & assets created.

Revenue is down due to problems we’re facing in infrastructure. We’ve lost some deals due to these problems.

Growth & Metrics

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📰 News

Fomo Casino targets 100K+ wallets through a two-week campaign with Digital Assets

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As we look to become a marketing automation platform, we worked closely with the FOMO Casino team, a onchain casino to launch an acquisition campaign to communities on Solana. Using NFTs as ads, they saw a conversion of 2% to users & around $10M+ in volume from games played.

Bloomverse creates a targeted campaign exclusively for Magic Eden Users

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Bloomverse is a web3 game that is launching with communities like Solana Mobile, Drip, and Magic Eden. They ran a campaign to reward magic eden users with an in-game asset. This performed at around ~5%, where 5% of the individuals targeted converted into users within the game.

🎯 June Priorities

Get back on track of minting over 500K+ Digital Assets per month. This is by far our largest priority. The next question is how?

Create deeper management & analytics controls for teams who are launching campaigns on Underdog

Fix our reliability issues of our infrastructure

Time to double down.

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