Engagement & Retention project | Mudrex

Understanding Mudrex

Mudrex is a crypto investment and trading platform in India that aims to simplify accessibility to cryptocurrencies. It provides users with the tools to invest in curated crypto portfolios, trade individual tokens, and trade in crypto derivatives. With compliance, security, and simplicity at its core, Mudrex makes crypto investing accessible to both first-time and experienced users.

Core Value Proposition

Key Features:

• Curated crypto investment products like Coin Sets (thematic baskets)
• Access to crypto tokens and futures trading for experienced traders
• INR and crypto deposits/withdrawals with seamless UPI
• Performance tracking and portfolio analytics
• Regulatory-compliant and secure funds

Key Problems Solved for User:

• Crypto investing is confusing and risky for new and casual users
• Onboarding with INR is slow, clunky, or not seamless
• Trading platforms are complex and intimidating to navigate
• Lack of trust and confidence in the security of crypto platforms

User Experience

Users experience Mudrex’s core value proposition repeatedly when they:

• Invest in Coins and Coin Sets
• Actively trade spot and futures to capitalise on market movements
• Deposit INR or crypto funds into their wallet to start investing/trading
• Withdraw profits or funds smoothly through supported rails
• Get insights about crypto investments and market trends

This experience is designed to reinforce trust, ease of use, and consistent value delivery whether users are long-term investors or short-term traders.

Natural Frequency

The natural frequency of usage can be defined by the type of user, or by the ICPs defined based on persona. As Mudrex is a financial product, it makes more sense to determine the natural frequency based on the usage patterns of the product.

By usage:

Further, we can define the natural frequency of the platform based on the ICP personas that we defined earlier, based on specific user goals.

By ICPs:

Defining Active Users

An active user on Mudrex is someone who performs any transaction, trade or investment on the platform within their natural frequency.

On a granular level, these include:

• INR deposit or withdrawal
• Crypto deposit or withdrawal
• Investment in Coins/ Coin Sets
• Spot or Futures trade (open/close)

These actions reflect genuine engagement with the financial core of the platform rather than passive browsing.

Engagement Framework

For a financial product like Mudrex, Frequency drives the most engagement, followed by the depth of engagement, as consistently transacting user are the ones who drive the platform's usage. This can be further understood as:

Why Frequency is Primary:

• Indicates habit formation and retention
• More frequent usage = more transactions, increasing AUM and revenue

Why Depth is Secondary:

• Shows trust and long-term value
• Higher investment volume = stronger product-market fit

Who are these Customers?

To arrive at a better understanding of the users, we conducted user calls again to understand user's perspectives, experiences and pain points. The aim is to understand:

• What value retained users are deriving consistently
• What aspects of the product experience are working well for them
• What prevents them from increasing engagement further (if any)
• How their needs or usage patterns have evolved
• What features or communication really resonate with them
• What emotional or functional triggers drive their continued usage

Based on these calls, insights were derived to support the segmentation and hence the campaigns. These insights are derived from conversations and patterns observed among retained users — those who have crossed onboarding and are now regularly using the platform. They reflect motivations, habits, evolving needs, and emerging pain points. These help refine ICPs, segment the users and drive retention strategy to deepen product engagement.

User Background & Profile

• Most retained users started with small investments and have gradually increased exposure over time.
• Users span both casual investors (long-term passive plays) and active traders (frequent buyers, futures traders).
• A growing portion of users are multi-platform crypto users—they compare Mudrex with others on UX, returns, and convenience.
• Some retained users originally came via referrals or content and are now advocates, inviting peers to join.
• Mobile-first behaviour is common — most users check their investments casually on the go.

User Goals & Motivations

• Consistency in Returns – Retained users want performance that beats traditional finance or matches expectations they’ve built over time.
• Hands-off Investing – Many use recurring investments and coin sets to simplify their wealth creation journey.
• Confidence & Visibility – As their investment size grows, they expect more transparency, quick settlements, and fund security.

Pain Points and Issues

• Lack of Clarity & Confidence - Users often feel unsure about which product to use or how to invest, leading to hesitation and inactivity.
• Low Perceived Value or Returns - When users don’t see tangible gains or value from their investments, they lose motivation to continue.
• High Friction from Compliance & Complexity - Onboarding processes like KYC, along with a complex product experience, discourage users from staying active.
• Weak Habit Formation & Engagement Hooks- Users struggle to make investing a routine due to lack of personalised nudges, timely insights, or engaging features.
• Fear of Volatility & Regulatory Uncertainty - The dynamic nature of crypto markets and concerns around legality or safety create a psychological barrier to deeper investment.

Other Key Considerations

• Value is Realised Through Habit – Weekly or monthly investment behaviour keeps users sticky. Breaks in this pattern risk churn.
• Trust Builds with Predictability – Smooth fund flow, regular returns, and clear communication are critical for emotional trust.
• Users Seek Learning & Growth – As retained users mature, they look for education, advanced features, or higher-yield options.

Revisiting ICPs (Personas)

Based on the user discussions, we defined the ICPs based on different goals for which users are transaction on the platform. This highlights there older pain points which motivated the users to come to the platform and eventually stick to the platform.

Segmenting Users

Given Mudrex is a financial product, we have segmented the users based on their usage pattern by dividing them into casual, core and power users. Each user differs based on the features used, the amount they transact through the platform and the frequency at which they transact. Further, some behavioural patterns can be seen across these three types of segments as explained in the table.

User Experience Journey:

Based on the user insights, we were able to define how these segmentations relate to actual user journeys.

• Casual User (Ravi): Ravi downloaded Mudrex out of curiosity after seeing an ad, tried investing ₹2,000 in a Coin Set, checks the app occasionally, and is still figuring out if crypto investing is for him.
• Core User (Asha): Asha actively uses Mudrex to build a long-term crypto portfolio, has set up monthly investments in multiple Coin Sets, checks her portfolio weekly, and trusts the platform to grow her wealth passively.
• Power User (Rohan): Rohan treats Mudrex like a serious trading platform, investing ₹50K+ across Coin Sets, trading futures and spot, actively tracking performance, using all analytical features, and expecting a high level of insight and control.

We can further segment the users based on the natural frequency at which they use the product. This is also important because engagement for a trading product is driven primarily by the frequency of usage.

We will however focus on using our usage based segmentation as it also encompasses some elements of frequency as well.

Validation

The segmentations done above can be validated effectively based on insights from user calls, which match the features used, amount and frequency of the actions done by users on the platform.

Further, observing similar financial products in the market suggests similar behaviour from the users, validating the parameters used for segmenting the users.

Product Hook

Goal

To drive engagement and increase investment activity among users by turning crypto investing from a one-time action into a repeat behaviour.

Success Metric

• Increase in frequency of investments per user
• Improved amount of investment over time
• Higher conversion rate from casual → core → power users

Problem Statement

Most users drop off or become passive after their first few transactions because:

• They don’t understand what to invest in
• They don’t see immediate gains
• The process doesn’t feel rewarding

Current Alternative

• Manual investment across exchanges or apps with little guidance
• Following influencers/YouTube for tips

Solution (Hook)

Create a “Dynamic Portfolio Nudging Loop” — a personalized, insight-driven investment assistant that:

• Learns user preferences
• Sends actionable, curated investment ideas (like trending coinsets or top trader signals)
• Rewards consistent activity through progress streaks, insights, and micro-wins

How this will work:

Trigger → Curated Insight/Opportunity → Easy Investment Action → Reinforcement (Insight/Reward)

Repeat this loop with evolving personalisation and habit-building nudges.

1. Trigger: User gets a timely, personalized notification — “Top 3 coinsets with strong 7-day growth”
2. Insight: Click opens the app with bite-sized insights (why it’s trending, risk level, returns)
3. Action: One-tap invest (user selects amount, confirms)
4. Reinforcement: Post-investment feedback — “You’re ahead of 80% of investors this week!”
5. Loop: User receives weekly portfolio boosts, insights, or rewards, forming a habit

Metrics to Track

• % of users engaging with investment nudges
• Avg number of investments per user per week
• Retention by segment (casual/core/power)
• % movement from one segment to next
• CTR and conversion from nudge to action

Engagement Campaign

Key Considerations

Each campaign has a clear behavioural goal:

• Increase frequency (how often they invest/trade)
• Increase depth (how much they invest or number of products used)
• Overall objective: Upgrade user segment

Campaigns are mapped to user motivations and jobs-to-be-done:

• Casuals want to learn and reduce risk
• Core users want better returns and optimisation
• Power users value portfolio performance and convenience

Campaign 1: Learn & Level Up

Many casual users hesitate to engage more because they lack confidence or knowledge about crypto. This campaign educates them through easy-to-understand content — making them feel more in control and nudging them to take the next step confidently.

Campaign 2: Build Your Crypto Habit

Designed to turn a one-off investor into a weekly participant, this campaign promotes tiny consistent actions. By lowering the barrier and focusing on frequency, it sets a rhythm that encourages upgrading to Core.

Campaign 3: Top Coin Set Picks

To help Casual users increase their investment size (depth), this campaign introduces them to a relevant Coin Set, reducing friction in discovery and creating confidence with a guided choice.

Campaign 4: Streak Club

Gamifies consistency for Core users. This campaign builds a sense of routine through streak challenges and milestone rewards. It aims to increase frequency, motivating users to become Power users.

Campaign 5: Boost Your Portfolio Power

Core users are already engaged, but they often plateau in how much they invest or the number of products they explore. This campaign introduces them to a new product or encourages higher investment in existing Coin Sets to unlock deeper engagement and portfolio strength.

Campaign 6: Exclusive Circle Access

This monthly campaign engages high-intent Power users with exclusive content, early access, and high-value features to maintain loyalty and subtly grow depth (portfolio size or diversification).

Summarising Engagement Campaigns

The above engagement campaigns can be summarised as:

Retention @ Mudrex

Overall retention curve (August 2024 Onboarded Users)

Looking at the graph for data of users onboarded in August 2024, we can see that the users started churning right from Month 1 itself, i.e one month after activation. However, after Month 4 and 5, we start seeing a saturation, where the users remain consistent.

ICP based retention curve (December 2024 onboarded users):

Now, analysing the retention for specific ICPs from above graph, we can see that ICP 1 and 2 have better retention as compared to ICP 3.
ICP 1 - Long term investors

ICP 2 - Professional Traders

ICP 3 - Defi Investors (only looking for crypto withdraw)

Comparing with Industry Standards:

Based on some secondary research, the industry standard retention for financial investment products is around 25%. Hence, we can say that the overall retention percentage of Mudrex after 6 months is good, standing at 30% roughly.

Micro Insights

Apart from the retention number, we were able to figure out the best and worst channels for retention through user insights, which concluded the following.

Best Channels:

• Referrals by existing users - trusted users
• Organic (SEO) - high intent users

Worst Channels:

• Paid rewards for first signup - users only come for free reward

Further, in terms of sub-products, the following products drive the best retention.

1. Coin Sets - theme based investing
2. Crypto Deposits and Withdrawals
3. Alpha Support Offering - Priority Support

Understanding Churn

Apart from this, based on user insights and the data, we were able to figure out three segments which majorly churned.

These are the major reasons for user churn on Mudrex

Negative Actions

To identify churn, analysing negative actions are important to possibly retain the users who are about to churn. Based on the churn reasons, here are some of the key user actions we analysed which could be a potential churn indicator.

• Only withdraw transactions, no deposit transaction or trades
• Liquidating investments
• Drop in app activity (browsing coins and graphs)
• Drop in push notification CTR

Target Segments

Based on our retention design, we figured out three key segments for users which churned due to some common patterns. These can be summarised as:

Our goal is to design campaigns to bring back users falling in these segments.

Resurrection Campaign

We have designed 5 resurrection campaigns to cater to the churn reasons identified earlier corresponding to each segment type. The overall goal here is to provide a solution to the churn reason for the user to regain confidence and restart their product journey.

Campaign 1: Crypto Clarity Capsule

Target: Segment 1

This campaign focuses on eliminating confusion and fear through simple, trust-building education. These users dropped off due to lack of clarity, confidence, or discomfort with compliance. The campaign provides knowledge with very low friction and no pressure to invest immediately.

Campaign 2: Rewind. Rethink. Restart.

Target: Segment 2

These users dropped off due to low perceived returns, unclear product value, or weak product-market fit for their expectations. This campaign gives performance-backed confidence, comparing past missed gains with current opportunities.

Campaign 3: Reboot Your Portfolio Power

Target: Segment 3

These users dropped off due to market fatigue, volatility losses, or loss of excitement. This campaign reminds them of the power user they were and nudges them back with a personalized comeback strategy and powerful product-level content.

Campaign 4: Mini Habits, Mega Comeback

Target: All Segments

Rebuilding habits for churned users is key to long-term re-engagement. This campaign delivers a short, actionable daily journey — from checking charts to doing trial investments — to ease users back into the Mudrex ecosystem through micro wins.

Campaign 5: Risk-Free Discovery Challenge

Target: Segment 1 & Segment 2

Designed to bring back hesitant or conservative users who left due to fear of risk, this campaign introduces ultra-low-risk discovery tools and investment previews without requiring capital upfront. It offers instant confidence-boosting exploration.