Goals 1 half 2024


The goals set for the first half of 2024 represent a significant leap forward compared to the goals established in 2023. They are both more concise, and seperate out the tactics. Feedback on the portfolio of bets was that is was too long. Trying for brevity.

These goals showcase a notable shift in the DAO’s mindset towards a more iterative and execution-focused approach utilizing a portfolio of bets (POB). The emphasis on resource allocation and the measurement of the time it takes from idea conception to prototype launch demonstrates a commitment to improving execution speed and ensuring that only the most promising ideas are pursued.

Furthermore, these goals exhibit a renewed dedication to engaging with users and strengthening ecosystem partnerships. The organization recognizes the importance of promptly responding to user feedback, reviewing all user suggestions, and implementing a higher percentage of those suggestions. This user-centric approach is crucial in building products and features that align with user needs and preferences, ultimately leading to improved user retention.

In addition to user-centricity, these goals also prioritize conducting beneficial experiments while remaining open to adjusting priorities based on market changes. This adaptive approach acknowledges that the market landscape is constantly evolving, and the organization is willing to adapt and seize opportunities as they arise. By embracing calculated risks and launching experiments that aim to improve performance, the organization demonstrates a commitment to continuous improvement and growth.

Overall, these goals reflect a more strategic and adaptive approach to driving success and growth in the organization’s endeavors. The focus on execution, user engagement, and experimentation sets a solid foundation for achieving significant improvements and driving the organization towards its long-term objectives of being the bridge into a future of permissionless finance.

Goal 1: Iterate & Execute on the Portfolio of Bets (POB)

:pie: Allocate well

  • KPIs:
    • Quarterly retro on anticipated portfolio and how well allocated it was versus interruptions, bugs, firefighting etc.
      • Binary did we do retro or not. Artifact in Figma and docs.
    • Number of executed/drafted/discovered/defined specs per quarter. Updated at office hours.
      • What’s more important is the completion ratio to shipped ratio. Success 2 to 1 for spec complete vs shipped features. Growth is 3 to 1.
    • Map and then measure the Time from idea to prototype launch. (TTL)
      • Using notion’s status tracking “hand off” and github tickets → closed we can get timestamps of status completion. We can map then improve the execution speed by 10-30%.
    • Build better onchain dashboard
      • Binary and in progress (Flipside).
      • Traction score on new/all features (measured speed to hitting success metrics; the other part is tracking it’s friction on Mixpanel).
    • Acquisition to retention lever (KPI):
      - Number of unique connecting wallets (UCW), number of transactions.
      - TXs/UCW ratio AND volume/UCW
      - Per month: Average transacted value per wallet = $3500 - $5000

Goal 2: Talk to Our Users & Deepen Ecosystem Partnerships

:hammer_and_wrench: Build what people want

  • KPIs:
    • User Feedback Response Rate: Measure how often and how quickly the team responds to user suggestions, even if it’s to explain why a suggestion won’t be implemented.
      • SLA of 24 hours during work week high performance, by office hours is success, no response after two weeks failure.
        • Responses should indicate why something can or cannot be prioritized and a follow up date.
        • Adjust prioritization upvote scale as more users bring quality comments. Things like “Good project “ “would love this” are not helpful.
      • Number of User Suggestions Reviewed must equal 100% every two weeks
      • Track the number of suggestions reviewed for potential alignment with roadmap.
    • Implementation Rate of User Suggestions: Percentage of suggestions that are implemented or incorporated into the product when added to roadmap.
      • < 10% is failure, ≥ 20% is success, > 35% is growth.
      • Tracked in canny with tag and link to notion or GitHub.
      • Tracked on roadmap spreadsheet — percolator
      • Tracked back in notion, and tied together with linking structure that is easy to copy & paste.
    • Depth & health of Strategic Partnerships Formed, retained, and engaged: Track partnerships with key industry players that offer significant integration or collaboration opportunities.
      • Some useful soft KPI’s for health would be regular monthly syncs, tight communications, awareness of launches across platforms, positive sentiment. Binary yes/no.
      • Co-marketing launch partner on new/refactored features. 0 fail. 1 success. 2 growth.
      • 25% of users engaged onchain converting from partners.
      • Mission-aligned passive grant applications as needed for partners. Ex: Arbitrum, Optimism, Gnosis, CoWSwap, Gitcoin, Giveth.
    • User interview goals
      • Number of Specs with user interview tagged on them
      • Product office hours includes at least one active user jumping on stage once a month.
        • binary goal for the quarter threshold of 3 5 and 9.
      • Users can sign up for product demos/interview in the app
        • Did we deliver signups is a binary goal
        • From baseline 10/20/30% growth figures.
      • Utilizing Blaze add a PMF survey.
        • binary goal for the quarter, is it delivered.

Goal 3: Refine Retention and Build Towards the North Star (150 MM per month by June — growth case)

:lizard: Make em choose Shapeshift

  • KPIs:
    • Growth Rate of Unique On-Chain Addresses: Track the increase in distinct addresses interacting with the platform.
      • Actual transactions sorted by unique wallet addresses. Once we have a baseline, apply the failure, success, growth table but rough numbers would be 0/10/20% growth.
      • Did we deliver tracking is a binary goal
    • Conversion Analysis: Measure the rate at which users progress from connecting to executing transactions and the churn rate. Measure the stickiness by DAU, WAU, MAUs. Find correlations from frontend to onchain. Mixpanel moves to softer UX focused metrics than hard business numbers (or user feedback and signal on some part of retention) .
      • Daily Active Users (DAU) / Weekly Active Users (WAU) / Monthly Active Users (MAU): Monitor these metrics to understand user engagement at different intervals.
        • Finding patterns across marquee features preferred.
          • Did we deliver tracking is a binary goal. Yes or no.
        • Track both onchain and on mixpanel. Drop into product goals for up to the minute and snapshot at every office hours.
          • Similar to growth rate, once we have the dash and baseline, apply failure in buckets: 5%-0 failure, 6-25% is success, 30%-60% converted is growth, ≥ 70% is home run growth.
          • Retention metrics below 20% retention MOM quarterly is failure, 30% success, 40% good success, smile curve is {20 → 40 % → 50%} is growth

By correlating on-chain data with user metrics, we’ll have a more holistic view of user engagement and retention. On top of that we’ll have mixpanel for softer figures and user experience focus.

Goal 4: Conduct Scoped Beneficial Experiments, Kill Under-performant ones, and remove bloat

:telescope: Launch a couple things that are calculated risks and make things perform better

  • KPIs:
    • Launch and validate at least one experiment per quarter .
      • Experiments should have more undefined assumptions, a couple of hypothesis, and the only way to really get answers is to put the experiment into market.
      • Success is at least 1, failure is 0, and growth is 3 or more. They should be significant and they should be painful to prioritize above other features.
      • Success/failure criteria, time frame, usage goal, alignment from the beginning at launch to make sure everyone in the community understands that we will remove or double down on something.

The market changes all the time, and we’re OK to change with things. Also worth mentioning, if we stumble into a gold mine (PMF) then we will focus everything on that.

EDIT: Initial post –
Product is sharing this living document on the forum, and it’s text so far. By sharing it, we invite the community to reflect on these goals before they go into the ideation phase. We value the input and insights from our community members and believe that their perspectives will enrich our goal-setting process. We will follow up with more specific tactics and refined KPI’s as we get more workstream input too those have placeholders with [ ].

As a DAO we aren’t really interested in ad hominem attacks, rabbitholes, or under researched ideas. If you would like to contribute your comments, please help us be productive, please help drive the DAO forwards.


Edited, no more brackets. :saluting_face: