Refract Investor Update August

Hey all,

It's been a busy and exciting month for Refract. Our goal last month was to ship and we did exactly that 2 weeks ago - pocketuniverse.app. We shipped a chrome extension that simulates transactions to see what assets have changed before you sign it in MetaMask. By doing so you can clearly see if a transaction you're about to sign is going to take all your NFTs!

Here are our KPIS:

KPIs

• 451 Daily Active Users
• 1183 Weekly Active Users
• 7 day retention - 63.72% (average 47 users). This data is very early so we don't index on it highly.
• Current Costs - $1100 USD Monthly but growing fast.

What do we need help with

• Introduction to teams developing wallets - We are gearing up to partner with wallets to provide our simulations as a service. We've been in talks with MetaMask, Coinbase Wallet and others but would love to chat to more people.

The Good News

• 1000+ weekly users 🥳.
• Signed a engagement letter with a wallet that is ideally shipping in early September.
• Partnership with Zeneca, FMC, Rekt-Collective and others who helped us reach a much wider audience.

The Not So Good News

• A week ago MetaMask improved their UI around the specific scam we are currently most focused on preventing (scams that call setApprovalForAll and drain all your NFTs).
  • Mitigation: We suspect scammers will continue to adapt and we're investigating more safeguards to help all web3 users.
• Costs are starting to increase. We're leveraging Tenderly for simulations and have been upgrading our plan every week. This will be a show stopper if we want to serve everyone in web3.
  • Mitigation: I believe we should be able to simulate every single Ethereum transaction for under $1000 USD a month. We're going to bring the simulations inhouse to remove our dependency on Tenderly and prepare for the upcoming wallet integration.

Goals for August

• Ship with wallets.
  • Scale the simulations.
  • Build the SDK.
  • Integrate.
• Validate other security focused consumer facing features.
  • Whitelisting contracts for mints.
  • Detecting potentially stolen NFTs and flagging them.

Something fun

Nish and I tried hot yoga for the first time. Doing yoga is hard. Doing yoga in a steaming room with sweat dripping down your face is extra hard. It was super fun though and we're going to try to keep it in our routine!

Something learnt

Talking to every single person that follows us on Twitter is an effective strategy to learn more about our customers!

Btw, Bali is beautiful :)

Though we are going to need to improve our working setup :P. I need more monitors and Nish needs a better standing desk!

That's all for this month!

Kind regards, Justin Phu