gm, builders! 👋

Here’s your roundup of this week's onchain news and growth insights.

Highlights:

• Updates: Filter by UTM Parameters

• Top 10 KPIs Every Web3 Product Leader Should Monitor

• Product Engagement Score: Definition, Metrics & Growth Tips

• How Will the Pectra Upgrade Enhance Ethereum's User Experience?

• Most Crypto Projects Earn Under $1,000 Per Month, Study Finds

• Why Everyone Is Wrong About Stablecoins

• A Fork in the Road (for Web3 Gaming)

You can now filter metrics and events based on UTM parameters (utm_source, utm_medium, utm_campaign, utm_content, utm_term) and Referrals (ref).

Learn more

Web3 product leaders drive growth at the intersection of product, tokenomics, and community, focusing on usage, retention, and revenue through stage-specific metrics.

10 Must-Track Web3 KPIs

1. Adoption

2. Stickiness

3. Growth (Quick Ratio)

4. Product Engagement Score (PES)

5. Time to Value (TTV)

6. Net Promoter Score (NPS)

7. Top Feature Requests

8. Product Performance

9. Retention

10. Net Revenue Retention (NRR)

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PES is a metric that combines Adoption, Stickiness, and Growth to measure how users engage with your product

• Adoption: How many core features users engage with.

• Stickiness: How often users return (e.g., DAU/WAU).

• Growth: Net user gain = (New + Recovered) / Churned.

Formula:

PES = (Adoption + Stickiness + Growth) / 3

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How Will the Pectra Upgrade Enhance Ethereum’s User Experience?

• Smart wallet features: Passkeys, chain abstraction, transaction bundling

• No gas fees: Sponsored transactions via EIP-7702

• More flexible wallets

• MetaMask support on day one

Launching on April 30, 2025.

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Most Crypto Projects Earn < $1K/Month

A study by 5Money and Storible reveals that 85% of crypto projects, including 95% of DeFi protocols, earn under $1,000/month, despite high valuations. Even 86% of billion-dollar projects fall below this mark.

• Crypto market cap: $2.82T

• DeFi TVL: $96B

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Why Everyone Is Wrong About Stablecoins

Stablecoins aren’t the cash cows everyone thinks they are.

• Stablecoins aren’t inherently profitable

• Dollarization ≠ a product

• No winner-takes-all in stablecoins

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A Fork in the Road (for Web3 Gaming)

Web3 gaming is broken. Play-to-earn models attract farmers, repel real players, and are unsustainable. The future splits into two paths:

1. Traditional Games, Powered by Blockchain

2. Crypto-Native Games

Both paths will grow: one for scale, the other for speed and profit.

Learn more