Coquí Dream Studios
Case study · Crypto exchange · a Pan Crypto Labs engagement

OKX: 210,000 users onboarded at a $2.10 CAC.

Crypto exchange · Creator program & user acquisition · 13 months

A 13-month creator program for one of the largest global crypto exchanges, run through Pan Crypto Labs, now Coquí Dream Studios. It did not just buy reach. It onboarded roughly 210,000 users who completed a real transaction, at a cost of $2.10 each.

$2.10
cost to acquire a user who completed a transaction
~210K
users onboarded with a real transaction
42M
impressions at about a penny each

The situation

OKX needed reach with crypto-native audiences that ad platforms cannot buy credibly. Paid impressions are cheap and ignored; the audiences that matter in crypto follow people, not banners. And reach alone is a vanity metric. The real test was whether creator content could drive actual users onto the exchange, completing real transactions, at a cost that beat paid acquisition.

The work

We built and ran a managed global creator program end to end. We sourced and vetted a roster across the following-size spectrum, roughly 20% macro creators over 500K followers, about half meso in the 50K to 500K range, and the rest micro creators tapping niche communities. Then we negotiated, briefed to a content standard that protected the brand, and produced more than 1,190 pieces of content across X, TikTok, YouTube, and Twitter Spaces.

Every creator was tracked on performance, from impressions all the way down to users onboarded, so budget followed what actually converted rather than what looked good. Over 13 months the program spent $442,000 in managed budget.

The result

The program reached 42.1 million impressions at roughly a penny each, but the number that matters is downstream: about 210,000 users onboarded who completed a real transaction, at a blended $2.10 cost per acquisition. That drove $2.1M in onboarding transaction value, and it counts each user only on their first transaction, so the real economics improve with lifetime value.

$442K
managed spend over 13 months
$2.1M
in onboarding transaction value driven
1,190+
pieces of creator content produced

What this means for you

A managed creator program can acquire real, transacting users at a fraction of paid CAC, not just impressions, as long as it is run with genuine audience matching, a content standard, and per-creator performance tracking. That discipline is not crypto-specific. It is the same mechanism behind creator seeding in consumer, gaming, or any category where people trust other people over ads.

OKX was one of 20-plus brands grown through Pan Crypto Labs. See the rest of the web3 work on the Pan Crypto Labs page.

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