IVEY Publishing has officially released a groundbreaking MBA case study examining Polygon’s highly cost-effective user acquisition strategy, highlighting a remarkable Cost Per Wallet (CPW) average that fell below the $1 mark. Developed in close collaboration with Web3 marketing intelligence firm Addressable, the comprehensive study is titled “Polygon Scaling Web3 Growth with Cost Per Wallet Efficiency.” By analyzing millions of individual on-chain events, the research demonstrates how modern wallet-level targeting and advanced attribution methodologies have successfully replaced traditional, legacy marketing metrics—such as impressions, clicks, and general social media engagement—within the blockchain ecosystem.
The newly published academic document details the exact mechanisms through which Polygon leveraged Addressable’s cutting-edge technology to accurately identify and target "wallet-ready" users across various critical sectors of the decentralized web, including non-fungible tokens (NFTs), decentralized finance (DeFi), blockchain gaming, and major enterprise partnerships. Furthermore, the study meticulously evaluates the vastly different levels of acquisition efficiency achieved across each of these distinct verticals, providing a granular look at how capital is deployed and optimized in Web3 marketing campaigns.
According to the findings detailed within the case study, NFT-focused campaigns delivered by far the lowest overall acquisition costs. These initiatives successfully onboarded over 14 million individual wallets at an astonishingly low cost ranging between $0.20 and $0.50 per wallet. In contrast, the gaming sector acquired roughly 500,000 wallets at a CPW of approximately $12, while enterprise-level partnerships produced acquisition costs ranging from $5 to $10 per wallet.
DeFi, however, exhibited the highest acquisition costs across the board, with figures spanning from $50 to $100 per wallet. The study notes that these elevated costs in the DeFi sector were primarily driven by reward-heavy liquidity programs. Crucially, the research points out that user retention rates in these DeFi campaigns tended to decline significantly once the temporary financial incentives and rewards were terminated, underscoring the limitations of incentive-driven growth models compared to organic, wallet-targeted acquisition strategies.
Commenting on the broader implications of the research, Addressable Co-Founder Asaf Nadler emphasized that the publication serves as a vital milestone for the entire blockchain industry. This study offers the clearest evidence yet that blockchain growth can be quantified with the exact same level of analytical discipline that is routinely expected in traditional technology and consumer retail industries. By shifting the focus from vanity metrics to concrete on-chain actions, projects can now measure their marketing return on investment with unprecedented precision.
Leon Stern, Chief Marketing Officer at Polygon Labs, echoed these sentiments, noting that the empirical findings strongly validate the team’s long-standing industry position. According to Stern, modern Web3 marketing demands entirely new operational models rather than blindly relying on established Web2 advertising tactics that fail to capture the unique dynamics of decentralized networks.
Effective growth comes from understanding real user behavior directly on-chain, Stern explained, adding that CPW is rapidly emerging as the gold standard for measuring that success. He noted that this newly released case study provides MBA students and future business leaders with a robust framework that finally matches the complex reality of modern blockchain ecosystems.
The integration of this study into business school curricula also arrives at a critical juncture for the broader digital asset sector. At a time when blockchain companies face increasing scrutiny from both corporate investors and regulatory bodies alike, the case study brings much-needed transparency and academic credibility to the ongoing debate surrounding what constitutes real, sustainable user adoption.
Professor Alon, whose academic perspective is featured in the research, highlighted that the document provides future corporate executives with a reliable benchmark for evaluating blockchain growth strategies with the exact same rigor applied to any other mainstream technology sector. By grounding Web3 marketing in verifiable data and rigorous academic analysis, the study helps bridge the historical gap between traditional business education and the fast-evolving decentralized economy.
The comprehensive case study is now officially available through IVEY Publishing and is widely expected to be integrated into curricula at leading business schools around the globe, shaping how the next generation of executives understands digital asset adoption, user acquisition economics, and decentralized growth strategies.
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