Q1 2021 Update
Find out what we’ve accomplished in Q1
As adbank enters its fourth year, many pivots and changes have taken place. As with any project, pivots along the way are the key to finding success. At the beginning of 2021, we communicated the team’s plans to streamline the adbank tech and focus on what’s working — all with the goal of adding value to the ADB token & ecosystem.
We’re starting the year off with a bang with another round of massive growth for the BLADE browser extensions! The community is growing and excited for what’s to come for adbank in the rest of 2021.
As we’ve already covered, the tech was not built with the purpose of executing tasks for the Task Marketplace. Our first big push in 2021 was to develop an improved BLADE/adbank platform to better meet the changing needs of the company and community. The first phase is complete and the browser extensions are rolling out now. The next phase will be to launch a mobile app for iOS and Android in Q2! This has been the most requested feature and we are really excited for it. The work done in Q1 and the key hire of Liam is making this possible.
If you have any questions, join our Telegram community where you’re able to ask questions and meet the team. Join Our Community Here.
As always, the update will cover the following sections:
Outlook and reflection from the CEO
Update on key areas of the business
- Tech
- Team
- Runway
- Marketing / Sales
Our 2021 Goals Progress — OKR progress
Summary of adbank’s progress in Q1 2021:
You can find our last big roadmap update here. In this post, we outlined what has been achieved so far, and the goals for 2021.
2021’s goals are:
- Focus on What’s Working: The Task Marketplace
2. Get Ecosystem Working
3. Extended Runway
The three key results for 2021 are about leveraging the explosive growth we’re seeing with the Task Marketplace and dial down areas of the adbank ecosystem that are not top priorities right now. First, we will be winding down or selling some key areas like Ecig Media as well as re-working the tech so it’s precise for what we’re now using it for. Second, the team will be focusing on driving up the CPM to the audience we have with the Task Marketplace and BLADE. Third, this will result in an extended runway into 2023. All together, these efforts will add value to the token & ecosystem, which is our #1 priority in 2021.
You can see the 2021 roadmap for BLADE here:
You can view all of our monthly and quarterly updates on our blog here.
Jon (CEO) Outlook:
Opportunities & Challenges:
For what feels like the first update in a while there were no significant negative challenges…or at least all the good progress outweighed the few challenges. The tech was stable, user growth solid, traction building with the Task Marketplace, community growing and most importantly the Tech & Marketing Teams were firing on all cylinders delivering on our plan for 2021.
The new purpose built platform and extension is going to lay the foundation for the continued growth of the Task Marketplace and our growing community.
Lots of reasons to be optimistic right now! Challenges will come but if we have learned anything over the past 3 years it is that this team and community has the grit to deal with them.
Q1 2021 Highlights:
- Consistent user growth for BLADE
- Tech updates complete and live
- On track for mobile apps in Q2
- Exited ECig Media
- Costs cut, runway stable into 2023
Update on key areas of the business
Tech
In Q1, Conor and Liam set out to rebuild the adbank tech in a more streamlined way that serves the specific functionality of the BLADE browser extensions and the Task Marketplace.. Any fixes will be implemented as needed throughout 2021.
The team will also be exploring a BLADE browser extension for Microsoft Edge. The team will explore the possibility in Q2 and will execute in Q3 if possible.
In Q1, the team’s goal was to also begin Investigating a Uniswap integration. The Uniswap integration — if possible — is slated to be complete by the end of 2021.
- The updated browser extensions are in final review
- Relay-digital has been shut down, EcigMedia has been sold
Team
You can see everyone on the team on the website at adbank.network and you can read about the final re-org in this blog post. You can read about adbank’s newest team member Liam here. Once we have reached an amount of active daily users on BLADE, we will bring on a dedicated Sales Lead with industry experience and shift resources back to sales. For now, the team is working on aggressive user acquisition strategies.
Runway
Our runway model projects well into 2023 at the current run rate/value. By reducing costs in key areas, we are able to focus on top performing areas like the Task Marketplace.
Marketing / Sales
The monthly referral promotions have continued to deliver exceptional user growth. We will continue to run the referral promotion so that our loyal BLADE supporters can earn extra ADB rewards.
Marketing efforts for BLADE and adbank will continue with the focus being on user acquisition for both BLADE and the Task Marketplace, which are both parts of the greater adbank network.
In Q1, the team’s goal was to sell an accelerating number of Tasks which will in turn, drive the token ecosystem. In Q2, the team will test new higher value offerings made possible with the new platform, which will in turn drive the token ecosystem. In Q3, we will onboard a salesperson to sell increased value tasks.
Highlights from Q1 2021:
This quarter we’ve had a lot of great coverage and mentions on Youtube!
Our 2021 Goals Progress — OKR progress
We are focusing on 3 main objectives:
1. Focus on What’s Working:
a. Tighten our focus on the key areas that are working like the Task Marketplace. Tech will be purpose built for the Task Marketplace.
Conor, Liam and the development team worked quickly this quarter to get the new browser extensions updated and launched for both Chrome and Firefox!
b. Relay.digital will be shut down. Ecig will be sold.
Both assets have been sold or shut down.
c. BLADE user growth: continue our strong performance for what has been working to date and really drive the user count.
We’re thrilled to see another huge influx of new BLADE users in Q1! Adbank has also been getting a lot of attention in the larger crypto community.
Once per Quarter Coverage:
2. Get Ecosystem Working
a. Sell more social boost $x/month. Add additional services
In Q1, the team’s goal was to sell an accelerating number of Tasks which will in turn, drive the token ecosystem. In Q2, the team will test new higher value offerings made possible with the new platform, which will in turn drive the token ecosystem. In Q3, we will onboard a salesperson to sell increased value tasks.
b. Improve Tech for Task Marketplace — The team has executed an in-depth development plan for Task Marketplace 1.0 update
Complete and live!
c. Investigate and Implement uniswap integration (if possible)
Pending further investigation.
d. Tech Stable
Complete!
3. Extended Runway
a. Reduce overhead with cost-effective alternatives: Email marketing & Upwork expenditures.
Complete!
b. ECig transition complete
Complete!
Join our Telegram community where you’re able to ask questions and meet the team! Join Our Community Here.
