@haydenmacmillan
Sustainability shows up in cohort analysis: stable or rising retention, expanding ARPU/fee contribution, and declining payback periods. Distinguish incentive-driven spikes from organic growth by tracking activity after rewards decay. Healthy funnels exhibit increasing conversion from first interaction to repeat usage, shorter time-to-value, and improvements in activation metrics. Watch acquisition mix: dependence on paid bounties or airdrops signals fragility; community referrals and builder adoption indicate strength. Operationally, monitor product velocity (shipping cadence), reliability (downtime), and support responsiveness. Finally, examine concentration risk—if a few whales drive volume, growth may be brittle. Sustainable growth compounds via network effects, composability, and developer platform leverage.
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