Case Study: Ecosystem Growth with Solana
SOL COOL 2022
Galxe was adding the Solana blockchain to its existing list of 6 different blockchain ecosystems. It was the first time Galxe was integrating a non-EVM (Ethereum Virtual Machine) chain into its protocol. We wanted to help bring our existing community from the other 6 EVM chains to Solana, by offering some incentives to get started.
Initiated by Galxe and powered by Solana, the “2022 is gonna be SOL Cool” event was an inclusive multi-chain campaign that brought together protocols in one massive campaign. Galxe infrastructure helped 27 different protocols reach their marketing growth goals through the joint “2022 is gonna be SOL Cool” campaign.
With a Prize Pool of over $1,000,000 Prize Pool, users embarked on a digital treasure hunt to claim 27 NFTs within one campaign. The campaign included 27 leading protocols such as Raydium, Wormhole, Apricot Finance, Orca, Slope Finance, Serum, Bonfida, Port Finance, Drift Protocol, SpaceRunners, Ancient8, Genopets, Sypool, Mango, Cyberconnect, 01, Clover Finance, STEPN, Zebec Protocol, Francium, 1sol, Realy, Solend, Dappio, Jupiter, Marinade, and ScareCity.
The campaign attracted attention and eyes to the Solana ecosystem as a whole. Overall, Galxe helped grow the Solana ecosystem with over 33,400 new users joining the campaign with each unique user trying an average of 5 protocols on Solana. We are also proud to say that 4,826 users completed 10 or more tasks from different partners.
Raydium is an automated market maker (AMM) and decentralized exchange (DEX) built on Solana.
- Raydium’s tasks of Swapping, Staking, and Farming on Raydium exchange have generated 19,668 Eligible users and a final credential-based NFT claim count of 5,077.
Clover is a one-stop infrastructure platform for cross-chain and decentralized applications.
- Clover’s task of asking users to download Clover Browser Extension Wallet and perform 1 transaction on Solana with any participated project has generated 7,197 Eligible users and a final credential-based NFT claim count of 4,022. Increased over 10,000 new app users of Clover Wallet.
STEPN is a Web3 running app with fun social and game elements. STEPN motivated it’s participants to move by rewarding them when they downloaded their app, bought an in-app sneaker and followed their socials.
- STEPN’s task of buying a Sneaker in-app and move to earn $50 has generated 3,043 new eligible users.
Wormhole’s token bridge enables seamless asset transfers between the 7 supported networks- Ethereum, Solana, Terra, BNB Chain, Polygon, Avalanche and Oasis. The event was a success and helped bring a lot of new users to the platform.
- 80% increase in Discord users (8,323 to 15,100)
- 28% increase in Twitter followers (44.7k to 52.9k)
- Wormhole’s task was to send any tokens from Solana to any supported chain using the Portal and has generated 8,935 eligible claimers, with a final credential-based NFT claim count of 5,401
Bonfida offers multiple Key products on the Solana infrastructure, including the Solana Name Service, Audaces Protocol and Bonfida Bots. Bonfida tasked users to acquire their .SOL domain name. The campaign really helped drive the product growth.
- 4,935 new domain names registered during the campaign period
- 3,427 credential-based NFT were minted specifically for the event
- 22% growth over two weeks.
Project Serum is a decentralized liquidity infrastructure protocol that brings a fully functional centralized exchange experience – full central limit order books, matching engine, fast settlement and trading, and low transaction costs – to the DeFi marketplace at scale.
- Serum’s trading task of trade buying at least $25 of SRM using USDC during the event - “This year is gonna be so cool” on Atrix.finance has generated 5,180 eligible claimers, with a final credential-based NFT claim count of 4,427
Port Finance is a full suite of interest rate products that offers variable rate lending, fixed rate lending and interest rate swap.
- Port Finance’s task of lending at least 5 USDC on their Fixed Rate Lending Product and staking a minimum of 1 PORT in PORT x Tribeca Governance has generated 4,595 eligible claimers, with a final credential-based NFT claim count of 4,423
Orca is the most user-friendly general purpose DEX on Solana. It is one of the first AMMs launched on Solana and we strive to provide easy and effective financial tools for everyone, bringing DeFi to the masses.
- Orca’s task of swapping on Orca (minimum of $5 USDC or equivalent) using any of the pairs with the ORCA token has generated 7,571 eligible claimers with a final credential-based NFT claim count of 5,864.
Ancient8 is building a DAO that develops a community and software platform to enable everyone to play and build the Metaverse while earning rewards.
- Attracted 36,566 new Discord members ( 221% increase )
- Ancient8’s Social Following Contest has attracted 38,101 eligible claimers with a final credential-based NFT claim count of 8,970.
Francium is a DeFi Strategy Platform on Solana. On Francium, you will find bespoke yield strategies and a decentralized strategy building infrastructure designed and built specially for you DeFi users.
- Francium’s task of opening a farming position with at least $120 on Francium has generated 1,100 new users.
- The campaign has generated 7,709 eligible claimers with a final credential-based NFT claim count of 4,010.
Jupiter is the key liquidity aggregator for Solana, offering the widest range of tokens and best route discovery between any token pair. We aim to provide the most friendly UX for users and most powerful tools for developers to allow them to easily access the best-in-class swap in their application, interface or on-chain programs.
- Jupiter task’s of swapping on Jupiter (minimum of 5 USDC or equivalent) using any token pairs during the campaign period has generated 7,707 eligible claimers, with a final credential-based NFT claim count of 5,776
Marinade Finance is the first and largest non-custodial liquid staking protocol built on Solana.
- Marinade’s tasks of getting the Marinator role on their discord channel has generated 5,278 eligible claimers, with a final credential-based NFT claim count of 4,412
Apricot is a next-gen lending protocol that supports leveraged yield farming on Solana. Their mission is to help users maximize yield while protecting their downsides.
- The campaign has attracted 5,292 new users/ new wallets
- Apricot Finance’s task of making a deposit of $50 or greater, and enable Apricot Assist on the Apricot Platform with a new wallet has generated 4,811 eligible claimers with a final credential-based NFT claim count of 4,488
Mobile Decentralized Exchange and Wallet. Users needed to download the app and Stake on slope.
- Slope’s task of staking 100 USDC/USDT via Slope Wallet in the ‘Slope× Galxe Staking Camp’ has generated 4,092 eligible users and 100% of them claimed the final credential-based NFT.
01 is a trade fully decentralized derivatives on a fully on-chain limit order book powered by Serum, with cross-collateralization and cross-margining.
- 01’s task of making a deposit of minimum $10 and trade a minimum of $100 USDC on any market has generated 4,843 Eligible users with a final credential-based NFT claim count of 4,685.
1Sol Protocol is a cross-chain DEX aggregator for decentralized protocols on Solana, enabling the most seamless, efficient and protected operations in DeFi.
- 1Sol’s task of holding 100 1Sol tokens and joining their discord has generated 3,880 eligible users with a final credential-based NFT claim count of 3,947.
Developing via Unreal Engine, Realy Metaverse will be a virtual city with AAA graphics. Realy focuses on street culture by merging real-world names including fashion brands, graffiti artists, art toy brands, rappers and skateboards with metaverse.
- Realy’s task of purchasing a digital streetwear on Realy and joining their discord group and following Realy’s Twitter has generated 266 Eligible users and a final NFT claim count of 196.
Mango offers perpetual futures and spot margin trading as well as borrow/lending.
- Mango’s task of deposit $7 or more, and trade more than $20 total perp volume has generated 20,825 eligible users with a final credential-based NFT claim count of 4,023.
CyberConnect is a decentralized social graph protocol.
- Cyberconnect’s task prompted users to follow at least 9 participants for the “This year is gonna be Sol good” campaign featured on CyberConnect’s front page have generated 12,579 credential-based NFT claim count and 37,608 Page visits.
Space Runners is the first Metaverse Fashion brand on Solana in collaboration with artists and athletes.
- SpaceRunner’s task of joining their social media and owning a SpaceRunners NFT has generated 5,374 eligible users.
SYPOOL rewarded users with NFTs once they had staked on the Sypool platform. The results speak for themselves:
- Increased the staking volume by 150%
- The Staking task helped them reach 107k followers on Twitter and 19,335 new site views from the Sypool campaign.
- The campaign attracted 3,692 eligible users/stakers in which all users have claimed the credential-based NFT
- The campaign has also generated 6.7 millions staked tokens ($SYP).
Zebec, which is a platform that empowers real-time, frictionless and continuous streams of payments asked participants to deposit & stream 10$ worth of SOL /USDC/USDT on its platform.
- The SOL Cool Campaign generated a good number of transaction volume and visitors for ZEBEC, with over 5,000 eligible transactions and a 15% rise in both Twitter and Discord members.
- Zebec’s task of deposit & stream 10$ worth of SOL /USDC/USDT on Zebec has generated 5,047 eligible users and a final credential-based NFT claim count of 4,742
Drift, a decentralized, fully on-chain perpetual swap exchange on Solana, prompted users to trade on its exchange.
- Increased by 64% its total unique active users.
- Increased by 89% its trading volumes (66M to 125M)
- Increased by 29% it’s cumulative Trading Volume (2.7B to 3.5b)
- Drift Protocol’s task of trading at least $150 USDC on Drift Protocol generated 5,625 eligible users and a final credential-based NFT claim count of 4,629
ScareCity is a collection of 30 unique NFT characters with their own hand-drawn variations, each more scarce than the last, had users achieve tasks via a Gleam Form.
- Attracted 14k new followers on Twitter and Discord, a 10x increase.
- 198 of participants minted at least one ScareCity NFT and grew the holder address about 17.8%. 20 participants minted more than 2 NFTs, and the highest holding wallet had 13 NFTs.
- Scare City’s task of social campaigns has generated 12,905 eligible users and a final credential-based NFT claim count of 7,576
Solend is an algorithmic, decentralized protocol for lending and borrowing on Solana. Solend asked user to deposit and borrow on Solend.Fi.
- Gained 4,172 new users
- Solend’s task of Deposit and borrow on ****solend.fi has generated 4,172 eligible user and a final credential-based NFT claim count of 3,974
Dappio Wonderland is an one-stop solution that aggregates yields cross DeFi and GameFi offerings.
- Gained 8k new Twitter followers
- Dappio’s campaign was focused on Social Growth, with task such as : Follow, Like, Retweet and join their discord has generated 7,971 eligible user and a final credential-based NFT claim count of 5,796
Genopets is the world's first Free-to-Play, Move-to-Earn NFT game on Solana that makes it fun and rewarding to live an active lifestyle.
- Discord Member Growth: 7,000
- 7,845 Net new Twitter Followers
- 10,025 Net new Beta Sign-ups
- Genopet’s campaign was focused on having users signing up to their Private Beta and has generated 51,034 eligible users with a final credential-based NFT claim count of 10,492.