Bybit

The goal was to acquire active traders, specifically users who fund a wallet and place a first trade within 7 days. And also to achieve that at a CPA below the brand's CPA economics. However, competitors were aggressively bidding on every trader-acquisition keyword, and the team faced other obstacles:

Key Obstacles

• Mainstream-platform exclusion. Token-related advertising is policy-restricted on Google, Meta and TikTok.
• CEX-acquisition keyword saturation. The handful of channels that do allow exchange advertising had become an arms race; marginal trader CPA exceeded first-90-day commission revenue.
• Trader-quality drift. Volume was available but skewed toward sign-up-and-leave behavior; the 7-day-active rate had been declining for three quarters.
• Cross-chain trader invisibility. Mainstream platforms could not target "users with active DeFi "history" (exactly Bybit's highest-value upgrade audience.)

The existing paid stack could deliver sign-ups but not active traders, because without on-chain signal, Bybit couldn't reach DeFi-active users who hadn't yet adopted CEX-native execution. Blockchain-Ads closed that gap:

• Wallet-level targeting: DeFi power-users with verified multi-protocol interaction history, multi-chain traders active across Ethereum, Solana, Arbitrum, and BNB Chain, plus stablecoin-velocity segments with high transaction frequency.
• Click-to-trade attribution: measuring actual funded trading activity, not sign-ups.
• Wallet retargeting: re-engaging connected wallets that browsed without funding.

• CPA dropped by 56% (going from $570.57 down to $250.19)
• Total impressions: 1,520,827
• Sign-ups increased by 401% from phase 1
• Conversion rate (CVR) surged by 190%

The affiliate launched a total of 3 video campaigns targeting the UAE to A/B test audience engagement and establish a baseline for user acquisition. The campaign ran for a total of 1 month, with the affiliate testing at least 3 video ad creative variants per campaign. At the end of the phase, the affiliate ended with the following results:

• CPC at $1.65
• Total impressions: 563,839
• Total ad spend: $5,009

The affiliate doubled down on the UAE market, extending the campaign duration to 2 months and deploying more budget to scale the operation. They also optimized the video campaigns by pushing the highest-converting creative variants. While the cost of traffic increased (CPC rose to $2.10), the platform's focus on higher-intent audiences paid off massively. Results after the campaign phase:

• CPA dropped by 56% (going from $570.57 down to $250.19)
• Sign-ups increased by 401% from phase 1
• Conversion rate (CVR) surged by 190%

This campaign ran on video advertising and display advertising. See how Blockchain-Ads supports crypto advertising. Related case study: Compound.