{"meta":{"slug":"retention-cohorts","figure":"Fig. 10","title":"Ether.fi Cash, retention by cohort","icon":"etherfi","source":{"name":"Dune","icon":"dune","title":"Dune query","sections":[{"title":"Read from its stored run","entries":[{"label":"Ether.fi Cash","icon":"etherfi","id":"8869190","href":"https://dune.com/queries/8869190","note":"Cohorts from Apr 2025 to Feb 2026, pooled into three lines"}]},{"title":"Read with care","entries":[{"label":"Pooled lines","note":"Each line adds up the safes still spending and the cohort sizes of its cohorts, month by month after first spend. It ends at the last month all its cohorts reach, and starts on the calendar at its first cohort's month."},{"label":"Addresses, not people","note":"A cohort is the safes whose first card spend fell in that month; still spending means they spent again in a later month."},{"label":"Not marked","icon":"etherfi","note":"The holiday referral promos (Dec 2025), the smaller referral promos of 2026, SCR rewards on Scroll, the OP rewards promised after the move, and the Sep 2026 switch of cashback to ETHFI (too recent to read)."}]}]},"asOf":"2026-09-30","kind":"chart","placement":"Sec 3, sticky users","footnote":"Sep 2026 is left out (data to 27 Sep)"},"columns":[{"key":"line","label":"Line"},{"key":"cohorts","label":"Cohorts"},{"key":"size","label":"Safes","kind":"count"},{"key":"monthsSince","label":"Months since first spend","kind":"number"},{"key":"active","label":"Still spending","unit":"safes","kind":"count"},{"key":"retentionPct","label":"Retention","kind":"percent","bar":true}],"rows":[{"line":"Early cohorts","cohorts":"Apr to Aug 2025","size":7336,"monthsSince":0,"active":7336,"retentionPct":100},{"line":"Early cohorts","cohorts":"Apr to Aug 2025","size":7336,"monthsSince":1,"active":5929,"retentionPct":80.8},{"line":"Early cohorts","cohorts":"Apr to Aug 2025","size":7336,"monthsSince":2,"active":5472,"retentionPct":74.6},{"line":"Early cohorts","cohorts":"Apr to Aug 2025","size":7336,"monthsSince":3,"active":5147,"retentionPct":70.2},{"line":"Early cohorts","cohorts":"Apr to Aug 2025","size":7336,"monthsSince":4,"active":4860,"retentionPct":66.2},{"line":"Early cohorts","cohorts":"Apr to Aug 2025","size":7336,"monthsSince":5,"active":4617,"retentionPct":62.9},{"line":"Early cohorts","cohorts":"Apr to Aug 2025","size":7336,"monthsSince":6,"active":4364,"retentionPct":59.5},{"line":"Early cohorts","cohorts":"Apr to Aug 2025","size":7336,"monthsSince":7,"active":4263,"retentionPct":58.1},{"line":"Early cohorts","cohorts":"Apr to Aug 2025","size":7336,"monthsSince":8,"active":4111,"retentionPct":56},{"line":"Early cohorts","cohorts":"Apr to Aug 2025","size":7336,"monthsSince":9,"active":4018,"retentionPct":54.8},{"line":"Early cohorts","cohorts":"Apr to Aug 2025","size":7336,"monthsSince":10,"active":3934,"retentionPct":53.6},{"line":"Early cohorts","cohorts":"Apr to Aug 2025","size":7336,"monthsSince":11,"active":3805,"retentionPct":51.9},{"line":"Early cohorts","cohorts":"Apr to Aug 2025","size":7336,"monthsSince":12,"active":3762,"retentionPct":51.3},{"line":"Sep 2025 promo","cohorts":"Sep 2025","size":21490,"monthsSince":0,"active":21490,"retentionPct":100},{"line":"Sep 2025 promo","cohorts":"Sep 2025","size":21490,"monthsSince":1,"active":5178,"retentionPct":24.1},{"line":"Sep 2025 promo","cohorts":"Sep 2025","size":21490,"monthsSince":2,"active":3958,"retentionPct":18.4},{"line":"Sep 2025 promo","cohorts":"Sep 2025","size":21490,"monthsSince":3,"active":3385,"retentionPct":15.8},{"line":"Sep 2025 promo","cohorts":"Sep 2025","size":21490,"monthsSince":4,"active":3161,"retentionPct":14.7},{"line":"Sep 2025 promo","cohorts":"Sep 2025","size":21490,"monthsSince":5,"active":2941,"retentionPct":13.7},{"line":"Sep 2025 promo","cohorts":"Sep 2025","size":21490,"monthsSince":6,"active":2785,"retentionPct":13},{"line":"Sep 2025 promo","cohorts":"Sep 2025","size":21490,"monthsSince":7,"active":2672,"retentionPct":12.4},{"line":"Sep 2025 promo","cohorts":"Sep 2025","size":21490,"monthsSince":8,"active":2620,"retentionPct":12.2},{"line":"Sep 2025 promo","cohorts":"Sep 2025","size":21490,"monthsSince":9,"active":2515,"retentionPct":11.7},{"line":"Sep 2025 promo","cohorts":"Sep 2025","size":21490,"monthsSince":10,"active":2449,"retentionPct":11.4},{"line":"Sep 2025 promo","cohorts":"Sep 2025","size":21490,"monthsSince":11,"active":2453,"retentionPct":11.4},{"line":"Later cohorts","cohorts":"Oct 2025 to Feb 2026","size":29168,"monthsSince":0,"active":29168,"retentionPct":100},{"line":"Later cohorts","cohorts":"Oct 2025 to Feb 2026","size":29168,"monthsSince":1,"active":18696,"retentionPct":64.1},{"line":"Later cohorts","cohorts":"Oct 2025 to Feb 2026","size":29168,"monthsSince":2,"active":15448,"retentionPct":53},{"line":"Later cohorts","cohorts":"Oct 2025 to Feb 2026","size":29168,"monthsSince":3,"active":14124,"retentionPct":48.4},{"line":"Later cohorts","cohorts":"Oct 2025 to Feb 2026","size":29168,"monthsSince":4,"active":12924,"retentionPct":44.3},{"line":"Later cohorts","cohorts":"Oct 2025 to Feb 2026","size":29168,"monthsSince":5,"active":12119,"retentionPct":41.5},{"line":"Later cohorts","cohorts":"Oct 2025 to Feb 2026","size":29168,"monthsSince":6,"active":11572,"retentionPct":39.7}]}