
Web3 is the next evolution of the web, defined by a set of open, trust-minimized, and decentralized networks and protocols that offer a range of digital services such as compute, storage, bandwidth, finance, and identity with no intermediaries. Run by network participants around the world, web3 unlocks cost disruptive infrastructure for application developers and provides users with a new set of guarantees never before possible under the traditional and centralized cost structures of "web2" applications. These benefits include:

- **Agency**: Own your identity, data, and reputation.

- **Interoperability**: Seamlessly switch between applications.

- **Infinite Scale**: No application downtime. Cryptoeconomics unlock [infinite scale](https://multicoin.capital/2020/02/06/infinite-scale/).

- **Reliability**: Guaranteed to run forever on reliable public infrastructure.

- **Money**: Built in money and financial contracts.

- **Security**: Safe, secure, and private.


What is Web3?


The Web3 Index reports on the demand-side fees being paid into web3 networks, which showcases real usage. Stay up to date on the latest web3 trends whether you’re a supply-side participant keeping tabs on in-demand networks, a developer interested in building on top of the most promising web3 infrastructure, or simply a crypto-enthusiast passionate about the web3 movement.

Unlike most indexes in DeFi (a category of web3) that weight listings based on market capitalization or ["total value locked (TVL)"](https://messari.io/article/how-to-interpret-total-value-locked-tvl-in-defi), The Web3 Index uses a [fundamental index methodology](https://en.wikipedia.org/wiki/Fundamentally_based_indexes). A key belief behind the fundamental index methodology is that underlying valuation figures (i.e. demand-side protocol fees and usage) are more accurate estimators of a network's intrinsic value, rather than the listed market value of the project.


What is The Web3 Index?


While The Web3 Index aims to ultimately track usage across the entire web3 stack, it is initially seeking listings for projects that fall under the "work" aka "service" protocol category within the "middleware" layer of the web3 stack. If you're unsure whether a project meets this criteria, check out ["The Web3 Stack"](https://multicoin.capital/2019/12/13/the-web3-stack-2019-edition/) by Kyle Samani to determine the category and layer of the stack it falls under. The index mostly adheres to the taxonomy described in that article. Once the index reaches 10 listed work protocols, it will move onto the remaining categories and layers of the stack.


What is the Listing Criteria?


- Reviews and voting periods are coordinated by [Discord](https://discord.gg/XRBdtMeERw) informally initially. The index uses a majority rule and each project's representative gets one vote.
- Projects that apply will be evaluated as to whether they have exposed the right API/data for the integration, whether their "fees" are captured truthfully and represent what people are paying to use the services of the network, and whether they fit within the initial "work/service protocol" category the index is focused on.
- There can be a loose description of what web3 is, but ultimately it's up to the discretion of the existing listing projects to vote a new project in.
- Listed projects can vote to formalize these rules and processes or change them going forward.
- If you're interested in getting a project listed, check out the [README](https://github.com/web3index/web3index-org#project-integration-instructions) for instructions, or get in touch via [Discord](https://discord.gg/XRBdtMeERw).


What is the Listing Process?

Storj

Helium

The infrastructure that powers Web3, Akash Network is the world’s first decentralized peer-to-peer marketplace for cloud compute.

#	Network	Chain	30d Fees	90d Fees	30d Trend

1	Storj (STORJ)	Ethereum	$105,002	$390,656	-21.21%
2	Helium (HNT)	Solana	$64,995	$224,259	-14.36%
3	Akash (AKT)	Akash	$38,100	$178,356	-51.23%
4	The Graph (GRT)	Ethereum	$20,877	$61,931	-31.27%
5	Livepeer (LPT)	Ethereum	$16,102	$59,738	0.65%
6	Sia (SC)	Sia	$8,049	$19,315	43%
7	Pocket (POKT)	Pocket	$0	$2,328	0%

The Web3 Index

🌐What is Web3?

🧑‍🎤What is The Web3 Index?

✅What is the Listing Criteria?

🗳What is the Listing Process?

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