Adressable and Ivey Release MBA Case Study on Polygon’s CPW Growth Strategy - U.Today

Ivey Publishing has released a new MBA case study detailing how Polygon dramatically improved user acquisition efficiency by adopting a Cost Per Wallet (CPW) growth strategy

Developed in collaboration with Addressable, the research brings long-needed analytical rigor to a Web3 industry historically dominated by hype and vanity metrics.

Authored by Professor Ilan Alon, the case study “Polygon: Scaling Web3 Growth with Cost Per Wallet Efficiency” is based on millions of on-chain data points. It documents how Polygon Labs shifted its marketing focus from impressions and social sentiment to wallet-level attribution, enabling the network to reduce user acquisition costs to below $1 per wallet.

Wallet-based targeting

The report shows how Addressable’s wallet-based targeting and attribution tools allowed Polygon to identify and engage “wallet-ready” users across key verticals including gaming, DeFi, NFTs, and enterprise applications

This approach helped ensure that marketing spend translated into real on-chain activity rather than speculative interest or bot-driven engagement.

“This study offers the clearest evidence yet that blockchain growth can be quantified with the same discipline expected in traditional tech and consumer industries,” said Addressable Co-Founder Asaf Nadler. “By measuring Cost Per Wallet and focusing on real activity instead of noise, Polygon proved that Web3 can scale sustainably rather than throwing incentives at bots or disengaged audiences.”

Set to be taught at leading business schools, the IVEY case also signals a shift in how MBA programs approach blockchain, reframing it from an experimental technology into a sector where disciplined, data-driven growth is now achievable.