Ripple USD (RLUSD)

Campaigns bring users in.

Retention tells you whether the product is worth staying for.

In pre-TGE DeFi, XP measures attention. Retention measures product-market fit.

XP, multipliers, points, badges, leaderboards, and TGE rewards can attract millions of users in a short time.

But a successful campaign doesn't prove PMF.

It only proves the incentives were strong enough to get people to try the product.

Take @TermMaxFi as an example:

▸ The RLUSD vault surpassed $20M in deposits.

▸ The leaderboard recorded 1,462,101 hunters completing all four phases.

Those are strong acquisition signals.

The real test comes afterward:

Will capital stay?

Will borrowers return without extra incentives?

Will users continue using fixed-rate lending, rollovers, Alpha, and Dual Investment because they find them genuinely useful?

The best headlines happen during the campaign.

The real product reveals itself after the campaign ends.

You can pay to acquire users.

Keeping them through product value is the real challenge.