Every campaign is reported against the same measures, qualification rules, and disclosure standards. This page defines them. It is definitions only. Figures appear on a campaign’s own record once the sponsor and the evidence are approved.
Signals and qualification rules vary by campaign. Rabbithole does not imply identity, compliance, or source-of-funds verification unless a campaign explicitly states it.
The Five Measures
Every campaign reports the same five numbers, on the same definitions, during the reward window and after it closes.
| Measure | Definition | Observation window | Why it matters |
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| Retained wallets | Unique qualifying wallets still in the target behaviour at the observation point. | D30 · D60 · D90 | Whether the campaign reached wallets that stay. |
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| Retained capital | Qualifying dollar value still in the target position at the observation point. | D30 · D60 · D90 | The headline outcome the budget is bought against. |
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| Time-in-position | Measured duration qualifying capital remains in the target position. | Continuous | Distinguishes held capital from capital passing through. |
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| Repeat activity | Share of eligible wallets completing the target behaviour across more than one cycle. | Per cycle | Whether behaviour outlasts the reward that started it. |
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| Cost per retained dollar | Approved incentive spend divided by qualifying capital retained at the selected point. | D30 · D60 · D90 | Comparable efficiency across campaigns and venues. |
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What Qualifies
Each signal is applied as a hard rule, which excludes capital; as a weighting, which changes how fast it accrues; or for reporting only.
| Signal | Applied as | Effect |
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| Eligibility | Hard rule | Wallets outside the campaign criteria are excluded. |
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| Prior behaviour | Hard rule / weight | Minimum onchain history to qualify, or higher accrual for demonstrated activity. |
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| Capital | Hard rule | Balance floor, and in-scope asset and venue checks. |
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| Net-new balance | Hard rule | Separates capital new to the target position from capital rotated within it. |
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| Persistence | Weighting | Accrual scales with measured time-in-position. |
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| Concentration | Reporting | Segments results by wallet share. Does not exclude capital or change accrual. |
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The Reporting Rail
Every campaign produces two records. Some fields are always published; others are published once the sponsor approves.
Campaign record
| Sponsor and relationship | On approval |
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| Market, network, assets | Always |
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| Capacity and committed capital | On approval |
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| Eligibility rules | Always |
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| Reward mechanic | Always |
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| Measurement window | Always |
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Outcome record
| Capital activated | On approval |
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| Retained at day 30 / 60 / 90 | On approval |
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| Median time-in-position | On approval |
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| Cost per retained dollar | On approval |
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| Cohort definition and exclusions | Always |
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| Source and methodology | Always |
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Cohorts and Exclusions
| Term | Definition |
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| Activated cohort | Wallets that met the eligibility rules and entered the target position inside the reward window. |
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| Observation point | The day the cohort is re-measured, counted from campaign start. D30, D60, and D90 unless a campaign states otherwise. |
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| Excluded | Capital rotated within the same venue, circular flows between campaign wallets, and any address the sponsor names as internal. |
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| Revisions | If an indexer corrects upstream data, the affected result is republished with a revision date rather than edited silently. |
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Market Utility
Retention is the common measure. What counts as useful retention depends on the market.
DeFi and lending
| Objective | Grow supplied capital that stays available to borrowers. |
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| Failure mode | Supply arrives, utilisation stays flat, and capital leaves the moment rewards unlock. |
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| Retention metric | Retained supply at day 30, 60, and 90, against the activated cohort. |
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| Market measure | Utilisation, borrow demand, withdrawal capacity, and supplier concentration, where the venue exposes them. |
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Stablecoins
| Objective | Grow retained supply that is actually usable in secondary markets. |
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| Failure mode | Supply grows on paper while depth stays thin, so redemptions and exits move the peg. |
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| Retention metric | Retained balances by holder cohort, through and beyond the incentive window. |
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| Market measure | Secondary-market depth, price deviation, redemption capacity, and distribution across approved venues. |
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Ecosystems
| Objective | Attract capital that stays in the ecosystem and gets used more than once. |
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| Failure mode | Capital bridges in for the campaign and bridges straight back out afterwards. |
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| Retention metric | Net bridged capital still held after the observation window closes. |
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| Market measure | Repeat application usage, multi-protocol participation, and circular-flow exclusions. |
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Diligence
Each campaign’s diligence pack documents the following. Ask the team for the pack for a specific campaign.
| Topic | What is documented |
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| Custody and fund flow | Who funds rewards, and whether Rabbithole ever controls user principal. |
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| Contracts | Addresses, versions, networks, and source links. |
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| Permissions | Sponsor, operator, multisig, and emergency powers. |
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| Audits | Firm, date, exact scope, and report. |
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| Data sources | The indexers and providers behind reporting, and their update cadence. |
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| Incidents | Status and disclosure channel. |
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| Entity | The responsible operating and contracting entity. |
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| Legal | Terms, privacy, eligibility, and jurisdictional limits. |
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Limits of These Measures
- Retention is measured against a defined position, not against a wallet’s total portfolio. Capital may leave one campaign and stay onchain.
- Attribution is to a campaign, not to a cause. A retained balance is not proof the incentive caused the retention.
- Market-side measures depend on what a venue exposes. Where they are unavailable, only retention is reported.
- Wallets are not identities. Concentration is reported at wallet level, and one operator may control several.
Ask About a Specific Campaign
Eligibility, reward mechanics, and the full diligence pack are available per campaign. Reach out on Discord or start with Launch a Campaign. 
