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CoW Protocol, a top decentralized exchange (DEX) aggregator known for its MEV-blocking technology, needed to scale user acquisition in the hyper-competitive DeFi space. To do so, it turned to HypeLab, a web3-focused ad network specializing in reaching wallet-connected crypto users.
Over a 5+ month period, HypeLab delivered a 4x more efficient CAC (Customer Acquisition Cost) compared to alternative channels including traditional ad networks and those specializing in the crypto space.
One of the biggest challenges for Web3 companies is the limited availability of high-quality, crypto-native distribution channels. To maximize reach while maintaining precise targeting, CoW Protocol initially focused on users with detected wallet extensions — ensuring ads were shown to high-intent audiences actively engaged in the web3 ecosystem.
As the campaigns progressed and gathered performance data, HypeLab’s machine learning models continuously refined the audience segmentation and targeting, allowing us to identify high-performing user categories, such as DeFi users and wallet holders who frequently engage in token swaps, to target them with greater precision.
The first iteration of ads achieved similar metrics to the top-performing campaigns in traditional web2 ad networks. However, after several optimizations based on split-testing multiple creative sets and different country mixes, HypeLab began to deliver performance that was 200% better. HypeLab’s machine learning models also began to auto-optimize the campaigns based on finding and targeting lookalike audiences as the campaigns progressed. Ultimately, CoW Protocol achieved a user acquisition cost that was 4x cheaper with HypeLab than the next best-performing channel.
Today, CoW Protocol continues to run campaigns with HypeLab, which has become one of its most effective paid channels for driving user growth. HypeLab is built specifically for Web3 combining advanced advertising technology, the largest inventory in the crypto ecosystem, and native web3-enabled ad formats into one powerful platform designed to help brands scale and thrive in a growing decentralized world.
Looking to acquire more wallet-connected users, reduce CAC, and run ads on top crypto properties? Get in touch with us today.
