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The Spock Thesis
Spock empowers Web3 projects to understand, engage, and grow their user base.
Traditional Web2 analytics platforms are ill-equipped to handle the unique data and user engagement metrics of Web3 protocols. This leaves Web3 founders with limited options: either adapt Web2 tools for their needs or invest in building custom analytics solutions in-house. As a result, Web3 projects often operate in the dark, lacking crucial insights into their user base and on-chain activities.
As of now, the concept of product-market fit is largely absent in the Web3 ecosystem. The recent surge in user activity and token valuations has been driven by unsustainable factors like high yields and speculative trading. As the market matures and these volatile elements stabilize, it's imperative for Web3 projects to shift their focus toward creating genuine value for their users. This requires a deep understanding of on-chain user behavior, a perspective that current analytics tools, designed with investors in mind, fail to provide.
The high cost of on-chain data has been a significant barrier to understanding user behavior in Web3. However, as on-chain data becomes more affordable and accessible, Web3 projects will increasingly leverage this information for user engagement. Whether it's offering higher Annual Percentage Rates (APRs) to loyal users or filtering out airdrop farmers from future token distributions, on-chain data will become the cornerstone of user engagement strategies for both Web2 and Web3 companies.
Crypto is poised for mass adoption due to its efficiency, reliability, and robustness as a financial system. Once users experience the advantages of crypto, there's no turning back. This will also prompt traditional Web2 companies to integrate on-chain data into their analytics to improve targeting and user engagement.