Just like our last 6 month goal check in we’re scoring and breaking down how well we performed to expectations. See each goal for a summary and next steps at the bottom. If you want to double click on the notion doc
Points Calculation:
: 7 * 0 = 0 points
: 7 * 1 = 7 points
: 6 * 2 = 12 points
: 4 * 2.5 = 10 points (extra credit)
Goal 1: Iterate & Execute on the Portfolio of Bets (POB)
Using the scale provided, the completion of Goal 1 is 52.94%. We allocated well, have some more data to recreate for unique wallets onchain, and didn’t do retros.
Highlights:
- The weekly release thread became a useful tool for tracking the completion ratio of specs.
- The onchain dashboard was successfully built with DFC’s help, consolidating data in one place.
- Flipside queries were utilized to track the number of unique connecting wallets and transaction ratios.
- Achieved a detailed breakdown of average transacted value per wallet.
Goal 2: Talk to Our Users & Deepen Ecosystem Partnerships
Goal 2 completed 35.29%. This makes sense as our users are very uncommunicative. The tooling we can do but some of these are too difficult to tie back into reliable loops.
Highlights:
- User Feedback Response Rate: The team has implemented a system to respond to user suggestions within a 24-hour SLA during the work week. Adjustments have been made to prioritize quality comments.
- Number of User Suggestions Reviewed: While there is room for improvement, every two weeks, all user suggestions are reviewed to see if they align with the roadmap.
- Implementation Rate of User Suggestions: User suggestions are tracked, although not perfectly, in Canny and linked to Notion or GitHub.
- Depth & Health of Strategic Partnerships: Regular calls with partners like Thorchain, grant money from Arbitrum, and bi-weekly calls with Metamask indicate strong partnerships.
- User Interview Goals: Signups for product demos/interviews are available in the app, and PMF surveys have been implemented using Blaze.
Goal 3: Refine Retention and Build Towards the North Star (150 MM per month by June — growth case)
The completion of Goal 3 is 65%. worth saying we hit the volume number in march but it was not sustained. Much better focusing on health of revenue, parity with TC development, and adoption of features. We have a super holistic view that improves every day with onchain metrics, finished a revenue daoshboard, and track all the mixpanel things we can to influence better decisions.
Highlights:
- Progress was made in tracking unique wallet addresses and transactions on-chain.
- New features were successfully tagged and tracked in Mixpanel, providing insights into user engagement.
- Considerable Efforts were made correlating on-chain data with user metrics for a more comprehensive view of user engagement and retention.
Goal 4: Conduct Scoped Beneficial Experiments, Kill Under-performant ones, and remove bloat
Goal 4 is 100% complete, as the single experiment planned for Q1 was deprioritized but still considered completed, and the experiment for Q2 (rfox) was marked as a (Super Nut).
Total Emojis: 24
- (Failed): 7
- (In Progress): 7
- (Done to Satisfaction): 6
- (Super Nut): 4
Total Points Available: 24 * 2 = 48 points
Points Achieved: 0 + 7 + 12 + 10 = 29 points
Percentage Score: (29 / 48) * 100 = 60%
Score: 60%
Forum Goal Eval:
There are things to be grateful for, and yet we still have lots of work to do. We hit monthly profitability in less than 3 months. But we have to sustain that. Apropos, 6 months later and we’re sitting at 60% success. 60% is… not horrific but worse than last time. Despite better execution we’re still setting too ambitious and more granular goals than the last go round. This makes sense since we have better visibility into performance and a much clearer business model. More stuff to track also means more things to not track. Consider this check in a call for simplicity.
Highlights are: some features like LP that saw 1 million in deposits and getting rFOX out the door with 149 txs and a million dollars in value the first week. Multi account is also awesome. On top of that we finally shipped onchain dao-shboards accross all revenue generating inegrations, this is a significant achievement that the DAO never had in it’s history. It’s also rad tagline: “we were profitable in less than 3 months after enabling fees.”
As much as I’d like to up the prototyping and get things to market like our Warpcast frame, pragmatism towards limited resources is far more valuable. On that note, our prioritization has gotten better week on week so there is no fire drills and random drop everything for this one feature pushes.
Lowlights continue to be the long cycle of iteration due to resource constraints, Tim’s lack of prototyping skills, a little over indexing on granular data while missing big picture, and frankly not knowing who our audience is.
Next steps
Before jeeting revisions of the same thing, it’s better to do something different: teeing up a workshop with leadership and possibly community asking ourselves the questions that matter.
- Are we a project or a business?
- Who are we marketing to and how is our product solving their needs?
- Who swaps daily or weekly? Is Shapeshift their default? (both internally and externally)
- I’m just going to personally Grind out 100 user interviews asking these questions but “how do we make SS your go-to?”
- What does utility of the platform really look like for FOX holders?
So, for the rest of year we will have simpler north stars:
- Break even or in other words: don’t die.
- Continue exploring differentiation.