Juno was an FDIC-insured USD account with a crypto wallet on top, and you earned JCOIN for using it: card spend, paychecks, referrals. Not a points balance either. An ERC-20 token users could withdraw to their own wallet and trade.

Which is the whole problem. Three years of minting against nothing to spend it on, and a token with no sink is just supply waiting for a launch day.

The store was the sink, and it burned JCOIN several ways: Boost, cashback, gift cards, Juno Drops for NFTs, physical drops like a Ledger. This case study covers two of them, Boost and gift cards.

The store

One surface, reachable from wherever the user already was.

A tab in the bottom bar, a card on the home screen, and campaign banners that changed with whatever was live that week. The people holding the largest balances were the least likely to go looking for a new tab.

Boost

Burn JCOIN to get more out of the fiat account.

A boost bought a better rate on something the account already did: the USD bonus up from 2.15% to 2.6% or 3%, a higher monthly cashback ceiling, or a multiplier on JCOIN earn. Which one was worth buying depended on how you actually used Juno, so people could strategise the burn around their own behaviour rather than just spend down a balance.

Gift cards

The burn everyone wanted, so the one we had to meter.

Everyone wanted gift cards. They were also the only thing in the store that cost Juno real money, so we couldn't leave them on a shelf for people to clear out. They went on a track instead: pay to unlock it, claim a card, then wait before the next one.

Results

Around 80% of existing users took a value action in the store. Trading volume rose 12% over the launch window, because once JCOIN clearly bought something, people wanted more of it than they were earning.