In Wallet USDC Rewards Campaign with Relayer

General
1

Hi all,

Luke here, I lead Growth at Relayer. We are excited to present a proposal for an innovative new rewards mechanism to drive growth on Seamless. Looking forward to your feedback and to hopefully partnering together!

Seamless | Relayer Rewards Campaign

What is Relayer?

Relayer empowers you to grow intelligently, providing insights, personalization, and incentive infrastructure - helping protocols drive more transactions and user activity. Our flagship product, Relayer Rewards, drives more users to your protocol by offering in-wallet USDC rewards for onchain activities, boosting transactions and user engagement.

Campaign Summary:

Drive user growth and adoption of Seamless with Relayer’s in-wallet USDC rewards to complement the current Onchain Summer rewards campaign. By rewarding users for taking onchain actions on Seamless directly within wallet explore feeds, we can reach millions of active users, including those on Exodus Wallet and more. This strategy will attract new users to Seamless to lend/borrow or stake in the available farms, and drive their ongoing engagement through continuous campaigns. Leveraging Relayer will help position Seamless as the go-to DeFi platform on Base, enabling users to discover and transact effortlessly.

How is this different from other rewards/questing providers?

Relayer reaches users within their wallet feeds with personalized rewards opportunities, right when they are most likely to transact. Unlike other providers, Relayer is focused on direct onchain actions that impact the metrics that Seamless cares most about like driving more transactions, not things like social followings or joining a Discord to farm rewards. This helps enable our pay for performance only model, which is a new standard for the industry. In addition, Relayer rewards users directly in real-time with USDC, no more points that users have to redeem later or don’t know what they will be worth. Real time rewards lead to higher conversions and more engagement from users.

Campaign Details

The proposed campaign will run until the budget runs out across Relayer’s network of wallet partners. Relayer will be responsible for any cost incurred over the agreed upon budget.

After the end date of the campaign if any budget remains it is eligible for withdrawal or the remaining budget can be applied to a future campaign with Relayer.

Budget $15,000 to test or $SEAM equivalent

User Experience

  1. User sees the offer within the wallet feed of one of our partners in the Relayer Network (e.g. Exodus Wallet)
  2. Redirected to DApp to complete action
  3. Relayer matches the action
  4. Any on-chain event (eg swaps, trades, deposits, lending/borrowing, etc)
  5. Relayer deploys reward to user direct to their connected wallet

Proposed Start Date 8/19/2024
Proposed End Date 11/19/2024

Reward

Each user that is eligible for the reward will receive the same offer.

Reward Asset $USDC
Action to Drive Lend/borrow in one of the available markets
Network Base
Suggested Reward Amount to User $5
Network Fee $10
Cost per Action Total $15
CPM $15

Timeline

Pre Campaign
Seamless + Relayer sign IO
Seamless deposits funds (within 15 days IO completion)
Relayer to provide campaign proposal
Seamless to send over media assets
Seamless to approve campaign proposal

Campaign Start
Seamless to sends funds to Relayer
Relayer to share monthly campaign reporting on transactions

Campaign End
Relayer will pause/end campaign
Relayer will return funds that were not spent

Post Campaign
Relayer to provide analytics review and next steps

1 Like
2

This is a great proposal, Based on the budget, we can expect to gain over 1,000 new users each month <3

3

Hey @Smailov, our estimate based on benchmarks would be to achieve this over the three months, but this can vary a bit for each campaign!

4

Hi @lkatz718 , thanks for the proposal!
Got a couple of questions:

  1. Any on-chain event (eg swaps, trades, deposits, lending/borrowing, etc)
    Not sure swaps and trades are relevant here. As for lending/borrowing, will u set some requirements with regard to the amount and time of holding the position? I mean if users will get rewards for depositing and immediately withdraw afterwards, it does not make much sense.
  2. As for the rewards scheme, do I understand it correctly that a user will get 5$ for completing an action while Relayer will get 10$? In other words, out of 15k, 10k will go to Relayer, right?
  3. I would suggest that we use esSEAM rather than SEAM, so that we keep user for the long run
5

Hey @Ras,

Responding to each of your inquiries below.

  1. These are just examples of what can be done, for this campaign we will drive one action (preferably the one that occurs most frequently on Seamless).
  2. This is correct, although the network fee is shared between Relayer and the partners in the network.
  3. I am not sure this will make a difference in this case, as at the moment we only support user rewards denominated in USDC.
6

Big fan of this proposal - especially if the expectation is within the lens of user acquisition & activation.

It appears this proposal can further incentivize ILM usage - enabling the protocol’s team to identify effective strategies the community has higher preference for along with establishing an ideal persona/demographic to target.

Would be great to offer realtime metrics associated with the campaign to truly showcase what type of user is interacting with the ILM and the supported strategies.

Would be even better to see if you can support an “average position value”, “average time a position is held”, etc. Granted the latter metric may be slightly skewed depending on the sample size experienced during the campaign - nevertheless, still insightful data for both Relayer and Seamless.

7

Hi @lkatz718 thanks for your post on Relayer! a few questions come to mind.

Seamless has used Galxe/Layer3 in the past for similar types of campaigns. I recognize they have differences with Relayer being you all are in-wallet and geared towards onchain actions only. A couple of questions:

  • What is the network fee? Is this a fee to use Relayer? Is this always structured on a CPM basis? Is there a way to lower this fee if paid upfront?
  • Do you have any info on past campaigns as it pertains to user retention for these customers? Many users who’ve come in from these other platforms just seem to do the task and get the reward and then they leave and churn therefore making it an expensive exercise with little staying power. If there are any mechanisms you guys have found that led to good retention, would be curious what those methods are and/or can the onchain action be over a duration of time i.e. stay in a pool for X weeks.
  • In terms of your partners within the relayer network, which wallet types outside of Exodus would be eligible?
  • On your website it looks like you’re able to see some wallet insights i.e. users who interacted have $X assets in their wallet. Is there a way to target a relayer campaign to only certain wallets i.e. ones with net worth over $X?
1 Like
8

hey @lewis nice to meet you. you have correctly pointed out some of the differences between Relayer and some other tools out there. I have responded to each of your inquiries below!

  • The network fee is a processing fee to use Relayer. The entire fee is split between Relayer and our publishing partners. It is based upon the cost of the entire campaign but is triggered by the CPA. We cannot offer a discount.
  • Unfortunately I can’t share detailed campaign information here. I can tell you that we provide data and analysis to understand what kinds of users Seamless is resonating with, and then create campaigns that reach these kinds of users and ones that are similar to them so you don’t spend money on providing rewards to users that churn.
  • Any wallet in our network that users could interact with your project on, and that accepts the campaign will be eligible.
  • Yes, we can support this type of analysis. Benchmarking will help us better understand user behavior, so we can better reach users on the network with rewards campaigns in the future.
9

Hey @lkatz718, do you have any examples of previous campaigns that you could share? If the project names are under NDA, it would be great to still see some anonymized case studies or success stories, thanks!

10

Definitely @Smailov. Prior to our integration inside the wallet UI’s, we ran a case study in Farcaster Frames. This was hugely successful with a limited distribution size of 40k MAU - and is a testament to the opportunity of a campaign in channels with 1M+ MAU. Details below:

Example Case Study

  • Relayer ran a campaign on the behalf of a major DEX within a wallet aware app. Here are the day 1 results:
    • App Traffic: 40,000 DAU
    • Relayer drove +204 transactions and automatically rewarded 1,020 USDC to users
  • Offers were click-to-activate within the application
  • Of the ~6,800 wallet users that saw the DEX offer, 3% of users completed a swap and received the reward

Let me know if you have any questions or if we can proceed with the campaign! This is a pay for performance test budget and should be a great starting point to evaluate the channel with minimal lift and cost.

2 Likes