Study: Polygon Achieves Wallet Acquisition Under $1 Using Addressable CPW
IVEY Publishing released an MBA case study, “Polygon Scaling Web3 Growth with Cost Per Wallet Efficiency,” co-developed with Addressable. The research measures user acquisition by Cost Per Wallet (CPW), analyzing millions of on-chain events to show how Polygon targeted “wallet-ready” users across NFTs, DeFi, gaming and enterprise partnerships. Key findings: NFT campaigns onboarded 14+ million wallets at $0.20–$0.50 CPW; gaming campaigns acquired ~500,000 wallets at about $12 CPW; enterprise partnerships achieved $5–$10 CPW; DeFi initiatives were costliest at $50–$100 CPW, largely due to incentive-driven liquidity programs with poor post-incentive retention. Addressable co-founder Asaf Nadler and Polygon Labs CMO Leon Stern emphasize that wallet-level targeting and CPW metrics replace traditional web2 KPIs like impressions, offering clearer, on-chain evidence of growth. The case study aims to standardize academic and business evaluation of blockchain adoption and is now available via IVEY Publishing for use in business schools worldwide.
Bullish
The study signals improved marketing efficiency and measurable on-chain user growth for Polygon, which is positive for investor and trader sentiment. Demonstrable low CPW—especially 14M+ wallets at $0.20–$0.50 in NFT campaigns—suggests stronger organic network effects and scalable demand for Polygon’s ecosystem services. For traders, this can translate into increased on-chain activity, higher fee revenue prospects, and a stronger narrative for adoption, supporting upward price pressure in the short to medium term. Historically, transparent adoption metrics (e.g., surges in active addresses or clear product-market fit) have preceded positive price moves for layer-1 and layer-2 networks. The DeFi CPW weakness and retention drop after incentives do temper the outlook, indicating some acquisition is incentive-dependent and less durable; this creates mixed signals for long-term valuation until retention improves. Overall, the net effect is bullish for Polygon ecosystem tokens because the report frames adoption as measurable and efficient—an attractive story for funds and retail—while traders should monitor on-chain activity, protocol revenue, and retention metrics to confirm sustained growth.