> ## Documentation Index
> Fetch the complete documentation index at: https://docs.rabbithole.gg/llms.txt
> Use this file to discover all available pages before exploring further.

# Methodology

> How a Rabbithole campaign is measured, what qualifies, and what is published

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.

<Note>
  Signals and qualification rules vary by campaign. Rabbithole does not imply identity, compliance, or source-of-funds verification unless a campaign explicitly states it.
</Note>

## The Five Measures

Every campaign reports the same five numbers, on the same definitions, during the reward window and after it closes.

<div className="rh-ref not-prose">
  <table>
    <thead>
      <tr><th>Measure</th><th>Definition</th><th>Observation window</th><th>Why it matters</th></tr>
    </thead>

    <tbody>
      <tr><th scope="row">Retained wallets</th><td>Unique qualifying wallets still in the target behaviour at the observation point.</td><td><span className="rh-mono">D30 · D60 · D90</span></td><td>Whether the campaign reached wallets that stay.</td></tr>
      <tr><th scope="row">Retained capital</th><td>Qualifying dollar value still in the target position at the observation point.</td><td><span className="rh-mono">D30 · D60 · D90</span></td><td>The headline outcome the budget is bought against.</td></tr>
      <tr><th scope="row">Time-in-position</th><td>Measured duration qualifying capital remains in the target position.</td><td><span className="rh-mono">Continuous</span></td><td>Distinguishes held capital from capital passing through.</td></tr>
      <tr><th scope="row">Repeat activity</th><td>Share of eligible wallets completing the target behaviour across more than one cycle.</td><td><span className="rh-mono">Per cycle</span></td><td>Whether behaviour outlasts the reward that started it.</td></tr>
      <tr><th scope="row">Cost per retained dollar</th><td>Approved incentive spend divided by qualifying capital retained at the selected point.</td><td><span className="rh-mono">D30 · D60 · D90</span></td><td>Comparable efficiency across campaigns and venues.</td></tr>
    </tbody>
  </table>
</div>

## 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.

<div className="rh-ref not-prose">
  <table>
    <thead>
      <tr><th>Signal</th><th>Applied as</th><th>Effect</th></tr>
    </thead>

    <tbody>
      <tr><th scope="row">Eligibility</th><td><span className="rh-tag rh-tag--rule">Hard rule</span></td><td>Wallets outside the campaign criteria are excluded.</td></tr>
      <tr><th scope="row">Prior behaviour</th><td><span className="rh-tag rh-tag--rule">Hard rule / weight</span></td><td>Minimum onchain history to qualify, or higher accrual for demonstrated activity.</td></tr>
      <tr><th scope="row">Capital</th><td><span className="rh-tag rh-tag--rule">Hard rule</span></td><td>Balance floor, and in-scope asset and venue checks.</td></tr>
      <tr><th scope="row">Net-new balance</th><td><span className="rh-tag rh-tag--rule">Hard rule</span></td><td>Separates capital new to the target position from capital rotated within it.</td></tr>
      <tr><th scope="row">Persistence</th><td><span className="rh-tag rh-tag--weight">Weighting</span></td><td>Accrual scales with measured time-in-position.</td></tr>
      <tr><th scope="row">Concentration</th><td><span className="rh-tag rh-tag--report">Reporting</span></td><td>Segments results by wallet share. Does not exclude capital or change accrual.</td></tr>
    </tbody>
  </table>
</div>

The campaign controls that implement these signals are described in [Campaign Modes](/campaigns/campaign-modes) and [Earning Activation](/campaigns/earning-activation).

## The Reporting Rail

Every campaign produces two records. Some fields are always published; others are published once the sponsor approves.

<div className="rh-ref rh-ref--pair not-prose">
  <div>
    <h3>Campaign record</h3>

    <table>
      <tbody>
        <tr><th scope="row">Sponsor and relationship</th><td><span className="rh-tag rh-tag--approval">On approval</span></td></tr>
        <tr><th scope="row">Market, network, assets</th><td><span className="rh-tag rh-tag--always">Always</span></td></tr>
        <tr><th scope="row">Capacity and committed capital</th><td><span className="rh-tag rh-tag--approval">On approval</span></td></tr>
        <tr><th scope="row">Eligibility rules</th><td><span className="rh-tag rh-tag--always">Always</span></td></tr>
        <tr><th scope="row">Reward mechanic</th><td><span className="rh-tag rh-tag--always">Always</span></td></tr>
        <tr><th scope="row">Measurement window</th><td><span className="rh-tag rh-tag--always">Always</span></td></tr>
      </tbody>
    </table>
  </div>

  <div>
    <h3>Outcome record</h3>

    <table>
      <tbody>
        <tr><th scope="row">Capital activated</th><td><span className="rh-tag rh-tag--approval">On approval</span></td></tr>
        <tr><th scope="row">Retained at day 30 / 60 / 90</th><td><span className="rh-tag rh-tag--approval">On approval</span></td></tr>
        <tr><th scope="row">Median time-in-position</th><td><span className="rh-tag rh-tag--approval">On approval</span></td></tr>
        <tr><th scope="row">Cost per retained dollar</th><td><span className="rh-tag rh-tag--approval">On approval</span></td></tr>
        <tr><th scope="row">Cohort definition and exclusions</th><td><span className="rh-tag rh-tag--always">Always</span></td></tr>
        <tr><th scope="row">Source and methodology</th><td><span className="rh-tag rh-tag--always">Always</span></td></tr>
      </tbody>
    </table>
  </div>
</div>

## Cohorts and Exclusions

<div className="rh-ref not-prose">
  <table>
    <thead>
      <tr><th>Term</th><th>Definition</th></tr>
    </thead>

    <tbody>
      <tr><th scope="row">Activated cohort</th><td>Wallets that met the eligibility rules and entered the target position inside the reward window.</td></tr>
      <tr><th scope="row">Observation point</th><td>The day the cohort is re-measured, counted from campaign start. D30, D60, and D90 unless a campaign states otherwise.</td></tr>
      <tr><th scope="row">Excluded</th><td>Capital rotated within the same venue, circular flows between campaign wallets, and any address the sponsor names as internal.</td></tr>
      <tr><th scope="row">Revisions</th><td>If an indexer corrects upstream data, the affected result is republished with a revision date rather than edited silently.</td></tr>
    </tbody>
  </table>
</div>

## Market Utility

Retention is the common measure. What counts as useful retention depends on the market.

<div className="rh-ref rh-ref--markets not-prose">
  <div className="rh-market">
    <h3>DeFi and lending</h3>

    <table>
      <tbody>
        <tr><th scope="row">Objective</th><td>Grow supplied capital that stays available to borrowers.</td></tr>
        <tr><th scope="row">Failure mode</th><td>Supply arrives, utilisation stays flat, and capital leaves the moment rewards unlock.</td></tr>
        <tr><th scope="row">Retention metric</th><td>Retained supply at day 30, 60, and 90, against the activated cohort.</td></tr>
        <tr><th scope="row">Market measure</th><td>Utilisation, borrow demand, withdrawal capacity, and supplier concentration, where the venue exposes them.</td></tr>
      </tbody>
    </table>
  </div>

  <div className="rh-market">
    <h3>Stablecoins</h3>

    <table>
      <tbody>
        <tr><th scope="row">Objective</th><td>Grow retained supply that is actually usable in secondary markets.</td></tr>
        <tr><th scope="row">Failure mode</th><td>Supply grows on paper while depth stays thin, so redemptions and exits move the peg.</td></tr>
        <tr><th scope="row">Retention metric</th><td>Retained balances by holder cohort, through and beyond the incentive window.</td></tr>
        <tr><th scope="row">Market measure</th><td>Secondary-market depth, price deviation, redemption capacity, and distribution across approved venues.</td></tr>
      </tbody>
    </table>
  </div>

  <div className="rh-market">
    <h3>Ecosystems</h3>

    <table>
      <tbody>
        <tr><th scope="row">Objective</th><td>Attract capital that stays in the ecosystem and gets used more than once.</td></tr>
        <tr><th scope="row">Failure mode</th><td>Capital bridges in for the campaign and bridges straight back out afterwards.</td></tr>
        <tr><th scope="row">Retention metric</th><td>Net bridged capital still held after the observation window closes.</td></tr>
        <tr><th scope="row">Market measure</th><td>Repeat application usage, multi-protocol participation, and circular-flow exclusions.</td></tr>
      </tbody>
    </table>
  </div>
</div>

Retained balances are not automatically deep liquidity. Where a venue does not expose market-side measures, Rabbithole reports capital retention, not market depth.

## Diligence

Each campaign's diligence pack documents the following. Ask the team for the pack for a specific campaign.

<div className="rh-ref not-prose">
  <table>
    <thead>
      <tr><th>Topic</th><th>What is documented</th></tr>
    </thead>

    <tbody>
      <tr><th scope="row">Custody and fund flow</th><td>Who funds rewards, and whether Rabbithole ever controls user principal.</td></tr>
      <tr><th scope="row">Contracts</th><td>Addresses, versions, networks, and source links.</td></tr>
      <tr><th scope="row">Permissions</th><td>Sponsor, operator, multisig, and emergency powers.</td></tr>
      <tr><th scope="row">Audits</th><td>Firm, date, exact scope, and report.</td></tr>
      <tr><th scope="row">Data sources</th><td>The indexers and providers behind reporting, and their update cadence.</td></tr>
      <tr><th scope="row">Incidents</th><td>Status and disclosure channel.</td></tr>
      <tr><th scope="row">Entity</th><td>The responsible operating and contracting entity.</td></tr>
      <tr><th scope="row">Legal</th><td>Terms, privacy, eligibility, and jurisdictional limits.</td></tr>
    </tbody>
  </table>
</div>

Contract addresses and the claim interface are also published for developers on [Contracts](/developers/contracts).

## 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](https://discord.gg/JTCqaekdm) or start with [Launch a Campaign](/campaigns/launch-a-campaign).