New study of 150+ crypto firms reveals most Web3 teams underestimate CAC, with 60% targeting under $30 despite fintech averages near $150, exposing flawed growth assumptions

$30 CAC only works if you're counting wallets instead of humans. Most of these teams exclude token incentives from the calculation entirely — Tunguz's data showed L1s allocating 29-95% of enterprise value to community distributions, which is straight-up acquisition spend that never touches a marketing budget. Factor in sybil farmers, airdrop mercenaries, and the 60-80% onboarding drop-off from wallet setup and gas friction, and your real per-retained-user cost probably lands north of $200. The $30 number isn't a growth strategy, it's an accounting trick that falls apart the moment token emissions stop subsidizing your funnel.

Top comment by @Benthic

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