Slingshot 2022 - Wrapped & Ready for 2023.

December 28th, 2022

As we head into the new year with a slew of exciting product launches coming soon at Slingshot, we’re excited to first offer a recap of our success in 2022. In the midst of a bear market and a particularly difficult year in our industry, we’re proud of our incredible team who has continued to build a better Slingshot, of our loyal users who have stuck with us, and those who have just recently joined the Slingshot community.

In just one year, we’ve worked to add network support and integrate DEXs, run incentives and reward promos, and have seen consistent user growth and heightened wallet activity, all while building our Slingshot Wallet. Below we highlight our growth using original Slingshot data from 2022.

Swapping with Slingshot: Swap Volume & Wallet Activity from 2022

Our Slingshot desktop application supports multiple networks and numerous DEX integrations, so that our users can search for over 40,000 tokens at the best price to swap using Slingshot. In total, $1.26b volume was swapped across all supported Slingshot networks during 2022. Two of our most popular networks, Arbitrum and Optimism, saw a combined $485m swapping volume this year. As for our other supported networks, 29% of all Slingshot users are multi-chain, meaning they’ve swapped on at least two different networks.

Switching our focus from volume to wallet activity, just this week Slingshot surpassed 300k active wallets. We use the term ‘wallet activity’ or ‘active wallets’ for wallets that have connected to Slingshot and/or have swapped tokens using our application. During 2022, 76% of connected wallets swapped using Slingshot, meaning 238k performed swaps using Slingshot out of the 312k wallets connected. Since the beginning of January, 210k wallets swapped for the first time with Slingshot. In spite of industry events, we saw our peak wallet activity last month during November with 68k wallets swapping out of 98k active wallets.

Highlighted Networks on Slingshot: Arbitrum, Optimism, & Canto

This year, our leading networks for swapping volume and wallet activity were Arbitrum and Optimism. Before diving into the findings for these two networks, we’d like to first highlight the Canto network. We launched network support for Canto just this August, yet we’ve already seen impressive growth. In just a few months, 15k unique wallets have swapped $174m volume on Canto using Slingshot. We look forward to supporting the continued growth of Canto.

As stated earlier, there was a combined $485m Slingshot swapping volume between Arbitrum and Optimism this year. We’ve previously published blogs to individually highlight the Slingshot growth that we’ve seen on both of these networks. To read more about Arbitrum, click here. To read more about Optimism, click here. For year end stats of both, read below.

This year on Arbitrum: There was a total of $278m volume swapped using Slingshot, with $19m swapped during our peak week in November. Overall, there have been 142k active wallets that have swapped on Arbitrum with Slingshot. Out of all DEX aggregators, Slingshot retail market share on Arbitrum has hovered around 38% for the past 30 days.

This year on Optimism: There was a total of $207m volume swapped using Slingshot, with $90m swapped during our peak week in September. Overall, 65k active wallets have swapped on Optimism with Slingshot. And for the past 30 days, Slingshot retail market share on Optimism has been around 25%.

From our mobile waitlist, to our various OP Promos, to our partnership with Layer3, there was no shortage of opportunity for our users to get involved and get rewards. We’ll be taking what we learned this year and bringing the heat to 2023. Below are details from our top performing promos this year.

Optimism: Slingshot OP Promos

Specific to Optimism, we ran two promo types this year, one type that was active, and one type that was passive. Our OP Token Reward Promos actively ran for a set amount of time, known by the user, and resulted in a certain amount of OP token rewards, dependent on the tier reached for swapping volume. Similar in respect to reward tiers, our OP Past Swap Bonus rewarded users who had swapped a certain amount within a past time frame. If users reached a certain tier threshold of swapping volume, we rewarded them with the respective amount of OP tokens. To learn more about the promo and swapping process on Optimism, check out our blog, OP Promo 2 and a guide to swapping on Optimism with Slingshot.

Combined results from both OP Token Reward Promos:

15.7k users participated
Total swapping volume of $94m in under 3 days
Post-promo swapping volume of $15m+

Key insights from both OP Past Bonus Promos:

Post-promo 6k new users and 10% increase in first swaps on Optimism
Combined total of 13k OP tokens awarded to 4.5k Slingshot users who swapped $100 during the allotted bonus period

Diamond Hands Rewards

Offered specifically to our mobile waitlist users, the Diamond Hands Reward was given to mobile waitlist users who swapped $100+ using Slingshot within the eight day timeframe. At the time, the Diamond Rewards were worth up to $3k in value. There were 8k participants who swapped a total $4.5m in volume. Nearly 40% of participants were new to Slingshot and an additional 20k referrals were made to the mobile waitlist.

Waitlist Referral Rewards

This May, we announced our mobile app along with our Mobile Waitlist. We hit 1m sign ups in under 3 days and had 2.5m waitlisters at closing time. After announcing, we saw double the amount of swapping users from the month before. While the waitlist was live, we ran a referral program for our users to refer friends & family to the waitlist and get rewarded for participation. Rewards included 1 btc and boxes worth up to $3k in value. We set referral tiers so that top referrers would get larger rewards.

Slingshot x Layer3 Partnership

Since we launched our first Slingshot Quest on Layer3, we’ve seen notable user growth and overall participation. Our Quests have ranged from being network-specific, multi-chain, socially driven, to NFT centric. Users who complete Slingshot Quests on Layer3 are rewarded. We’re looking forward to our continued partnership and to launching more Quests in 2023, one of which will be full of Slingshot Wallet Bounties!

Personalized Stats: Slingshot 2022 Wrap Up

Throughout this year, it has been exciting to see continued use and growth for some of our favorite Slingshot features. We put together a 2022 Wrap Up for our users to see their swapping stats from Slingshot, along with their usage of additional features. Slingshot users who reached the top 10% for certain criteria were given NFT Badges as a reward. And we sent participation badges to everyone who swapped a token on Slingshot, traded a 2099 NFT, or sent a message in the Global Chat.

In terms of 2022 user stats for our Global Chat and Slingshot 2099 Marketplace, 18k users sent messages in-app using our Global Chat and 19k users transacted 2099 NFT items this year. Remember that if you’re in the top 10% for either of these, you’ve been airdropped an NFT badge.

Looking for your 2022 Wrap Up? Connect your wallet to our desktop app and click the notification to see your stats card. You can directly share your card on Twitter from the app. Include the hashtag #SlingshotWrapUp in your tweet for the chance to win one Diamond Reward Box. Go ahead and check out those who have already been sharing!

Below is an example of our 2022 Wrap Up, a personalized modal with your individual year end stats and NFT badges.

Mobile & More: Looking Forward to Slingshot 2023

We’ve been heads down building Slingshot Wallet, the next generation non-custodial DeFi wallet, and we can’t wait to publicly launch it for iOS and Android in the App Store and Google Play Store. Our anticipated public launch date is early 2023, so please stay tuned for our official announcement.

For the past few weeks and those leading up to the public launch, we’ve been sending waves of invites out to our waitlisted iOS & Android users for them to experience Slingshot Wallet via beta testing. The results have been phenomenal, and the feedback equally so, we’re thrilled that our mobile app has been so positively received by our fellow beta testers. While still in beta, Slingshot Wallet has already surpassed $2m in swapping volume. We anticipate continued volume growth come launch.

The new year will also bring key product launches and feature enhancements for both desktop and mobile. Upcoming features include in-app bridging, limit orders, dollar cost averaging, chart upgrades, and additional NFT support in Slingshot Wallet. Follow us on Twitter, join our Discord, or subscribe to our blog to be the first to hear any Slingshot updates!

Please note: This message is provided for educational and informational purposes only. By using Slingshot, you agree to our Terms and Conditions. This is not investment advice or a recommendation or solicitation to swap or hold any digital asset or to use a particular investment strategy. Some digital assets and markets may be unregulated, so you may not be protected by government insurance or regulatory protections. Digital assets are unpredictable so there is risk that you lose funds. You may owe taxes on your transactions so you should seek independent tax advice.