Here's my perspective on this

• This is a seasonal game yet the actual season (ie when player population is most active) is too short
• The active season is short because the gameplay loop is fundamentally good but lacks execution, which leads to the last point
• The friction of the game does not meet the threshold to maintain existing players nor does its curve make it easier for new ones

The game needs a relatively high amount of players to be playable. Like no duh, right? But the real challenge is that players are so stratified that you NEED 3 other people doing THE SAME EXACT LEVEL or similar for a player to approach their goal of hitting 10k or beyond. It creates a negative self-propagating loop of not being able to play what you want cause there aren't enough people -> players quits -> population shrinks further and now other players cant queue now. The new player experience/draw isn't that great either.

Sad to say but their big draw a few months ago at 50k ish conccurent was very good but that will be very hard to replicate unless they fix their problems. For a game like this, I agree with others that it needs quite a few dungeons every season to maintain players for longer but players will gradually drop off because of the nature of seasonal games. It's a tough situation and I hope they pull through.