Key Metrics For Evaluating Web3 Platform Success: THENA’s Approach To Sustainable Growth
In Brief
Winning Web3 platforms prioritize key metrics, focusing on user engagement, revenue generation, and real-world value to drive sustainable growth.
Web3 application developers assess platform success using distinct metrics that reflect blockchain’s decentralized nature, moving beyond surface-level hype. These metrics include token activity, user interactions with decentralized infrastructure, and overall community sentiment, offering a well-rounded perspective on a Web3 platform’s health. Web3 platform teams look at blockchain activity and wallet connections rather than sign-up numbers. Key performance indicators, such as revenue generation and the number of active wallets, provide deeper insights into user participation and platform sustainability.
A platform’s ability to generate substantial revenue shortly after launch often signals its resilience and long-term viability. For instance, THENA, a liquidity layer on the BNB Chain established in early 2023, has demonstrated strong financial performance. As of January 2025, the platform has generated over $33 million in revenue, which has been distributed to holders of its native token, THE.
Achieving Sustainable Community Growth Beyond User Acquisition
Web2 platforms primarily focus on user acquisition, but attracting new users does not necessarily translate into long-term engagement or revenue generation. In contrast, Web3 operates with a higher level of transparency due to the public nature of blockchain data. This transparency allows platforms to track their own performance metrics as well as analyze competitors’ data, providing insights into successful strategies and areas for improvement.
A critical metric for engagement in Web3 is Average Revenue per User (ARPU), which measures the financial returns generated by each active wallet. This metric helps determine whether a platform is effectively delivering value to its users and whether its monetization strategy is sustainable. If revenue falls below expectations, it may indicate a need to adjust incentives, pricing structures, or in-app offerings to enhance user engagement and profitability.
In order to gain a more detailed understanding, platforms should analyze ARPU across different user segments. This approach helps identify the most valuable demographics and allows for tailored experiences and targeted marketing efforts, ultimately driving higher revenue.
Successful Web3 projects also prioritize User Lifetime Value (ULV), which predicts the total revenue a user will generate over their entire engagement with the platform. ULV is crucial for evaluating long-term sustainability and justifying user acquisition costs, particularly in an industry characterized by intense competition. Each platform uses its own method for calculating ULV, but a common approach involves multiplying the average user lifespan by purchase frequency and average transaction value.
Another key consideration is time-to-activation, which measures how quickly a new user reaches an important milestone within the platform. For decentralized exchanges (DEXs), this often refers to the time it takes for a user to make their first liquidity pool contribution or complete a trade, indicating how quickly they engage with core functionalities.
The ecosystem of BNB Chain liquidity layer THENA encompasses the spot DEX THENA, where users can swap and acquire digital assets, and ALPHA, a perpetuals DEX offering almost 300 cryptocurrency pairs for trading with leverage up to 60x. The platform recently surpassed $26 billion in total trading volume. It is the second-largest DEX on the BNB Chain by trading volume and fees, consistently ranking in the top 10 in decentralized finance (DeFi) holder revenue on DefiLlama. Beyond trading volume, THENA’s growth is reflected in its expanding list of strategic partnerships, reinforcing its position as a leading liquidity provider on BNB Chain—the world’s largest blockchain by the number of decentralized applications (dApps).
Exploring The Core Real-World Value
In Web3, Total Value Locked (TVL) is a widely recognized metric that reflects user engagement and serves as an indicator of trust and confidence in a platform. Tracking TVL fluctuations helps assess a project’s growth potential, overall health, and market sentiment. However, relying too heavily on TVL can be misleading, as some platforms may focus on increasing TVL rather than driving real-world adoption and utility. A more comprehensive approach to evaluating a platform’s success involves assessing its fundamental real-world value—the total worth of all on-chain assets that contribute to the broader economy.
A key component of real-world value is Transaction Value per User (TVU), which measures how much users are spending or investing on the platform. A high TVU suggests strong user confidence, indicating that individuals find tangible value in the platform’s offerings. However, TVU should be analyzed alongside retention rates and acquisition trends to provide a more accurate picture of user engagement. If a platform attracts high-value users who do not stay engaged, it may see short-term spikes in transaction value without long-term sustainability. For Web3 projects that generate revenue through protocol fees, closely tracking user fee contributions can offer additional insights into financial health and monetization efficiency.
Retention rate is another crucial metric that measures the number of active wallets interacting with the platform over time. A high retention rate signals a product with staying power. Each wallet connection means a potential long-term user. Beyond numbers, Web3 platforms should explore why people connect their wallets and what attracts them. A seamless onboarding experience will facilitate wallet connections. Platforms should consider offering support for multiple wallets to accommodate diverse user preferences.
Another essential metric is Cost Per Wallet (CPW), which evaluates marketing efficiency by determining how much the platform spends to acquire each new wallet connection. Tracking daily, weekly, and monthly active wallets separately provides valuable insights into engagement trends, helping teams identify whether user interest is increasing or declining.
Social sentiment analysis further enhances platform evaluation by measuring community engagement, satisfaction, and overall sentiment toward the brand. The Web3 community often turns to social media platforms like X for the latest project updates and discussions. First impressions are shaped by a platform’s profile, user feedback, and interactions with the broader community.
From there, potential users often transition to Discord, where deeper community discussions take place. Successful platforms actively track social metrics, such as reach, engagement, and sentiment, to understand how their brand is perceived. Dedicated team members monitor key discussion topics, identify engagement drivers, and interact with influential community members to foster a strong, loyal user base.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
