MeetPass Originations Print Zero for Second Straight Week as 525% Surge Rail Snaps

Cumulative connections held at 226lifetime transactions, unchanged from the May 29 print. The trailing 28-day window carries 36 originations, which means the entire monthly figure was booked in the two periods preceding this one — the May 22 spike of 25 and the May 29 follow-through of 4. Strip those two windows out and the rail has been silent. The structural concentration Vellum flagged three weeks ago cuts both ways: when a single channel carries the entire issuance load, its idle days are the whole market's idle days.

Claim yield held at 89.0%conversion rate on issued passes against 170total passes issued, of which 152 cleared. The conversion machinery is intact. Passes that get distributed still get claimed at near-nine-in-ten efficiency. What stopped is the upstream step — passes meeting other passes in physical proximity, the originations event itself. This is not a yield problem. It is a volume problem at the top of the funnel.

The achievement pipeline tells the same story from the badge side. Mixer sits at 12 of 46 eligible users converted, Greetings at 7 of 49, and Well Known at 1 of 49. Those denominators — the pool of users carrying at least one connection — did not move this week. No @handshake-tier completions printed, no Handshake trigger fired. The cohort that would graduate to Prolific remains at zero of 49, and absent originations it stays there.

One observation for the tape: claim rate held flat at 89% across the surge, the collapse, and the silence. That is the signature of a market whose pricing mechanism works fine — the problem is that nobody is coming to the desk.