Sharky.fi Doubles User Adoption Month over Month with Notifi Cross-Channel Alerts
Notifi recently partnered with Sharky.fi, an escrow-less NFT lending protocol on Solana, to add alerts for users who borrow against their NFTs. The Sharky.fi team wanted to boost user engagement to increase loyalty and deliver instant updates to its users.
At Notifi, we are building the communication infrastructure for web3. With our tools, decentralized exchanges, DAOs, marketplaces, and other apps are able to provide robust notification software to improve user retention and engagement. After the Notifi integration, Sharky.fi saw their user adoption rate grow within the first few months of integration! These metrics reflect the increased engagement & user retention of Sharky.fi users as they stay up to date on their critical loan status.
Below, we will take you through Sharky.fi initial challenges, how we helped, and the resulting insights following our integration.
The Problem
Before Notifi stepped in, Sharky.fi was struggling to provide their users with critical updates on their loan status in real time. Coupled with NFT lending competitors on Solana and other blockchains, Sharky.fi was looking for ways to increase engagement, keep customers informed and satisfaction high.
Sharky.fi’s unique protocol, which is escrow-less and incorporates an APY for lenders, sets it apart from similar apps. In short, lenders are offering SOL in order to earn a high percentage APY. Borrowers always get instant SOL and the highest loan offer currently on the order book for the NFT collection they are borrowing against. If the borrower does not repay the loan, the lender becomes the owner of the NFT that was used as collateral. It almost always comes at a discounted price, since lending offers are generally 60–70% below the NFT collection floor price.
Because of the symbiotic nature of Sharky.fi users, the platform requires a way to keep borrowers engaged to repay the loan on time. Prior to our integration, Sharky.fi noticed a dip in users returning to the site to repay loans, as well as offers going out from lenders.
The Solution
Given the problem, Sharky.fi was looking for a capability to better communicate with customers, the answer was Notifi’s cross-chain notifications. Sharky.fi turned to Notifi for its ability to handle high volume as well as scale globally.
With a bell icon in the top right corner of Sharky.fi, users were able to connect their wallets and sign up for real time alerts via Telegram, Email, and/or SMS. Since loans on Sharky.fi are time-based, notifications allow borrowers to receive alerts in their preferred channel(s) to keep tabs on any potential action items.
Utilizing Notifi’s out-of-the-box SDK and developer resources, the Sharky.fi team was able to seamlessly integrate our widgets directly onto the webpage, while incorporating their preferred color palettes and UI to match their brand.
Choosing a platform that supports real-time, cross-channel customer engagement isn’t just a nice-to-have anymore: it’s a necessity. Based on aggregate data across customers, there is a 58% increase in 30-day retention when users receive messages. Additionally, although 66% of customers would like to receive service notifications via text, only 23% of businesses send them this way. The simple act of sending a message can have a huge impact.
The Results
After the Notifi integration, Sharky.fi saw their user adoption rate grow month over month.
Within the first two months, 18% of Sharky.fi’s existing user base opted in for Notifi alerts, this metric nearly doubled to 35% after the third month (adding an additional 2,000 users!).
The message volume was equally impressive. Within the first three months of integrating notifications, Sharky.fi sent out over 10,000 messages! Of the three channels available, SMS & Email made up the majority of the volume (over 93%). These metrics underscored the increased engagement of users as they received real-time notifications to return to the platform.
Don’t just take our word for it!
Anton, the founder of Sharky.fi, agrees.
”At Sharky.fi, creating a positive user experience is of utmost importance. We are thrilled to share that we have partnered with Notifi to provide real-time alerts through SMS, email, or telegram. This is an awesome feature that helps make sure loans get repaid in time by borrowers.”
Our integration with Sharky.fi was one of the most successful to date. We look forward to what the future holds for the protocol, and how Notifi can help!
About Sharky.fi 🦈
Sharky.fi is the first escrow-less NFT lending protocol and was released on Solana in April of 2022. Sharky connects NFT Holders with Lenders. Anyone can make a loan offer for NFTs in a collection and NFT holders can “left-click-borrow” to receive cash instantly. Users can lend $SOL to earn a high APY (Annual Percentage Yield) and borrow $SOL against their NFTs as collateral instantly. The platform provides a mutually beneficial arrangement for the borrowers and lenders.
For more information, check out the Sharky: a bitepaper
About Notifi 🐡
Notifi is the Twilio for web3. Notifi simplifies communication across all web3 messaging channels. The Notifi platform is designed with simple APIs for easy integration and customizable and advanced features for dApps and web3 applications. Notifi empowers developers to better engage with their users via multichannel communications.
For more information, visit https://www.notifi.network/
