Houdini Swap’s primary goal was to acquire new, active users for its privacy-preserving swap protocol. While top-of-funnel awareness is important, the key business objective was to drive completed swaps, the core action that generates revenue. The challenge lay in identifying and reaching users who not only had an interest in DeFi and privacy but also possessed the on-chain history and intent to transact. Traditional advertising methods that target broad audiences often result in high costs and low conversion rates for such specific, high-value actions.
Addressable’s platform provided the critical link between off-chain advertising and on-chain behavior. Instead of targeting generic interests, the campaign strategy focused on building and engaging audiences based on their verified wallet activity. This involved a two-pronged approach:
This wallet-based approach allowed Houdini Swap to focus its ad spend exclusively on users with a demonstrated history of on-chain activity, dramatically increasing the probability of conversion.
The campaign’s success was most evident in its exceptional cost-efficiency for driving bottom-of-the-funnel results. Achieving a $6.43 CPA per swap is a testament to the precision of wallet-based targeting. This metric proves that the campaign was not just acquiring clicks or impressions, but was successfully guiding high-intent users all the way through the conversion funnel to complete a revenue-generating action for the client.
A deeper analysis of channel performance revealed a powerful dynamic between X and Display advertising. While X was highly effective for driving awareness and initial engagement at an efficient Cost Per Click (CPC), Display advertising proved to be 5 times more efficient in terms of CPA (cost per swap).
This indicates a synergistic relationship where X acts as a powerful top-of-funnel channel, introducing new users to Houdini Swap and driving traffic, while Display excels at converting that awareness into cost-effective, completed swaps. This highlights the importance of a multi-channel strategy where each platform is leveraged for its unique strengths.
The Houdini Swap case study demonstrates a clear and repeatable blueprint for success in Web3 marketing. By shifting the focus from targeting anonymous users to engaging known wallet owners based on their on-chain history, Addressable enabled Houdini Swap to not only reach a highly relevant audience but to convert them at a rate and cost that far surpasses industry benchmarks. The campaign’s success in driving down-funnel actions at a low CPA proves that the future of effective crypto marketing lies in connecting on-chain data to off-chain advertising channels.
