Second weekly productive TVL snapshot ran successfully Feb 20, 00:00 UTC. Season 1 ("Training Mode") is now 19 days old.
| Metric | Value |
|---|---|
| Total registered users | 38,466 |
| 7-day active users | 8,332 (21.7%) |
| Metric | Week 1 (Feb 13) | Week 2 (Feb 20) | Change |
|---|---|---|---|
| Users snapshotted | 15,419 | 43,798 | +28,379 (+184%) |
| Users with positive TVL | 2,994 | 4,081 | +1,087 (+36%) |
| Users meeting $50 threshold | 2,101 | 2,652 | +551 (+26%) |
| Total TVL | $14.83M | $20.88M | +$6.05M (+41%) |
The user base nearly tripled but TVL only grew 41%. Of the $6.05M increase: $5.29M came from the 28,379 new users, and only $757K net from the 15,419 returning users. Among returning users, 95.1% were completely flat (within +/- $1). The gains came from just 49 users who added >$1K each (+$1.31M), partially offset by 41 who withdrew >$1K (-$568K).
| Quest | Completions | % of Users |
|---|---|---|
| Verify Wallet | 37,999 | 98.8% |
| Weekly Swap | 29,194 | 75.9% |
| Fund Wallet | 26,973 | 70.1% |
| First Vault Deposit | 25,421 | 66.1% |
| First Swap | 25,022 | 65.1% |
| Swap Major Asset | 24,971 | 64.9% |
| Connect X | 7,064 | 18.4% |
| Weekly TVL | 4,753 | 12.4% |
Connect X is still the weakest link at 18.4%. It's the only quest that requires leaving the platform to complete. All DeFi quests (swap, vault, bridge) are at 65-76%.
Weekly TVL at 12.4% is also low - most users aren't maintaining $50+ in vaults. Only 2,652 users meet the threshold.
| Type | Intents | Unique Users | Volume | Avg/Intent |
|---|---|---|---|---|
| BRIDGE_TO_KATANA | 1,569 | 1,196 | $235K | $150 |
| SWAP | 4,481 | 2,677 | $760K | $170 |
| VAULT_DEPOSIT | 1,713 | 1,180 | $2.0M | $1,186 |
| Pre-tracking (no type)* | 89,234 | 26,398 | $448.4M | $5,025 |
| UNKNOWN | 324 | 220 | $195K | $602 |
$451.6M total volume across 97K intents. Vault deposits lead typed intents at $2.0M, heavily skewed by a few large depositors (top deposit is $833K). Swap volume is $760K across 4,481 intents. Bridges are $235K across 1,569 intents (avg $150/intent).
*Type tracking was deployed Feb 18. The 89K pre-tracking intents (Feb 5-17) include bridges, swaps, and vault deposits but can't be split by type. The $448.4M volume includes bot activity, but we lack the type-level granularity to isolate it for this period.
| # | User | Intent ID | Date | USD Value |
|---|---|---|---|---|
| 1 | 0x4f0a...181f | 0xc92b...5a01 | Feb 18 | $99,989 |
| 2 | 0x4029...1333 | 0x229e...a101 | Feb 19 | $67,025 |
| 3 | 0x8d66...238a | 0x42da...7e01 | Feb 19 | $4,004 |
| 4 | 0xab3b...2515 | 0x7a1e...ec01 | Feb 23 | $3,266 |
| 5 | 0x4e77...c9c0 | 0x3800...f101 | Feb 19 | $3,103 |
| 6 | 0x5c36...b32 | 0xc6ac...e501 | Feb 19 | $3,041 |
| 7 | 0xf05f...d198 | 0xeb81...2501 | Feb 22 | $3,000 |
| 8 | 0x7337...d1ce | 0x39cb...0601 | Feb 18 | $2,361 |
| 9 | 0x3d41...d804 | 0xdce7...7201 | Feb 22 | $2,300 |
| 10 | 0x56bc...4ffc | 0xdfbf...3a01 | Feb 19 | $2,013 |
Top two bridges are $100K and $67K. After that it drops steeply to $4K and below, showing a long tail of smaller organic bridges.
| # | User | Intent ID | Date | USD Value |
|---|---|---|---|---|
| 1 | 0x0a0a...3db9 | 0xd7fb...f101 | Feb 19 | $307,760 |
| 2 | 0xdb21...7cf4 | 0x763a...dc01 | Feb 18 | $202,455 |
| 3 | 0x1cf7...06b0 | 0xbbf4...ed01 | Feb 20 | $29,969 |
| 4 | 0x77bf...646c | 0x882c...4301 | Feb 20 | $21,434 |
| 5 | 0xe59e...0cdd | 0x0703...c901 | Feb 20 | $19,910 |
| 6 | 0xe59e...0cdd | 0xaca9...1901 | Feb 20 | $19,890 |
| 7 | 0x2881...0777 | 0xf8a3...dc01 | Feb 21 | $8,236 |
| 8 | 0xabaf...97e6 | 0x115c...7801 | Feb 20 | $5,502 |
| 9 | 0xabaf...97e6 | 0x5a36...5601 | Feb 19 | $5,489 |
| 10 | 0x3482...2cfe | 0xbf11...9101 | Feb 23 | $4,544 |
Two large outliers ($308K and $202K) - both non-major-asset swaps. The rest drop off sharply. Notably, none of the top 10 swaps involve major assets (ETH/wBTC).
| # | User | Transaction | Date | USD Value |
|---|---|---|---|---|
| 1 | 0xe786...52fb | 0x9cc2...aa4f | Feb 19 | $833,388 |
| 2 | 0xc746...afeb | 0xb0d9...588b | Feb 23 | $401,316 |
| 3 | 0xe361...b3f6 | 0x9466...b8ba | Feb 19 | $124,023 |
| 4 | 0xbeb6...3c00 | 0x4b11...a401 | Feb 24 | $100,090 |
| 5 | 0x1cf7...06b0 | 0xe9ea...90df | Feb 19 | $60,012 |
| 6 | 0xe59e...0cdd | 0x0525...d114 | Feb 19 | $40,007 |
| 7 | 0xe158...45dc | 0xefe0...fa01 | Feb 18 | $38,142 |
| 8 | 0xf4a4...3ef3 | 0xf45b...039a | Feb 19 | $33,720 |
| 9 | 0x0192...6b81 | 0x539e...e401 | Feb 24 | $29,993 |
| 10 | 0x31f0...f312 | 0x8937...31ac | Feb 20 | $25,053 |
Top deposit is $833K from a genuine whale. The top 10 account for $1.69M. Outside the top 10, vault deposits are mostly small — the quest has no minimum threshold so 48% are under $10.
Current minimums: first_swap and swap_major_asset require $10 (with 5% tolerance, so $9.50 effective). Weekly swap has no minimum. First vault deposit has no minimum. Weekly TVL requires $50.
Swaps (first_swap, swap_major_asset): Significant gaming. These quests have a $10 minimum, and 62% of swaps cluster at or below it — 31% below $9.50 (failing the threshold) and 31% in the bare minimum $9.50-$11 range. Only 6% are $100-$500. Users are clearly targeting the minimum.
Weekly Swap: No minimum enforced. Any swap of any size completes it. This explains why it has the highest completion count (29,194) despite low swap volume.
Vault Deposits: No minimum enforced. Any deposit to a whitelisted Yearn vault completes the quest regardless of amount. 48% of deposits are under $10 and 36% are dust under $1.
TVL around $50 threshold: Modest. 631 users sit in the bare-minimum $47.50-$55 bucket. But most users have $0 TVL — they aren't even trying for the weekly TVL quest.
Page-level attribution (which frontend page triggered each intent) was deployed to production Feb 22-23. Coverage is ramping up as users get the new frontend bundle - currently at 68.3%. We'll have meaningful page-level data to report next week.
Note: Intent-based quests (fund_wallet, first_swap, swap_major_asset, first_vault_deposit, weekly_swap) auto-complete when any transaction on the platform satisfies the quest condition - the user does not need to be on the /quests page. The weekly TVL quest runs via a weekly snapshot job (Fridays 00:00 UTC) and completes if the user holds >= $50 TVL in Yearn vaults.