The concept of "product-market fit," initially introduced by Marc Andreessen, signifies a product's alignment with market needs, but lacks clear standards for measurement, especially within the Web3 industry. Sean Ellis offers a different perspective, viewing product-market fit as an iterative process requiring specific metrics, leading to the creation of the "Sean Ellis test" for evaluation. In the decentralized and often anonymous Web3 environment, traditional analytics tools are less effective, necessitating alternative metrics such as user feedback scores and transaction quantities. It's crucial to differentiate between growth driven by genuine utility and that driven by incentives, particularly due to the network effects prevalent in Web3. The distinction between "red ocean" and "blue ocean" markets is vital for setting strategies and choosing metrics, with Web3's nascent markets often requiring innovative approaches. Case studies like Compound's iterative development underscore the importance of continual improvement to achieve and maintain product-market fit. This ongoing process involves adapting to new markets and technologies, emphasizing community engagement and governance decentralization, and recognizing that product-market fit is not a static achievement but a dynamic, evolving target that requires constant reassessment.