This is some interesting research. Basically, the amount of money it costs to onboard someone into web3 increases during bear markets and decreases during bulls. This was the case for every single region tested, except for Southeast Asia. This is likely why we have a stable and consistent user-base but our growth outside of our initial markets is pretty cyclical. During times when cost per wallet acquisition is high, it's a good time to experiment, create new games/product lines, consolidate our market share, and get ready for the next market expansion. You also must experience this. ~55% of new Ronin users are friends and family members of existing users. It becomes harder to onboard during bears and easy during bulls. Ride the waves. Know when it's a coiling phase. Know when it's time to explode. https://x.com/asafnadler/status/1901655081470087282?s=46&t=iZ94y1gwxGr20aaNin2xtA