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PMF is not just about how many people use your product! It's about who's coming back, why, and what job your product solves for them. First, let’s take Axie Infinity as a case study: Yes, it went viral in the Philippines. But usage was 100% financially motivated, not because the game itself had true entertainment value.
The moment the incentives collapsed, the entire user base vanished. PMF = failed. The illusion of their traction and user base was driven by tokenomics, not an exact product value, that's why when it was clear that the main bait wasn't valuable anymore, the assumed user base crashed. So, as a builder, your goal is to find users whose core needs match what your product actually solves, not just those who show up for rewards. But does that mean rewards are bad? Big NO When building a product, the first question you must ask is : Will they use your protocol because they love the experience or because they expect a reward? Will they stay when rewards dry up? Can you monetize them at all? It can be tricky cos both works, but one is temporary and fast while the other is long-term. If it's solely for a reward, you'll have fast traction, and it'll look as though you have real users, but when your token/tokenomics fail, your assumed users also leave.
But if it's a naturally usable product, it'll gradually attract users and also retain them [reward or not], but wisdom and marketing bring the blend of both. If your model depends on fees or usage retention, you really need to understand this deeply.
Let me summarize this clearly. As a founder or builder: 1. Identify your core use case 2. Identify your ideal customer profile (ICP) 3. Build for that ICP, not just your VC. If your best users are from the west, great, then build for them. If they’re just farming, don’t design your product around their needs, study them, but don’t follow them blindly. Build where your product actually lands. Measure who’s returning and why. Let usage define your roadmap, not geography, not VCs sentiment, and definitely not assumptions. Because in the end, PMF is about solving an actual problem, not chasing a demographic