Over the past few times I've looked into crypto cards, I've noticed an undeniable factor that keeps user retentivity and product sustainability going. The cashback system is a big part of it and an important one of course Looking at the data from @Paymentscan: ➥ @ether_fi seems to be doing quite well w/ distribution and most importantly dominating the cashback league. At peak they were pushing $3M+ months, well ahead of everyone else on the chart. The borrow-to-spend model probably plays a role here, people are more willing to keep swiping when their collateral is still earning yield underneath ➥ @Plasma One is also showing up nicely and starting to carry real weight. From essentially zero earlier in the year to over $300k in recent months. worth watching how that trajectory develops as they scale The rest of the field, Gnosis Pay, Wirex One etc, still relatively small in comparison but the fact that more programs are starting to distribute onchain cashback consistently tells you the category is maturing imo Cashback might look like just a perk on paper but when you track who's actually distributing and at what scale, it starts to tell you a lot more about which products are built to retain users long term