#ActiveUserImpact Governance Power**: DAOs rely on active participation; apathy concentrates control in whales, risking decentralization.

**Case Study**: Axie Infinity’s 2021 boom relied on active play-to-earn users, but a decline in engagement later collapsed its token economy.

**Challenges**:

- **Bot Inflation**: Fake activity (e.g., Sybil attacks) distorts metrics.

- **Retention**: Many protocols struggle to retain users post-airdrop or hype cycles.

- **Sustainability**: High gas fees or complex UX deter consistent engagement.

**Tools**: Platforms like Dune Analytics track user cohorts, while链上数据 (on-chain data) reveals retention trends.

For projects, balancing incentives (