
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?


Since launching in 2021, the Web3 Index has tracked demand-side fees across web3
networks to show builders, node operators, and enthusiasts which protocols are
actually being used. It is fully open source and community maintained, and
anyone can propose new listings. Since launch, several other fee dashboards have
also emerged that offer complementary perspectives:

- [Token Terminal – Infrastructure Markets](https://tokenterminal.com/explorer/markets/infrastructure)
  spans more networks and adds fundamentals like revenue multiples and
  price-to-fees ratios.
- [DeFiLlama Fees](https://defillama.com/fees) provides a free snapshot of fee
  capture across L1s, L2s, and major DeFi protocols.

Use whichever tools fit your workflow. Web3 Index will keep prioritizing
neutral, auditable metrics that the community can inspect and extend.


What other fee dashboards exist?

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	Total Fees	30d Trend

1	Akash (AKT)	Akash	$145,451	$561,108	$4,555,140	-18.16%
2	Livepeer (LPT)	Ethereum	$62,848	$199,813	$1,912,387	-5.33%
3	The Graph (GRT)	Ethereum	$12,534	$37,650	$991,580	-0.67%
4	Filecoin (FIL)	Filecoin	$550	$2,031	$4,640,616	-5.13%
5	Sia (SC)	Sia	$0	$0	$494,581	--
6	Storj (STORJ)	Ethereum	$0	$0	$760,344	--

The Web3 Index

🌐What is Web3?

🧑‍🎤What is The Web3 Index?

✅What is the Listing Criteria?

🗳What is the Listing Process?

🔭What other fee dashboards exist?

Help Grow the Index