Crypto Payments as Catalysts for User Growth: Case Study of Moonshot

Author:

Oak Grove Ventures Research Team

Introduction

This report examines the pivotal role of crypto payment solutions in driving growth and broader adoption within the cryptocurrency ecosystem, fundamentally reshaping user experiences and enabling streamlined access to blockchain technologies.

The report analyzes growth strategies and mechanisms behind Moonshot, a crypto platform that has demonstrated rapid user expansion and strong market traction in its niche. By exploring how the platform achieved success—from leveraging key opinion leaders (KOLs) and focusing on product innovation, to designing incentive-based ecosystems—we gain valuable insights into building sustainable growth models across the Web3 and memecoin sectors, ultimately paving the way for sustained innovation and user-centric economic models.

The Relationship between Crypto Payment & User Acquisition

Crypto payments are particularly effective in user adoption as they simplify the traditionally complex processes associated with blockchain interactions, such as wallet setups, management of private keys, and complicated transaction procedures. Additionally, by facilitating easy fiat deposits, these payment solutions provide a seamless transition for users from traditional financial systems into cryptocurrency, significantly lowering entry barriers and making it easier for new users—especially those unfamiliar with crypto technologies—to actively engage with blockchain platforms.

One of the good examples leveraging payment for user acquisition is Kaito, which serves a global base of hedge funds, traders, researchers, and developers, showing how seamless crypto payments can boost growth. Seeking a scalable solution for recurring payments, Kaito adopted Loop to eliminate manual billing, saving time and reducing operational overhead. With Loop’s integration into Stripe, Kaito now supports both fiat and crypto subscriptions—across Ethereum, Polygon, BNB Smart Chain, Optimism, Arbitrum, and Base—making it easier for users to pay how they prefer and helping Kaito expand its global reach.

Protocols like AEON, a crypto payment settlement solution, have further advanced the accessibility and practicality of crypto payments. By enabling payers to use crypto assets from any blockchain or exchange account to settle transactions in the payee’s preferred destination chain or fiat currency, AEON simplifies the user experience and broadens the utility of digital assets. Since its launch last year, AEON has integrated with nearly 100 partners including 4meme, Bitget Wallet, TON, and now supports payments to over 1 million real-life local merchants across Southeast Asia. Its wide integration demonstrates how effective crypto payment solutions can be in enhancing user adoption by making transactions seamless and adaptable to various ecosystems.

Furthermore, the protocol’s current integration with AI agents unlocks new possibilities for automated financial interactions. This includes empowering autonomous agents to complete real-world payment tasks such as hotel bookings, grocery shopping, coffee orders, and deliveries. Such advancements align well with the trend of AI-driven financial agents, platforms like Coinbase’s AgentKit, which integrates with OpenAI’s Agents SDK, empower AI agents with on-chain wallets, enabling them to perform secure, internet-native financial transactions. This integration allows AI agents to autonomously manage payments for services, access premium data sources, and interact with decentralized finance (DeFi) protocols, thereby enhancing operational efficiency and user experience. Similarly, in the DePIN area, projects like Helium Mobile have partnered with Sphere to offer new subscribers the option to pay for their mobile plans using various cryptocurrencies. By linking supported wallets such as Phantom, Coinbase, and Solflare, users can prepay for a year of service, increasing flexibility and utility in paying for essential services with crypto. The convergence of AI-driven payment agents and streamlined crypto payment protocols like AEON showcases the growing synergy between emerging technologies, creating more efficient and accessible crypto payment systems for users worldwide.

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Growth Case : Moonshot

Moonshot, an application built on the Solana blockchain, aims to streamline the trading process of Meme coins, lowering the entry barrier for average users into the cryptocurrency market. The core competitive advantage of Moonshot lies in its profound understanding and precise grasp of the Meme coin market, as well as the convenient fiat on-ramps it provides, such as Apple Pay, credit cards, and PayPal. These payment methods enable users to effortlessly convert fiat currency into cryptocurrency.

1. Early Traction from KOLs

A significant contributor to Moonshot’s initial organic traffic was the influential KOL Murad (MustStopMurad).

• Murad’s Advocacy: In July, Murad expressed strong optimism about Moonshot on Twitter, which generated a notable spike in interest. The effect multiplied in September when he delivered his “Memecoin Supercycle” speech at Token2049 in Singapore, drawing substantial attention from the conference and broader crypto community.

• Capitalizing on Memecoin Buzz: Simultaneously, Murad’s speech included a bullish call on “SPX 6900” whose market value soared from under $9 million to $900 million within one month. Moonshot had already listed SPX 6900 early, gaining credibility for discovering high-potential tokens before they exploded in value.

By aligning with an influential KOL and listing promising tokens early, Moonshot established itself as a go-to platform for high-growth memecoins.

2. Growth via Memecoin Collaborations

Moonshot’s growth transcended its initial circle once it listed $MOODENG before its significant price rise.

• Listing Effect: After $MOODENG’s continued climb, Moonshot actively broadcast its success on official social channels, highlighting record trading volumes and rising token prices.
• Community Recommendations: $MOODENG’s official Twitter account reciprocated by frequently recommending Moonshot as the preferred platform for buying its token. This organic co-marketing further extended Moonshot’s visibility and credibility.

Repeatedly listing “hit” memecoins positioned Moonshot as an early-stage discovery platform, prompting new memecoin projects to request listing and encouraging their communities to trade on Moonshot.

3. Official Content and KOL Engagement

Moonshot’s official Twitter strategy centered on amplifying community and influencer-driven content:

1. Sharing KOL Posts: Frequent retweets and commentary on KOLs discussing Moonshot.
2. Giveaway Campaigns: Attracting new users through contests and reward-driven campaigns.
3. Profit Showcases: Highlighting screenshots of users’ high gains, underlining real-world success.
4. Trending Topics & Community Support: Engaging with hot market news and fostering a supportive environment for new adopters.

4. “Moonshot Had It First” Strategy

A simple but impactful tactic: Moonshot often re-shared competitors’ or partners’ announcements with the tagline “Moonshot had it first.” This subtle messaging showcased Moonshot’s role as an originator, underscoring its track record of early innovation and listing.

5. User Acquisition Tactics

5.1. In-App Referral Bonus

Moonshot offered referral rewards of up to $100, but with specific requirements:

• Geographic Eligibility: United States, Singapore, Hong Kong, South Korea, or Japan.
• Deposit Requirement: New users had to deposit a minimum of $20 via fiat to activate bonus eligibility.
• Reward Claiming Process: Both referrer and referee needed to click a “claim” button to receive free memecoins.

While the referral program appeared straightforward, it subtly required a $20 deposit to finalize any bonus, ensuring genuine user commitment and filtering out low-intent registrations.

5.2. Social Media Referrals

Moonshot encouraged users to share referral links via Twitter, sometimes offering 50% of trading fees generated by each referred friend. KOLs also helped amplify these referral links.

5.3. Rumors on Reddit

Some Reddit discussions incorrectly claimed users could receive $3–$100 without depositing. Although unverified, this buzz still raised the platform’s profile, driving curiosity. Clarification by official channels eventually confirmed the $20 deposit requirement.

Key Takeaway: By combining large referral bonuses with deposit requirements, Moonshot ensured that user growth was not merely superficial but more likely to engage serious traders willing to commit funds.

6. Cooperation with MoonPay

6.1. Eliminating Technical Barriers: Simplifying Fiat-to-Crypto Conversion

Moonshot’s integration with MoonPay enabled seamless fiat deposits via Apple Pay, credit cards, and PayPal, effectively bridging Web2 and Web3 ecosystems. This eliminated the need for users to navigate complex blockchain processes like wallet setup, gas fee management, or private key storage.

According to an analysis by Gate.io Learn, ”User growth structure: Of the 204,000 new users, 83% completed their first deposit through Apple Pay/PayPal, with an average deposit amount of $420 per transaction.” This data underscores the dominance of Web2-friendly payment methods in attracting non-crypto-native retail investors, particularly those drawn to meme coin speculation but deterred by traditional blockchain friction.

MoonPay’s infrastructure allowed Moonshot to onboard users with zero blockchain knowledge, mirroring the simplicity of traditional payment apps like PayPal. This was critical in attracting retail investors seeking low-friction access to meme coins.

6.2. Fiat’s Dominance in Transaction Volume

Fiat transactions became the backbone of Moonshot’s trading activity, especially during high-profile meme coin launches:

• $TRUMP Case Study:
  • In the 12 hours following $TRUMP’s listing, $400 million in fiat deposits flowed into Moonshot via MoonPay, setting a platform record. This accounted for ~65% of Moonshot’s historical trading volume during the event.
  • Weekly trading volume surged to $1.73 billion during TRUMP’s peak, with fiat transactions contributing over 80% of total inflows.

• General Trends:
  • On average, 60-70% of daily trading volume on Moonshot is attributed to fiat-based purchases, particularly for meme coins like SPX6900 and GOAT.

6.3. Enhancing Liquidity During Demand Surges

MoonPay played a pivotal role in enhancing liquidity for Moonshot during demand surges. When TRUMP purchases on the platform drained MoonPay’s crypto reserves, MoonPay secured $160 million in emergency loans—$100M from Galaxy Digital and $60M from Ripple—to prevent transaction failures during the explosive THUMP memetoken launch on Solana. Initially estimating a $50M need, MoonPay doubled its request to $100M after a significant trading volume spike, ensuring uninterrupted transactions for 750,000 new users. Once traditional banking resumed, MoonPay repaid the loans, thereby cementing Moonshot’s reputation as a reliable, retail-friendly gateway for seamless fiat-to-crypto conversions during high-volatility events.

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Summary and Conclusions

Moonshot harnessed the power of KOL-driven marketing and community-centric strategies to fuel rapid growth.

Takeaways for Growth:

1. Leverage Influencer & Community Synergy: Strategic partnerships with prominent KOLs or reciprocal promotions with trending projects can accelerate brand awareness.
2. Incentivize Quality Engagement: Whether through user deposits or content quality, meaningful barriers or rewards ensure higher user commitment.
3. Showcase Early Success: Highlighting success stories inspires trust and garners media buzz.
4. Expand via Ecosystem Tools: Voting platforms, referral systems, and OTC marketplaces can foster deeper involvement and self-sustaining user adoption loops.
5. Facilitate Seamless Fiat On-Ramps: Integrating easy fiat deposit methods (like Apple Pay, credit cards, or PayPal) dramatically lowers entry barriers for users unfamiliar with blockchain technologies, accelerating broader adoption.
6. Enhance User Convenience through Automated Crypto Payments: Crypto-based subscriptions and automated transactions streamline user experiences, attracting crypto-native users who prefer direct on-chain payments.
7. Use Crypto Payments as User Incentives: Offering token rewards and crypto-based incentives for participation drives user retention, engagement, and long-term loyalty.
   

In conclusion, the success of both Moonshot underscores the importance of innovative incentive design, strong influencer support, convenient use of crypto payment solutions and authentic community engagement in driving sustainable growth. By combining these strategies, emerging projects can replicate—and potentially exceed—the rapid expansions seen in this case study, further enriching the broader Web3 landscape.