Methodology

How a Rabbithole campaign is measured, what qualifies, and what is published. Definitions only, figures appear on a campaign record once the sponsor and the evidence are approved.

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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
Retained wallets	Unique qualifying wallets still in the target behaviour at the observation point.	D30 · D60 · D90	Whether the campaign reached wallets that stay.
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.
Time-in-position	Measured duration qualifying capital remains in the target position.	Continuous	Distinguishes held capital from capital passing through.
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.
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.

Retained wallets: DefinitionUnique qualifying wallets still in the target behaviour at the observation point.; Observation windowD30 · D60 · D90; Why it mattersWhether the campaign reached wallets that stay.
Retained capital: DefinitionQualifying dollar value still in the target position at the observation point.; Observation windowD30 · D60 · D90; Why it mattersThe headline outcome the budget is bought against.
Time-in-position: DefinitionMeasured duration qualifying capital remains in the target position.; Observation windowContinuous; Why it mattersDistinguishes held capital from capital passing through.
Repeat activity: DefinitionShare of eligible wallets completing the target behaviour across more than one cycle.; Observation windowPer cycle; Why it mattersWhether behaviour outlasts the reward that started it.
Cost per retained dollar: DefinitionApproved incentive spend divided by qualifying capital retained at the selected point.; Observation windowD30 · D60 · D90; Why it mattersComparable efficiency across campaigns and venues.

What qualifies

Each campaign defines what qualifies. The distinction that matters is how a signal is applied: a hard rule excludes capital, a weighting changes what it earns, and a reporting signal changes nothing except what the sponsor can see.

Signal	Applied as	Effect
Eligibility	Hard rule	Wallets outside the campaign criteria are excluded.
Prior behaviour	Hard rule / weight	Minimum onchain history to qualify, or higher accrual for demonstrated activity.
Capital	Hard rule	Balance floor, and in-scope asset and venue checks.
Net-new balance	Hard rule	Separates capital new to the target position from capital rotated within it.
Persistence	Weighting	Accrual scales with measured time-in-position.
Concentration	Reporting	Segments results by wallet share. Does not exclude capital or change accrual.

Eligibility: Applied asHard rule; EffectWallets outside the campaign criteria are excluded.
Prior behaviour: Applied asHard rule / weight; EffectMinimum onchain history to qualify, or higher accrual for demonstrated activity.
Capital: Applied asHard rule; EffectBalance floor, and in-scope asset and venue checks.
Net-new balance: Applied asHard rule; EffectSeparates capital new to the target position from capital rotated within it.
Persistence: Applied asWeighting; EffectAccrual scales with measured time-in-position.
Concentration: Applied asReporting; EffectSegments results by wallet share. Does not exclude capital or change accrual.

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 reporting rail

Every campaign produces the same two records. Fields marked Always are published with any public result; fields marked On approval require the sponsor and the evidence to be cleared first.

Campaign record

Sponsor and relationship: On approval
Market, network, assets: Always
Capacity and committed capital: On approval
Eligibility rules: Always
Reward mechanic: Always
Measurement window: Always

Outcome record

Capital activated: On approval
Retained at day 30 / 60 / 90: On approval
Median time-in-position: On approval
Cost per retained dollar: On approval
Cohort definition and exclusions: Always
Source and methodology: Always

Cohorts and exclusions

A retention number is only meaningful against a stated cohort. Every published result carries its cohort definition and its exclusions.

Activated cohort: Wallets that met the eligibility rules and entered the target position inside the reward window.
Observation point: The day the cohort is re-measured, counted from campaign start. D30, D60, and D90 unless a campaign states otherwise.
Exclusions: Capital rotated within the same venue, circular flows between campaign wallets, and any address the sponsor names as internal.
Restatements: If an indexer corrects upstream data, the affected result is republished with a revision date rather than edited silently.

Market utility

Retained capital is worth different things in different markets. Each campaign is measured against the outcome its market actually needs, and against the failure mode it is trying to avoid.

DeFi and lending

Objective: Grow supplied capital that stays available to borrowers.
Failure mode: Supply arrives, utilisation stays flat, and capital leaves the moment rewards unlock.
Retention metric: Retained supply at day 30, 60, and 90, against the activated cohort.
Market measure: Utilisation, borrow demand, withdrawal capacity, and supplier concentration, where the venue exposes them.

Stablecoins

Objective: Grow retained supply that is actually usable in secondary markets.
Failure mode: Supply grows on paper while depth stays thin, so redemptions and exits move the peg.
Retention metric: Retained balances by holder cohort, through and beyond the incentive window.
Market measure: Secondary-market depth, price deviation, redemption capacity, and distribution across approved venues.

Ecosystems

Objective: Attract capital that stays in the ecosystem and gets used more than once.
Failure mode: Capital bridges in for the campaign and bridges straight back out afterwards.
Retention metric: Net bridged capital still held after the observation window closes.
Market measure: Repeat application usage, multi-protocol participation, and circular-flow exclusions.

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

Diligence

What diligence on a Rabbithole campaign covers. Answers specific to a campaign are provided directly.

Topic	What is documented
Custody and fund flow	Who funds rewards, and whether Rabbithole ever controls user principal.
Contracts	Addresses, versions, networks, and source links.
Permissions	Sponsor, operator, multisig, and emergency powers.
Audits	Firm, date, exact scope, and report.
Data sources	The indexers and providers behind reporting, and their update cadence.
Incidents	Status and disclosure channel.
Entity	The responsible operating and contracting entity.
Legal	Terms, privacy, eligibility, and jurisdictional limits.

Custody and fund flow: What is documentedWho funds rewards, and whether Rabbithole ever controls user principal.
Contracts: What is documentedAddresses, versions, networks, and source links.
Permissions: What is documentedSponsor, operator, multisig, and emergency powers.
Audits: What is documentedFirm, date, exact scope, and report.
Data sources: What is documentedThe indexers and providers behind reporting, and their update cadence.
Incidents: What is documentedStatus and disclosure channel.
Entity: What is documentedThe responsible operating and contracting entity.
Legal: What is documentedTerms, privacy, eligibility, and jurisdictional limits.

Limits of these measures

What this methodology does not establish.

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 provided directly.