{"meta":{"slug":"cac-vs-ltv","figure":"Fig. 11","title":"User cost vs user value, per programme","source":[{"name":"Dune","icon":"dune","title":"Dune queries","sections":[{"title":"Per programme","entries":[{"label":"Ethena Pay","icon":"ethena","id":"8859015","href":"https://dune.com/queries/8859015","note":"v4.2, to the week of 28 Sep 2026"},{"label":"Ethena Pay retention","icon":"ethena","id":"8927810","href":"https://dune.com/queries/8927810","note":"Four-week windows, $5 or more of spend, new and established users"},{"label":"Plasma One","icon":"plasma-one","id":"8859153","href":"https://dune.com/queries/8859153","note":"v4.1, to the week of 28 Sep 2026"},{"label":"Plasma One retention","icon":"plasma-one","id":"8927787","href":"https://dune.com/queries/8927787","note":"Four-week windows, $5 or more of spend, new and established users"},{"label":"Ether.fi Cash","icon":"etherfi","id":"8860916","href":"https://dune.com/queries/8860916","note":"v1.1, Scroll and OP, full history to the week of 28 Sep 2026"},{"label":"Ether.fi Cash retention","icon":"etherfi","id":"8927803","href":"https://dune.com/queries/8927803","note":"Four-week windows, $5 or more of spend, new and established users"},{"label":"Gnosis Pay","icon":"gnosis-pay","id":"8861492","href":"https://dune.com/queries/8861492","note":"v1.1, to the week of 28 Sep 2026"},{"label":"Gnosis Pay retention","icon":"gnosis-pay","id":"8927807","href":"https://dune.com/queries/8927807","note":"Four-week windows, $5 or more of spend, new and established users"},{"label":"Tria","icon":"tria","id":"8861839","href":"https://dune.com/queries/8861839","note":"Spend is typed in from Paymentscan"},{"label":"Coca","icon":"coca","id":"8861877","href":"https://dune.com/queries/8861877","note":"The SQL still nets refunds out of spend; the corrected figures were computed outside Dune"},{"label":"Wirex One","icon":"wirex","id":"8867753","href":"https://dune.com/queries/8867753","note":"Run in two-week windows. The one-shot version, 8867693, never finished"},{"label":"Wirex One charts","icon":"wirex","id":"8868005","href":"https://dune.com/queries/8868005","note":"Typed-in numbers: the window results pasted together"}]},{"title":"Probes and helper queries","entries":[{"label":"Plasma One","icon":"plasma-one","children":[{"label":"Core fee payments","id":"8859137","href":"https://dune.com/queries/8859137"},{"label":"Earn vault outflows","id":"8859142","href":"https://dune.com/queries/8859142"},{"label":"Cashback recipients vs spenders","id":"8859193","href":"https://dune.com/queries/8859193"},{"label":"Membership fees, timed out","id":"8859216","href":"https://dune.com/queries/8859216"},{"label":"Earn user yield vs Aave","id":"8859263","href":"https://dune.com/queries/8859263"}]},{"label":"Ether.fi Cash","icon":"etherfi","children":[{"label":"One week on OP, plus cashback tokens and ETHFI awards","id":"8859784","href":"https://dune.com/queries/8859784"},{"label":"One week on Scroll, plus the Jun-Aug 2025 cashback gap","id":"8859792","href":"https://dune.com/queries/8859792"},{"label":"Totals, timed out","id":"8860943","href":"https://dune.com/queries/8860943"}]},{"label":"Gnosis Pay","icon":"gnosis-pay","children":[{"label":"card_transactions table, not readable on our plan","id":"8861477","href":"https://dune.com/queries/8861477"},{"label":"Settlement Safe flows","id":"8861480","href":"https://dune.com/queries/8861480"}]},{"label":"Tria","icon":"tria","children":[{"label":"Rain settlements by chain and team ID","id":"8861805","href":"https://dune.com/queries/8861805"},{"label":"Card booking event format","id":"8861836","href":"https://dune.com/queries/8861836"}]},{"label":"Coca","icon":"coca","children":[{"label":"Wallet filter, refunds, July payers and mints","id":"8861848","href":"https://dune.com/queries/8861848"}]},{"label":"Wirex One","icon":"wirex","children":[{"label":"Arc contracts, plus the gap check against Paymentscan","id":"8863694","href":"https://dune.com/queries/8863694"},{"label":"Token symbols","id":"8867690","href":"https://dune.com/queries/8867690"}]}]}]},{"name":"Paymentscan","icon":"paymentscan","href":"https://paymentscan.xyz"}],"asOf":"2026-10-11","kind":"chart","placement":"Sec 3, the hammer","footnote":"Some values are Sumcap estimates"},"columns":[{"key":"label","label":"Programme"},{"key":"cac","label":"CAC per user","kind":"usd","bar":true},{"key":"cacRange","label":"CAC range"},{"key":"ltv","label":"LTV per user","kind":"usd","bar":true},{"key":"ltvRange","label":"LTV range"}],"rows":[{"label":"Ethena Pay","cac":82.48,"cacRange":"","ltv":3.99,"ltvRange":""},{"label":"Plasma One","cac":48.17,"cacRange":"","ltv":37.24,"ltvRange":""},{"label":"Ether.fi Cash","cac":212.62,"cacRange":"$213 to $217","ltv":98.45,"ltvRange":""},{"label":"Gnosis Pay","cac":78.92,"cacRange":"$74 to $84","ltv":7.69,"ltvRange":"$8 to $15"},{"label":"Tria","cac":300,"cacRange":"$217 to $300","ltv":52,"ltvRange":"$26 to $68"},{"label":"Coca","cac":21,"cacRange":"$3 to $64","ltv":1.8,"ltvRange":"$1 to $4"},{"label":"Wirex One","cac":26,"cacRange":"$13 to $77","ltv":3.5,"ltvRange":"$2 to $5"},{"label":"Karta","cac":5.45,"cacRange":"$2 to $16","ltv":36.53,"ltvRange":"$17 to $54"},{"label":"Kolo","cac":8.28,"cacRange":"$3 to $21","ltv":5.23,"ltvRange":"$2 to $10"},{"label":"KAST","cac":92.99,"cacRange":"$28 to $298","ltv":38.56,"ltvRange":"$15 to $74"},{"label":"RedotPay","cac":10.29,"cacRange":"$8 to $15","ltv":13.43,"ltvRange":"$3 to $25"}]}