Well, it's not like update SPEED actually mattered for hooking players. To the contrary even, the faster you update the less likely you are to expand your pool of players, until about a week between updates.
Update consistency is what matters more for keeping players. Update speed has only a single purpose: Keeping yourself motivated. The muse is fickle. One update per week for 6 months is far better than 20 updates across a week for keeping and reeling in players. Faster paced updates also makes it easier for your consistency to be disrupted, and then keep being disrupted, leading to early ending just because RL responsibilities keep cropping up and crowding.
Look at it this way:
<3 hour update cycle: Most players WILL miss votes. Many of them wouldn't even have seen the update before the next update lands. You can assume highly unpredictable vote patterns, with the resulting widely divergent characters. Works well for consequence free investigations, or cracky stuff. Don't expect much, if any thought put into votes.
You WILL lose players from this. You always lose some players whenever a character does something they cannot stomach/assumes a personality they don't like, but this pretty much ensures that some decisions that the rest won't be too happy with will be passed.
<12 hour update cycle: About twice a day. This is considered fairly fast, though most people will be able to participate in every update, some will miss an update or two. About normal for a new quest, but not usually sustainable.
1 day update cycle: Typical for a 'regular' quest, most players generally have time to participate, though bandwagons happen and there's no time to change the tracks about 12 hours in, so there's that.
<1 week update cycle: Usually used for quests with long, multipart votes or where you need to construct the vote. A moratorium on voting helps for these to remove the noise and increase the amount of reasoning and horse trading.
Players don't feel long waits much. While you are not updating, your quest is invisible, slowly fading from memory, but that only matters across a span of days at least, usually weeks. There's a lot of other things happening. You cannot make a quest player bored unless you post low content updates.
GMs feel the wait much more sorely. So basically, your best pace is the slowest pace that your muse can survive.