I've felt it too. I think it's a combo of things.

1. People are excited by new & novel, and the newness has worn off for many folks.

2. We've taken a few punches with Apple and zaps. Zaps aren't as easy/compelling for many users now. And that means it doesn't feel as different/powerful.

3. We haven't had any big new users or creators show up that bring a wave of new users with them. This is just a matter of time.

On the bright side, the people who are here are building (apps, community, content, etc), and not being overwhelmed with new users makes that easier.

It's just a matter of time...