In this bull market, many projects attract communities and users through token airdrops or incentive programs, thereby achieving rapid data growth on paper. However, after the airdrop activities end, most projects often struggle to retain users.
Cryptocurrency researcher hitesh.eth conducted statistics on the difference in active user numbers between the first day of token issuance and the present for nine projects. The results indicate that six projects experienced a sharp decline in user numbers after token issuance. Among them, Starknet and Sei networks had the highest user attrition rate, with over 80% of users lost. This means that in the current market environment, only a few projects truly possess Product-Market Fit (PMF).
However, despite the majority of projects being unable to retain users, there are still some networks or applications that can maintain or even increase user numbers after token issuance, achieving true success. For example, Ethereum L2 network Arbitrum has the highest retention rate, with a 129.8% increase in user numbers since token issuance. Another L2 network, Optimism, has also achieved a 54.2% growth.
In addition, the DEX protocol Jupiter in the Solana ecosystem has performed well. hitesh.eth commented on X, saying:
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