Underdog Memo Q2 '24

Underdog Protocol

Supercharging engagement between Users and Brands through Digital Asset Infrastructure on Solana

Vision

Underdog Protocol will reinvent how businesses connect and engage with their users. By utilizing the power of onchain digital assets, we can create a new era of personalized and composable experiences on the web.

Problem Statement

Customer acquisition & engagement on the web are broken, digital assets fix this, but they’re difficult & expensive to build with:

Teams like Solana Mobile budget (3 months) + resources (2 engineers) on building experiences with digital assets on Solana

The current infrastructure to utilize digital assets on Solana is limited and focused on creating generative art or digital collectibles

Engagement and Acquisition have been shattered by regulations like ATT which have led enterprises to redefine the ways they engage with customers

Rushed pressure to reinvent how a combination of a complex developer experience and a long time to market is halting business work with users.

Solution

Underdog is building infrastructure to use digital assets to acquire, engage, and retain users at scale

Create Lists & Campaigns: Create digital asset campaigns like airdrops to custom or setlists

Manage & Distribute to Lists: Distribute to emails, and wallets, and interact with specific lists in one dashboard

Analyze & Segment Campaigns: Using our Bot & Analytics, figure out how your campaigns performed (opens, clicks, etc)

Customize your Experience: Utilize our APIs and Tools to create your own experience

Customer Description

Developers with 0-3 years of experience building on blockchains like Solana, Ethereum, Sui, etc.

Marketers from Seed to Series A Startups who want to integrate digital assets to create fun experiences for users

Total Address Market (TAM)

Writing Data On-Chain Market Size: $1.3 Billion, calculated by segment sizes (e.g., Web3 Protocols, Consumer Products, Web2 Enterprises) times average yearly NFT spend

Accessible/Valuable On-Chain Data Market Opportunity: $2.8 Trillion, representing the transformative potential of making on-chain data widely usable through our network of assets

Market Landscape

Chain and User Focused: Underdog builds no-code, Solana-exclusive digital asset solutions, unlike other API services that focus on loyalty or service all chains

Comprehensive: We support all Solana Standards, enable enterprises to create campaigns, and get insights on their performance

Unique Insight: Digital Assets unlock opportunities for enterprises to transform ways to engage with users, interact with data, and manage their assets.

Current Traction

Revenue Growth + Total: $22,200 MRR from Underdog Tools (25% MoM growth)

NFT Growth + Total # of NFTs Minted: 4.5M cNFTS on Solana (220% MoM growth)

Solana Mobile emailed the top 1500 Chapter 2 referrers, achieving 1200 purchases at 0.025 SOL each with 80% conversion; SILLY's campaign claimed 22,222 assets, generating 10,250 sales and 275 SOL; Solarplex minted 100,000+ NFTs, enabling creators to earn $1000+ MRR via Underdog

Business Model

Our key value metric is # of the minted NFTs. We charge a pay-as-you-go model for each NFT minted using our API. We’ve developed verticalized tools with a 95-98% margin. We offer bundled enterprise SaaS deals.

Customers: Solana Mobile, Metaplex, Solflare, Solarplex, SuperteamDAO

Team

Kevin Arifin: ceo, co-founder, technical + product, former quant citadel & eecs @ berkeley

Efren Plasencia coo, co-founder, bd + product, former growth uber & thumbtack

Summary

Focused: Underdog Protocol tailors digital asset engagement on Solana, catering to brands and users uniquely on Solana

Market Adaptability: Taps into the $1.3B on-chain data market in current segments, with an eye on the $2.8T on-chain data usability opportunity

Proven Growth: Achieved $22K MRR, 4.5M cNFTs minted, and strategic partnerships, driven by a high-caliber team

Fundraising

We are raising $2M to reach $1M ARR, 10,000 Developers, and scale into 10 web2 enterprises to enable them to connect with their customers by utilizing the composable layer of the web, digital assets.

Use Cases + Customers

- Solana Mobile: Emails were sent to the top 1500 on the Chapter 2 referral leaderboard, resulting in 1200 purchases of Chapter 2 Emerald digital assets at 0.025 SOL (~$3.00) each, with an 80% conversion rate using web3 wallets.

- SILLY: The "Silly Dragon New Year 2024" campaign saw 22,222 digital assets claimed on our Shop Tool, generating 10,250 sales and 275 SOL in volume, with an engagement rate of ~50%.

- Solarplex: Enabling creators to monetize their content directly from their audience utilizing Underdog, they’ve minted over 100,000 NFTs + helped creators earn over $1000/MRR.

Other names: Solflare, Parcl, HomebaseDAO, Metaplex, Jupiter Exchange

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