Capital retention is a lifecycle, not a single event

The diagram maps the path from New to Active, then to Retained, Churned, Resurrected, or Dead.

Web3 interpretation: a wallet showing up once is not the same as a user becoming durable.

Imo, Web3 teams should measure repeat behavior and capital retained, not just acquisition.

In practice, the goal is to move users from incentive-driven activity into habits that survive after the reward ends.

Related read: From Speculation to Habit: What Web3 Apps Can Learn From Fintech Retention