Welcome to Episode 6 of Safary’s Revenue Series! 🦁
We’re interviewing the growth operators behind the companies that are actually making money in crypto. We’ll break down their growth strategies, challenges, and tech stacks to give you the insights you need to grow your business in crypto & beyond.
In this episode, Justin sits down with HPayne, Head of Marketing & Protocol Relations at ShapeShift. ShapeShift is one of the oldest names in DeFi, and after years of experimentation, they’ve now crossed $1M in revenue.
When most people talk about DAOs, they talk about community, public goods, or decentralization. But here’s the brutal truth: without real revenue, you don’t survive. This is the story of the journey.
HPayne’s Journey: From Amazon to DAO Life
H Payne was set to join Amazon in a six-figure ops role before a surprise airdrop of $FOX tokens pulled him into ShapeShift.
What started as part-time content creation quickly evolved into a leadership role running marketing and protocol relations for one of crypto’s first DAOs.
“I kind of fell into it. Next thing I know, I’m on the front lines figuring out how a DAO can make money without giving up decentralization.”
How ShapeShift Makes Money
ShapeShift’s monetization journey went through three distinct eras:
The Free Era (2021–22) → Donation-based. Noble in theory, unsustainable in practice. Contributors burned out.
The Tokenomics Era (2022–23) → FOX token–based discounts tied to wallet balances. Mathematically elegant, but far too complex for users.
The Flat Fee Era (2023–Now) → A clean 0.55% swap fee (with <$1K trades free). Revenue split: 50% DAO ops, 25% FOX stakers (paid in USDC), 25% FOX buybacks/burns.
“It’s simple, it’s predictable, and it works. No more confusion.”
Marketing Shift: From FOMO to Focus
Early ShapeShift tried to be everything for everyone, which meant onboarding a lot of users who weren’t ready.
They pivoted to whales: wallets trading $10K–$10M across chains. Onchain data became their advantage, letting them calculate CAC vs. LTV at the wallet level.
As HPayne puts it:
“It sounds dystopian, but I don’t care who you are. I care how much money you move and where.”
Creating Marketing for Whales
Whales don’t scroll Instagram ads or watch YouTube pre-rolls. So ShapeShift took an unconventional route:
Vegas billboards during ETH events
Tattoo shop activations
Napkin ads in upscale bars
Meeting users where they actually live and not where marketers expect them to be
The $500K Incentive Lesson
ShapeShift ran an Optimism-funded rewards campaign that backfired:
Daily actives spiked to 80K overnight
Most were Sybil attackers gaming rewards
Even criminal wallets joined in
“Catching farmers is a full-time job. And that’s not why I’m in this space.”
Where ShapeShift Stands Today
$100M+ in monthly trading volume
A predictable 55 bps revenue stream flowing to DAO + FOX stakers
A new AI trading agent making cross-chain swaps as easy as texting
Lessons for Crypto Builders
Don’t romanticize “free” — DAOs need revenue to survive
Tokenomics must be simple, or they fail
Flat fees > clever math
On-chain data is a growth cheat code
Incentives without alignment invite sybils
As HPayne sums it up:
“ShapeShift is as close as you’ll get to touching the blockchain without coding. That’s our power and our risk. But that’s what makes it worth it.”
Episode Timeline
00:00 Introduction to ShapeShift and H Pane's Journey
03:02 Understanding ShapeShift's Business Model and Core Users
06:59 Monetization Strategies and Revenue Evolution
13:17 Marketing Strategies and Customer Acquisition
16:01 Data-Driven Marketing in Crypto
26:27 Innovative Marketing Channels and Experiments
30:01 Innovative Marketing Strategies in Crypto
33:31 Navigating Growth Incentives and Challenges
38:45 The Impact of Sybil Attacks on User Incentives
44:26 Metrics That Matter: Tracking Success in Crypto
50:17 Adapting Business Strategies in Bull and Bear Markets
54:57 Future Vision: AI and Growth at ShapeShift
Looking for more insights from top growth experts? Sign up for the Safary Certification—a hands‑on crypto marketing course taught by the growth minds behind Berachain, EigenLayer, Kraken, and more (spots are limited).
