Letter №01 (timeline December 01-12, 2023)

I'm writing this letter with the goal of building a transparent company and providing all important information for the Bolide customers and community on monthly basis.

As a team, we started working on the Bolide dApp as a yield aggregator 2 years ago. During this time, we have garnered 2K Monthly Active Users (MAU), and nearly 130K users have earned yield through our automated strategies, leveraging lending protocols and DEXes.

Recently, we pivoted Bolide dApp into a customer App, targeting retail users and providing them a seamless web2 onboarding experience into the new world of finance that our team is so passionate about.

Our mission remains unchanged: we aim to offer an uncomplicated way for average users to build wealth using the latest financial technology.

Our current belief (based on customer &tech research) is that the optimal approach involves:

1. Building an app with a user interface mirroring that of an everyday bank.

2. Leveraging web3 to grant users full access to their finances.

3. Utilizing DeFi, which holds enormous potential for wealth-building when approached correctly.

Recent Milestones

• September 2023: Launched version 0.1 of the app, available on iOS only.

• October to November: Conducted interviews with 452 users to gather feedback, which directed our focus to the importance of UI/UX. Created a roadmap for the next 24 months, finalized our product vision, and worked on a new UI/UX.

• December 1-12: Launched Apple Store In-App Event, notifications, and addressed minor bug fixes. Developing a new onboarding for crypto newcomers.

Acquisition Numbers

Active Users

Month to date (MTD) we received 794 unique users which counted the total number of total unique number of 2.26K users.

In November we got above 1.5K users because our App became a trend in Apple Store in Indonesia.

Retention rate

12.1% of our users are coming back during a month.

Monthly churn

Churn rate 85.5% (last 90 days)

Key regions:

During the first 12 days of December, the main regions remain unchanged: Indonesia, Nigeria, United States, India, and Vietnam.

Cost per acquisition

At the moment, we are unable to provide a clear cost per acquisition as the majority of our current traffic-driving activities are free.

Over the past 12 days, we have experimented with various activities, including:

• Legendary NFT: we distributed special NFTs to everyone who downloaded the app and wrote a review. Promoted through our Twitter/DeBank and Discord communities.

• Email marketing: we sent 9.5K emails to customers on our App waiting list.

• Zealy Quest Winter Sprint: this initiative commenced on December 11th with a $500 prize pool, attracting 142 participants in the first three days. The quest will finish on 21st of December.

Revenue Streams

Based on the competitors' analysis, swap fees will be the major revenue stream for us.

However, currently we don't charge swap fees since 1) our product has not finalised 2) we want to onboard as much users as possible

Currently, we are collecting the following data about swaps.

Key challenges:

1. Weekly Active Users:

   • Identify features that will retain our customers' engagement within the app.

   • Improve notifications to boost user engagement.

2. Onboarding Non-Crypto Users:

   • Develop a straightforward onboarding process with clear steps.

   • Assess key barriers preventing users from buying crypto and seek solutions by engaging with 5 super customers in each geo: Indonesia, Nigeria, India, USA.

3. Deep Tech:

   • Select a right blockchain (to be able to provide whales based investments opportunities) and streamline onboarding through account abstraction and web3 social login (for newcomers onboarding).

My personal challenge is timing. I believe that the bull market has already begun, and we have a strong desire to develop several important features, especially for onboarding new customers into the market during the first two months of the year.

If you have any questions, suggestions, or if you want to try our customer app, please reach out to me via email at oxbid@bolide.fi, Farcaster @oxb, or Twitter @oxxbid.

Cheers,

Ox