Moonshot has 400K new users (insanely impressive!) != 400k new users onchain

A lot of people took yesterday's @chainalysis report to suggest that the TRUMP token was a mass onboarding event, primarily because 50% of TRUMP/MELANIA token holder wallets were net new to SOL altcoins, but that continues to make the same wallet/user fallacies and misses the… https://t.co/vbghaMW8Qa

Disappointing data here.

Seems like less than 1% of the users who came in through Moonshot to buy TRUMP/MELANIA are doing anything else on-chain. 

If this was the Olympics, the tourists are not doing anything else in the city before they leave. Basically ~1% GDP retention.

Haseeb ＞|＜

🤔👀

https://x.com/hosseeb/status/1883466906080088478?s=46&t=rxAVkMPnT_8alZYrwLqp6g

/ted | exploring the onchain frontier | surfing @ venice, ca | eating @ gjusta / gjelina

crypto often disregards “LTV” as a guiding metric

Im suprised people expected anything different

Solana isn’t “crypto” it’s a database. 

Majority of Solana transactions and wallets are one time use. Because it’s not a real chain.

@hosseeb This isn’t atypical.

Majority of Solana active accounts are only used once. https://t.co/a6LrCFRB2T

Nelson → TWC 🌎💻

Solana isn’t “crypto” it’s a database. 

Majority of Solana transactions and wallets are one time use. Because it’s not a real chain. 

https://x.com/nelsonmckey/status/1883483445869019491?s=46

These people also got farmed by the Trump listing

"active addresses are a useless metric" — unreal defense

@nelsonmckey @hosseeb that's not what that chart shows — it shows first-time accounts, not used-once accounts

also, purple is trending higher, meaning the number of recurring accounts are increasing

that said, solana would have higher one-time use account metrics because it's an accounts-based…

mert | helius.dev

"active addresses are a useless metric" — unreal defense
https://x.com/0xMert_/status/1883590302876782909

honestly to try and make this a negative annoys me a bit :P

maybe these people don't realize there's literally nothing else to do onchain for normal people atm

feels like my follower to engagement ratio on warpcast

weird to frame it as "disappointing" as though there was an idea it would mean something different.

the culprit is AA

i ain't going to export yet another embedded wallet—i have 3 full stonebooks for key backups already

such app wallets are only good for one thing 

it doesn't tell anything else

So, basically the same conversion rate as direct mail campaigns.

So, basically the same conversion rate as direct mail campaigns. 

https://www.invespcro.com/blog/the-average-direct-mail-conversion-rate-and-the-best-tips-to-improve-it/