As of today, and this is kind of sourced from token terminal, there's only 22 tokens with over a million dollars in monthly net revenue.

And that, to me, is crazy.

And I think there's a pretty simple explanation for why that's the case, right? Welcome to Web 3 with A16Z.

I'm Robert Hackett, and today we've got a special data update and news episode for you.

At the end of last year, our guest and resident Data Weatherman, Darren Matsuoka, put out a post on five metrics to watch in 2025.

Most of the metrics that Darren picked represent indicators of adoption, showing the market's demand for crypto technologies and products.

This covers everything from mobile wallet usage and on-chain transaction fees to volume across stable coins,

decentralized exchanges, and exchange-traded products.

Now that we're about midway through 2025, we felt it would be a great time for an update.

As a reminder, none of the content should be taken as investment, business, legal, or tax advice.

Please see a16.com slash disclosures for more important information, including a link to a list

of our investments.

So you've been keeping your eye on all of these metrics for the past half year.

Tell us, what have you seen?

For sure. So just to take a little bit of a step back here, at the end of the year,

we decided it would be a good exercise to really kind of think about what are the metrics

that we wanted to watch closely in 2025.

And in some ways, kind of hold ourselves accountable to kind of tracking the progress across

those metrics that we felt mattered and seeing kind of how the year plays out across some

of the key, key data points.

And so we carefully picked five metrics that we wanted to

watch super closely, and we've been watching them month over month. And now that we're about

...