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Very reasonable points. Will try addressing them. First, exchanges are decent web3 business models because they are repeatable. You take a cut of the fee for each trade. Second, this concept can be extended to chains & smart contracts, like SaaS for gas. cryptofees.info

4:22 PM · Dec 19, 2021

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Third, as you may recall, web1 & web2 services were attacked harshly early on. Only today do we think of them as reliable cash cows and proven tech stacks. "Google's toughest search is for a business model" "Facebook will never make a significant profit" "Instagram...bubble?"

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Fourth, as

first observed, web3 is evolving in the opposite direction from web2. With social media, they piled up users first and people questioned whether they'd make money. With web3, the money has come first and people question the utility.

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Balaji

@balajis

Sep 19, 2018

Crypto is evolving differently from social. Social networks acquired users easily but had to prove monetization over time. Crypto projects can monetize easily but must prove user acquisition over time.

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Wonder if there’s some even better metric to watch for, like fees/assets moved (or transactions) or something similar. To correct for one entity maybe having a high gas fee but not actually “doing” much work 🤔