MELD case study
A special 7 month journey towards 50,000 users in a BEAR market!
What is MELD?
MELD is the world's first DeFi (crypto), non-custodial banking protocol. Meld allows you to securely lend & borrow both crypto and fiat currencies with ease and stake your MELD tokens for APY. Being a decentralised protocol that brings fiat loan capabilities to crypto, you can move between crypto and fiat positions with ease, take out loans, and retain full control of your digital assets.
Why 3Block?
MELD hired 3Block as a growth solution that didn't involve hiring and spending tens of thousands a month on an internal team. At the time, MELD had no growth efforts in place for MELD.FI, so by hiring 3Block, they could instantly access web3 growth experts who could come in, design a strategy, and make an instant impact. 3Block came in, designed, and implemented a strategy in just over 6 months, which, at the end of the project, was bringing in 500+ new users every day sustainably and had just hit the 50,000 user mark. MELD can now continue their growth efforts without having to spend tens of thousands on an internal team.
The task
MELD tasked 3Block with designing and implementing a growth strategy in preparation for the launch of their flagship product, MELD.FI (www.meld.fi).
Before hiring 3Block, MELD was not actively acquiring users for MELD.FI. The acquisition of users for MELD.FI started in May 2023, alongside the deployment of the growth strategy that had been designed and built out in the previous 3 months.
The project
Step 1: Understanding Meld & their objectives
As with all projects we work with, the first step involved building a solid understanding of Meld's objectives.
Step 2: Designing the growth strategy
After understanding Meld & their objectives, we designed a growth strategy for Meld, focusing on 6 key stages of growth: Awareness, Acquisition, Activation, Revenue, Retention & Referral.
Step 3: Building the growth strategy
Our immediate aim was to focus on & implement the first few stages of the growth strategy. To do this, we needed to design an attractive offer, plan out marketing channels, and build a highly converting onboarding process.
Step 4: Implementing the growth strategy
Once the foundations were built, it was time to turn on the taps (marketing channels) and watch traffic convert through the growth strategy while optimising the stages of growth in play.
Step 5: Hitting the goal in record time
Just 3 months after launching MELD.FI via the growth strategy, MELD hit the 50,000 user milestone, and at the time of 3Block's departure, MELD was averaging 500+ new users a day from the strategy.
Timeline
January: Learning about Meld & starting to design Meld’s growth strategy.
February: Finalising the design of Meld’s growth strategy.
March - April: Building the growth strategy.
May - June: Implementing the growth strategy.
July: Optimising the growth strategy.
Key results
- 50,000+ users within 3 months.
- 16% sign up to paying user conversion within 7 days.
- Very low early stage CAC $2>.
- 41% sign up conversion rate from the offering.
- Averaging 500+ new users a day.
What the Meld team had to say about their experience with 3Block
Founder & CEO - Ken Olling
It was a pleasure working with 3Block, they brought a lot of value to the project & team. Hopefully we can work with them again in the future!
Senior marketer - Maia Benzimra
In my 10 years of marketing I’ve never worked with someone like Jake/3Block. They bring a completely unique approach to growth.
Operations director - Lawrence Ong
3Block & Jake have done a brilliant job with very minimal resources, building something outstanding.
Are you interested in 3Block helping your project?
If you would like to explore 3Block helping your web3 project grow, please feel free to book a free growth call with our team. The aim of this session will be for our head of growth to introduce you to the various growth opportunities available to your business & to understand whether or not 3Block is able to assist your project.
Simply click the following link to schedule your call: https://www.3block.io/#growth-call-link
