Q3 2021 Update
Find out what we’ve accomplished in Q3 and what’s planned for the final stretch of 2021!
Q3 has seen some big opportunities, tech updates, and user growth! 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.
The BLADE apps (for iOS and Android) launched in Q2, and we’ve continued to see excellent user activity.
Our first big push in Q3 was to develop HODL Rewards, a staking-like opportunity to reward users with ADB. With HODL Rewards, the more ADB you have in your ERC20 wallet, the more you earn for each task you complete!
In Q3, we also deployed another much-requested tech update: a new appeal functionality for KYC submission. Learn how it works here.
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 Q3 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
- Get Ecosystem Working
- Extended Runway
These three key results together will add value to the token & ecosystem, which is our #1 priority in 2021. These three areas of effort are focused on leveraging the explosive growth we’re seeing with the Task Marketplace and dialling down areas of the adbank ecosystem that are not top priorities at this moment. First, we have wound down and sold key areas like Ecig Media, as well as updated the tech so it’s operating efficiently for the current use case. Second, the team has focused on driving up the CPM to the audience we have with the Task Marketplace and BLADE. Third, these combined efforts will result in an extended runway into 2023.
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:
In Q3 we saw that the decisions to focus on the Task Marketplace can deliver impressive results for the entire ecosystem. At the start of Q3 we had a well paying task that was spinning the flywheel…
- ADB acquired on the exchange to fund tasks
- ADB user completing a task (adding value to the advertiser)
- ADB user being rewarded for completing that task (being rewarded more based on their ADB holdings — HODL rewards)
- All driving user growth…
- the value of the task attracting users
- the added budget for advertising/referral attracting users
5. All circling back more ADB & users flowing into the ecosystem
Although that campaign ran its course we saw what is possible with the right campaigns.
Now what we need to focus on is finding ways to get more campaigns like that onto the platform.
What we believe is that we need to turn this power over to the users and see all the creative ways people will find to use the Task Marketplace and spin the flywheel outlined above.
SO… the big focus for Q4 is on the self-serve platform so ANYONE can launch a task and this will result in A TON more tasks being live on the platform!
Q3 2021 Highlights:
- HODL Rewards live and strong user activity
- Runway extending — valuable tasks being completed
The flywheel of…
- Mobile app install base and task completion rate growing rapidly
- Resulting in more valuable tasks getting completed and the value per user being WAY higher then it was before
- Resulting in the ability to spend on marketing and awareness
Resulting in…
- More people installing the app/extension
- More people wanting to run tasks
- Increasing awareness/demand of ADB
With HODL Rewards live in Q3 and a self-serve platform planned for Q4, we can all see how this virtuous cycle will be able to start to spin faster and faster.
Update on key areas of the business
Tech
In Q3, Conor successfully completed the scheduled build and launch of HODL Rewards. This rewards program offers users the ability to earn increasing proportional rewards based on the amount of ADB in their ERC20 wallet.
In Q3, we also launched the new KYC appeal functionality. New users will now be able to appeal a failed KYC through an easy to use form, and resubmit their KYC quickly and easily!
Team
You can see everyone on the team on the website at adbank.network. We are also excited to welcome adbank’s newest team member Jamlick! Stay tuned for an introduction post and more details on Jamlick’s role with adbank. 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.
Catherine, who has been an incredible team member, has chosen to pursue one of her many other passions helping people as a researcher for an Ontario-based a non-profit. This is a great opportunity for Catherine and while we hate to see her go, we are happy to see her passions collide with a larger role. We know the world will be better for it!
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. The increasing rate of profitable Tasks has also affected this runway in a very positive way! Unlike the last few years the community is completing tasks that are valued by advertisers… this has opened up a world of opportunities for us to continue to extend our runway.
Marketing / Sales
In Q3, the team’s goal was to sell an accelerating number of Tasks which will in turn, drive the token ecosystem. Adjusting focus from direct sales to affiliate programs, the team was able to secure several profitable Tasks at the beginning of the quarter. Focusing on both affiliate outreach and traditional sales has opened up new opportunities for adbank.
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.
Highlights from Q3 2021:
This quarter we’ve had an exceptional amount of 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.
With the mobile apps launched in Q2, Conor and the development team built and launched the new HODL Rewards program in Q3. HODL Rewards is similar to staking and allows users to earn even more ADB rewards based on the amount of ADB they hold in their ERC20 wallet.
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.
With our largest reward ever offered for a single task kicking off Q3, we were pleased to see another huge influx of new BLADE users! 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 Q3, the team continued to utilize affiliate programs rather than direct sales, which resulted in several profitable Tasks being available to the community.
b. Improve Tech for Task Marketplace
In Q3 the team launched the new appeal functionality for KYC submissions, which makes it easier for users to complete their KYC.
c. HODL Rewards (previously: investigate uniswap integration or staking)
Complete! Conor and the development team built and launched the new HODL Rewards program in Q3. HODL Rewards is similar to staking and allows users to earn even more ADB rewards based on the amount of ADB they hold in their ERC20 wallet.
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.
