In 2024, ElliPal, a leading manufacturer of air-gapped cold wallets, faced a challenge familiar to many in the crypto industry: how to improve wallet functionality, acquire new users and keep them engaged in an increasingly competitive market. To address this, ElliPal integrated Changelly’s crypto-to-crypto exchange API. The result? Better transaction speeds, a wider range of trading options, and measurable improvements in user activity and business performance.
This case study takes a closer look at the changes brought about by this integration. Originally published on Blockchain Reporter.
Metrics-Driven Results: The Impact of Changelly’s API Integration
The integration of Changelly’s API was a pivotal step for ElliPal, delivering tangible improvements across key business indicators. Below are the most noteworthy outcomes:
- Transaction Volume Growth
Before the integration, ElliPal’s monthly transaction volume was approximately 650,000 USDT (January 2024), with a daily average of 21,000 USDT. By October 2024, these figures had soared to 1.73 million USDT monthly and 56,000 USDT daily—representing a remarkable 166% increase in total transaction volume.
- Average Order Value (AOV)
The average order value (AOV) also saw substantial growth, increasing from 2,000 USDT in January to 2,600 USDT in October, marking a 30% rise. This indicates that ElliPal’s users are engaging with larger transactions, reflecting increased confidence in the wallet’s capabilities.
- Retention Rate Improvement
User retention rates increased by 3%-5% post-integration, a clear sign that the enriched functionality provided by Changelly has enhanced user satisfaction and loyalty.
This growth also highlights the formation and steady expansion of a base of loyal customers who are now more likely to stay with ElliPal for their crypto trading needs. By providing a seamless and reliable experience, ElliPal not only keeps its users engaged but also reduces the likelihood of them turning to competitors for similar services.
- Activity Metrics: DAU, WAU, and MAU
ElliPal observed an uptick in daily, weekly, and monthly active users:
- Daily Active Users (DAU) grew by 6%
- Weekly Active Users (WAU) increased by 5%
- Monthly Active Users (MAU) rose by 3%
These metrics highlight the growing engagement levels among ElliPal’s user base.
The convenience and reliability of the integrated service have encouraged more frequent use, making users more likely to return and interact with the wallet. This increase in activity has directly contributed to a rise in the number of transactions, further boosting ElliPal’s overall performance.
- Churn Rate Reduction
The rate of users dropping off between starting and completing transactions decreased by 4%-5%, showcasing a smoother, more reliable user experience.
- Bounce Rate Decline
Though not specifically tracked, ElliPal estimates a 5% reduction in bounce rates, suggesting that users are now more likely to stay engaged and complete their interactions. This improvement can be attributed to the service’s user-friendly interface and straightforward process, which guide users smoothly toward achieving their desired results.
Strategic Advantages and Business Benefits
The collaboration with Changelly has unlocked multiple strategic advantages for ElliPal:
By leveraging Changelly’s transparent backend management and robust reporting tools, ElliPal quickly implemented SWAP functionality with diverse trading pairs, bypassing the complexities of compliance management.
Faster transaction speeds and a better user experience have resulted in higher user engagement and improved long-term retention.
With higher transaction volumes and larger AOV, ElliPal has strengthened its revenue streams, cementing its market presence.
“ElliPal’s success reflects the core value of our API: simplifying complex crypto transactions while empowering partners to grow their business metrics effortlessly.”-– Zifa Mae, Head of Product at Changelly
Outlook: Future Innovations with Changelly
The integration of Changelly’s API has significantly impacted ElliPal, driving growth in transaction volumes, user engagement, and overall business performance. By providing users with a seamless way to trade cryptocurrencies, ElliPal has not only enhanced its wallet’s functionality but also strengthened its appeal in a competitive market.
Building on this success, ElliPal plans to expand its offerings by introducing more SWAP trading pairs and additional features like buy/sell cryptocurrency and decentralized exchange (DEX) capabilities. These future upgrades aim to meet evolving user needs and further solidify ElliPal’s position as a trusted and innovative player in the crypto wallet industry.
Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
