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8 changes: 4 additions & 4 deletions README.md
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# The Web3 Index

The Web3 Index reports on the fees being paid into Web3 networks in an effort to showcase real usage across the Web3 stack. 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.
The Web3 Index reports on the fees being paid into web3 network protocols in an effort to showcase real usage across the web3 stack. 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 sector 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. network fees and usage) are more accurate estimators of a network's intrinsic value, rather than the listed market value of the protocol.

## Protocol Application Instructions

### Step 1: Submit an application

As the Web3 platform and ecosystem of applications continue to grow, there's been a surge in interest to be listed on this site. In order for a protocol to be considered for the index, we ask that you first submit [this application](https://github.com/web3index/web3index-org/issues/new?assignees=&labels=&template=protocol_submission.md&title=New+Protocol+Submission).
As the web3 ecosystem of applications continues to grow, there's been a surge in interest to be listed on this site. In order for a protocol to be considered for the index, we ask that you first submit [this application](https://github.com/web3index/web3index-org/issues/new?assignees=&labels=&template=protocol_submission.md&title=New+Protocol+Submission).

### Step 2: Complete an integration

Expand All @@ -26,7 +26,7 @@ If a protocol's blockchain is not supported by The Graph, you can index its fee

Step 1: Create a command line script inside `cmd/[your_protocol_name].ts`. This endpoint will get called every hour by a Github action (create your Github action in `.github/workflows/[your_protocol_name].yml`). When executed, it should store the protocol's paid fees using the [Prisma](https://www.prisma.io/docs/concepts/components/prisma-client/crud) ORM according to the database [schema](./prisma/schema.prisma).

Step 2: Add your protocol to the Web3 Index [registry](./registry.json) using the protocol and directory name you created. Make sure to set the set its `subgraph` field to `false`.
Step 2: Add your protocol to The Web3 Index [registry](./registry.json) using the protocol and directory name you created. Make sure to set the set its `subgraph` field to `false`.

#### Method #3: A Publically Accessible API Endpoint

Expand All @@ -52,7 +52,7 @@ If a protocol's blockchain is not supported by The Graph _and_ you can't use the
}
```

Once this endpoint is available add your protocol to the Web3 Index [registry](./registry.json), and include a `usage` field that points to your endpoint.
Once this endpoint is available add your protocol to The Web3 Index [registry](./registry.json), and include a `usage` field that points to your endpoint.

Note: your API codebase must be open sourced in order to be considered for the index.

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2 changes: 1 addition & 1 deletion content/faq/01-what-is-web3.mdx
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Expand Up @@ -3,7 +3,7 @@ title: What is Web3?
emoji: 🌐
---

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:
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.

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4 changes: 2 additions & 2 deletions content/faq/02-what-is-the-web3-index.mdx
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Expand Up @@ -3,6 +3,6 @@ title: What is The Web3 Index?
emoji: 🧑‍🎤
---

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.
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.
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.
2 changes: 1 addition & 1 deletion content/faq/03-what-is-the-index-criteria.mdx
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Expand Up @@ -3,4 +3,4 @@ title: What is the Listing Criteria?
emoji:
---

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.
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.
2 changes: 1 addition & 1 deletion content/faq/04-what-is-the-listing-process.mdx
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Expand Up @@ -5,6 +5,6 @@ emoji: 🗳

- 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.
- 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).
2 changes: 1 addition & 1 deletion content/posts/a-brief-how-to-guide.mdx
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Expand Up @@ -46,7 +46,7 @@ Learn more about the index [here](https://web3index.org/).

## Interested in being listed on The Web3 Index?

For a project to be listed on The Web3 Index, for now, it must be a developer-facing protocol that fits into the work protocol category of Web3.
For a project to be listed on The Web3 Index, for now, it must be a developer-facing protocol that fits into the work protocol category of web3.

And because the index depends upon open-source daily fee data for rankings, protocols hoping to be considered for the index must provide auditable data in a format the application can consume. There are a few ways to do this, explained in detail [here](https://github.com/web3index/web3index-org#protocol-integration-instructions).

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16 changes: 8 additions & 8 deletions content/posts/introducing-the-web3-index.mdx
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---
title: Introducing The Web3 Index
seoTitle: Introducing The Index
abstract: Today, I'm excited to introduce The Web3 Index, an open source index that tracks demand-side fees being paid into Web3 networks.
abstract: Today, I'm excited to introduce The Web3 Index, an open source index that tracks demand-side fees being paid into web3 networks.
author: Adam Soffer
avatar: https://pbs.twimg.com/profile_images/1419749557974536193/zhKQU-Fo_400x400.jpg
twitter: adamsoffer
Expand All @@ -16,13 +16,13 @@ While there's still a long way to go for these technologies to become as ubiquit

There's another application of blockchain technology that hasn’t yet garnered the same kind of attention as DeFi or NFTs, but is gaining steam and proving itself to be just as, if not more disruptive. It's equal parts developer-facing and user-facing, defined more so by the sum of its parts rather than a singular technological breakthrough. It’s a movement as much as it is a technology and the impact it will have on society can not be overstated.

I’m referring to “Web3”.
I’m referring to "web3".

## What is Web3?

Web3 is a term thrown around loosely and can mean different things to different people. Within the realm of blockchain technology, it's generally characterized as the next evolution of the web, a platform 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 and benefits never before possible under the traditional and centralized cost structures of Web 2.0 applications. These benefits include:
Run by network participants around the world, web3 unlocks cost-disruptive infrastructure for application developers and provides users with a new set of guarantees and benefits never before possible under the traditional and centralized cost structures of Web 2.0 applications. These benefits include:

### 1. Agency

Expand All @@ -48,19 +48,19 @@ Enjoy built-in money and financial contracts.

Web3 is inherently safe, secure, and private.

Sounds good right? But what exactly are these Web3 networks and which ones are actually being used? Since Web3 has no intermediaries or central authority, it can be a challenge keeping tabs on all the networks and protocols that comprise Web3, and especially difficult to ascertain which ones are actually in-demand. To make this easier, today I'm excited to introduce a project called [The Web3 Index](/).
Sounds good right? But what exactly are these web3 networks and which ones are actually being used? Since web3 has no intermediaries or central authority, it can be a challenge keeping tabs on all the networks and protocols that comprise web3, and especially difficult to ascertain which ones are actually in-demand. To make this easier, today I'm excited to introduce a project called [The Web3 Index](/).

## The Web3 Index

The Web3 Index is an open source index dedicated to tracking demand-side fees being paid into Web3 networks in an effort to showcase the ones most in-demand across the Web3 stack. Its goal is to help you stay up to date on the latest trends, whether you’re a supply-side participant keeping tabs on in-demand networks, a developer interested in building on top of Web3 infrastructure, or simply a crypto-enthusiast passionate about the Web3 movement.
The Web3 Index is an open source index dedicated to tracking demand-side fees being paid into web3 network protocols in an effort to showcase the ones most in-demand across the web3 stack. Its goal is to help you stay up to date on the latest trends, whether you’re a supply-side participant keeping tabs on in-demand networks, a developer interested in building on top of 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 market capitalization or "total locked value (TLV)", The Web3 Index uses a fundamental index methodology. A key belief behind the fundamental index methodology is that underlying valuation figures (i.e. demand-side fees and usage) are more accurate estimators of a network's intrinsic value, rather than the listed market value of the network's token.
Unlike most indexes in DeFi (a category of web3) that weight listings based market capitalization or "total locked value (TLV)", The Web3 Index uses a fundamental index methodology. A key belief behind the fundamental index methodology is that underlying valuation figures (i.e. demand-side fees and usage) are more accurate estimators of a network's intrinsic value, rather than the listed market value of the network's token.

## Help Grow the Index

In order for the index to grow, it will be relying on open source contributors to help expose the daily network fees accruing across the various Web3 protocols.
In order for the index to grow, it will be relying on open source contributors to help expose the daily network fees accruing across the various web3 network protocols.

In terms of the types of projects the index is seeking, it aims to showcase projects providing the resources such as compute, bandwidth, storage, indexing and data services, that allow developers to build web3 applications. These are sometimes known as "work" or "service" protocols within the middleware layer of the Web3 stack. What defines them is that users are often developers, who are paying fees into the network to access the underlying compute resource - storing a file, querying a database, streaming a video, routing a web request through a VPN network, etc. They are notably not layer 1 consensus chains, and they are not end-user applications nor DeFi.
In terms of the types of projects the index is seeking, it aims to showcase projects providing the resources such as compute, bandwidth, storage, indexing and data services, that allow developers to build web3 applications. These are sometimes known as "work" or "service" protocols within the middleware layer of the web3 stack. What defines them is that users are often developers, who are paying fees into the network to access the underlying compute resource - storing a file, querying a database, streaming a video, routing a web request through a VPN network, etc. They are notably not layer 1 consensus chains, and they are not end-user applications nor DeFi.

Ultimately, each project listed in the index will determine additional projects via an initially informal light governance process, and as soon as the index reaches six listed projects it will go live, and consider expanding to more layers of the web3 stack.

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