In this bull market, many projects attract communities and users through token airdrops or incentive programs, resulting in rapid data growth on paper. However, after the airdrop activities end, most projects struggle to retain users.
Crypto researcher hitesh.eth has compiled statistics on the difference in active user counts between the first day of token issuance and the current state for 9 projects. The results show that 6 projects have experienced a sharp decline in user counts after the token issuance. Among them, Starknet and Sei networks have the highest user attrition rates, with over 80% of users lost. This indicates that in the current market environment, only a few projects truly achieve product-market fit (PMF).
However, despite most projects failing to retain users, there are still some networks or applications that are able to maintain or even increase their user counts after token issuance, achieving meaningful success. For example, Ethereum L2 network Arbitrum has the highest retention rate, with a 129.8% increase in user counts 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:
