Protocol Growth: Odos
As the decentralized finance (DeFi) ecosystem continues to evolve and mature, it's becoming increasingly challenging for new projects to gain traction and stand out in the crowded market. This is especially true in a down market, when traditional media and advertising strategies are not effective in creating brand awareness and building strong community following.
Odos faced this exact challenge when it launched in May 2022. Odos is the new DEX aggregator with a proprietary Smart Order Routing (SOR) algorithm that enables users to swap between digital assets and receive optimal exchange rates. Odos currently covers over 240 liquidity sources and supports Ethereum, Arbitrum, Avalanche, BNB Chain, Polygon, and Optimism. Despite its innovative features, such as multi-token input swap functionality and novel Smart Order Routing (SOR) algorithm with market-leading rates, as a newly launched product, the platform needed to rapidly grow exposure, social following, and on-chain activity. In order to boost on-chain and off-chain growth simultaneously, Odos needed to find an effective way to increase its social media presence, promote unique features, and drive the usage of its platform.
The team at Odos partnered with Galxe, a leading Web3 credential data network, to help them achieve their growth objectives:
- Build Brand Awareness
- Introduce New Product and Unique Features
- Incentivize Users to Try the Product
- Drive Long Term User Adoption
- Grow Social Media Presence
Galxe's large credential database, and self-serve dashboard, along with its plug-and-play features such as OATs (On-chain Achievement Tokens) and Drop Campaigns, allowed Odos to leverage Galxe's community power and NFT rewards to begin their on-chain loyalty program.
Since Galxe’s dashboard is really intuitive to navigate, Odos got started instantly and launched a multi-stage campaign in their Space to increase new users, and drive retention and exposure. In September, Odos introduced themselves to the Galxe community by launching their first campaign where participants were awarded an Early Supporter OAT. Odos was off to a great start by ending their very first campaign successfully with 38,406 mints.
Without any hassle, Odos was able to follow up with a series of interactive campaigns to convert their early supporters into loyal community members and product users, encouraging them to trade across different Layer 1 and Layer 2 blockchains that included Ethereum, Arbitrum, Polygon, Optimism, and more. For instance, the Odos Minotaur Campaign in October encouraged users to swap into whitelisted tokens and as a reward, receive a Galxe issued NFT. This campaign reached over 870,000 mints across Arbitrum, Ethereum and Polygon. In the following months, Odos launched the Mechanism and MANGA campaigns, which resulted in over 375,000 mints and allowed the team to engage with their users even further.
For the holiday season, and to celebrate their integration launch of Avalanche, Odos launched a Holiday Avalanche campaign to incentivize users to take advantage of their multi-token input swap function, that is, users can swap as many as 6 tokens into one token in a single atomic transaction. How amazing is that! Additionally, an exquisitely designed NFT was given out to award users, drive on-chain actions, and increase usage on the Odos platform.
In less than 90 days of leveraging Galxe's credential data network and growth-hacking approach by the team, Odos saw remarkable results both on-chain and off-chain, with over 1.4M in NFT mints. On-chain growth was highlighted by an increase from $6M to $9.4B+ cumulative trading volume, 3.1M+ total swaps, and 91K+ unique users. Off-chain growth was highlighted by growing from 900 to 163K+ Twitter followers. This impressive data showcased that having an always-on strategy and partnering up for campaigns lead to the most retention and success.
Overall, Odos was able to boost on-chain and off-chain growth simultaneously by using Galxe's tools and leveraging our community and marketing power. Odos’ case perfectly demonstrated how Web3 projects, especially those in the early stage, can drive on-chain and off-chain growth with Galxe hassle-free.