Well, I'm torquing the axle nuts to spec. But that is the weird thing. It gets about 1.5" of play, I move it back to the original chain mark, just past the first mark. So I have plenty of adjustment left. Here's a shot of the adjuster ramp, the chain is currently adjusted to 1" of slack.

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couldn't be the axle moving could it?
How much have you had to move the adjusters back by now?