Dive into a case study on OmniBTC, the omnichain financial platform for web3

TL;DR

• OmniBTC, a transformative web3 platform focused on enhancing DeFi with secure and efficient services to promote broader adoption, aims to attract and retain valuable users cost-effectively.

• Airdrops attract users but often fail to retain them due to a focus on quantity over quality.

• The solution is Nomis’ ScoreFront and points system. The platform rewards users based on their blockchain activity to boost engagement.

• OmniBTC offers no service fees and extra loyalty points for certain transactions to encourage user interaction.

• Loyalty points keep users engaged by providing value for their activities: A recent campaign significantly increased trading volume and loyalty point claims, showing its effectiveness.

• Partnering with Nomis and using ScoreFront, OmniBTC targets and rewards active, reputable users, improving user retention.

Partner

OmniBTC is a groundbreaking platform in the web3 space, aiming to redefine the landscape of DeFi. With its innovative approach to blockchain technology, OmniBTC seeks to provide users with a seamless, secure, and efficient platform for cryptocurrency transactions, including swaps, lending, and other financial services.

At its core, OmniBTC’s mission is to facilitate the widespread adoption of web3 technologies, making them accessible and user-friendly for a global audience.

But in web3, projects’ teams are questioning not only on how to spread the world about decentralized solutions and high technologies, but also on how to attract users and keep their attention on these technologies. To build, we need money. To make money, we need ideas on how to do it with minimal expenses. To be honest, it’s the main question for both projects and users — we’ve partially described this in one of our articles.

Problem

In the realm of marketing strategies, it is quite common to see projects’ marketing teams opt for incentivized campaigns with airdrops in the end in order to attract new users and generate significant traction.

However, while such tactics can indeed draw in masses of individuals, they may not always yield high-quality engagement or long-term user retention.

These initiatives often focus on quantity over quality by enticing people with free tokens or rewards without necessarily fostering genuine interest or commitment to the project’s underlying value proposition.

❓ How to attract and retain high-LTV and sticky users to the product and community in a ROI-efficient manner and capture users’ attention in the long term to prevent losing them after the campaign ends?

That’s exactly what Nomis questioned. So, we decided to test an idea of personalized offers with rewards for users. The key obstacle was finding a method to incentivize onchain power users, who are critical to the ecosystem’s vibrancy and growth, to engage with OmniBTC’s platform.

Nomis and OmniBTC made an offer on ScoreFront for LayerZero Score holders, enabling users to leverage their Scores and enhance OmniBTC’s user engagement through swaps. Users received a return of 0.0002 ETH with each swap and became eligible for additional points at the end.

Solution

Nomis provided an excellent solution to tackle the issue we’ve mentioned: ScoreFront. It’s a marketplace with Nomis’ partners’ offers, aimed at motivating users to enhance and make use of their onchain reputation. Each offer is personalized with various rewards and benefits.

⭐ OmniBTC offered 0 service fee for users who bridged via LayerZero and 5% extra boosted Omni BTC loyalty points.

OmniBTC effectively doubled the standard terms, for swaps conducted on their platform. This innovative approach was grounded in the understanding that Loyalty Points play a pivotal role in the DeFi space, particularly as they relate to token airdrop allocations.

By enhancing the value obtained from daily swaps, OmniBTC directly appealed to the desires of active Nomis users, encouraging them to interact with OmniBTC.

The significance of the Points System in this context cannot be overstated. In the DeFi ecosystem, loyalty programs such as this are not just a bonus but a fundamental component of user engagement and retention strategies. They serve as a tangible representation of value for users, incentivizing continued platform usage.

Results

By periodically boosting the Points System, OmniBTC and Nomis could sustain user interest and participation, thereby fostering a loyal and active community.

🔑 With 0 marketing costs, OmniBTC experienced an influx of up to $0.5M in extra trading volume. Furthermore, users claimed 20,000 extra Loyalty Points, a testament to the campaign’s effectiveness in engaging the targeted user cohort.

The partnership between Nomis and OmniBTC was greatly enhanced by integrating Nomis’ ScoreFront platform, which uses onchain data to assess user reputations and unlock exclusive offers. This integration allowed OmniBTC to more effectively target and reward active and reputable users.

ScoreFront utilizes onchain data to help businesses like OmniBTC identify and reward highly active and reputable users. This targeting capability ensures that promotions and loyalty boosts are directed towards users who are not only active but also have a proven track record of engaging positively within the web3 ecosystem.

This strategic focus helps in maximizing the impact of promotional efforts and ensures a higher return on investment.

By leveraging the intrinsic value of Loyalty Points and offering enhanced rewards, OmniBTC effectively attracted a large number of loyal users, contributing to the platform’s growth and the broader adoption of web3 technologies.

The integration exemplifies a successful data-driven strategy for enhancing user acquisition and retention in the web3 ecosystem.

The Nomis and OmniBTC partnership exemplifies a successful approach to overcoming the challenges of user acquisition and retention. It not only tackled the initial challenge of engaging onchain power users but also demonstrated the profound impact of loyalty-driven incentives in the DeFi market. By leveraging the intrinsic value of Loyalty Points and offering enhanced rewards, OmniBTC effectively attracted a large number of loyal users, contributing to the platform’s growth and the broader adoption of web3 technologies. The integration exemplifies a successful data-driven strategy for enhancing user acquisition and retention in the web3 ecosystem.

OmniBTC review

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