Engagement is steady but not compounding. DAU/WAU has sat at 0.34 for three straight weeks — users show up roughly one workday in three. The April-27-onward cohorts are retaining ~5pp better after the onboarding redesign, and Slack Digest is the fastest-climbing surface. The soft spot is the funnel: step 2→3 (connect → first forecast) slipped four points and is now the controlling constraint on activation.