@kenhoyle

Define the serviceable obtainable market (SOM) and track share using on-chain metrics (active addresses, TVL, volumes), off-chain indicators (MAUs, partnerships), and geographic spread. Build cohorts by use case—trading, payments, gaming—to see where the project displaces incumbents. Compare conversion rates against category baselines and evaluate distribution channels (wallets, exchanges, enterprise deals). Survey developer mindshare via dependency graphs and integration counts. Penetration is credible when multiple independent data sources confirm rising share and when growth appears in adjacent segments, not just the core niche.

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