consumer crypto should be gauged less on value captured and more on value created. 

the former provides short term wins, capturing high velocity moments through behaviors which already exist. the latter creates or expands markets, catalyzing new behaviors which can have significant longer and more durable markets.

writing a more thorough breakdown but quickly--

Capture: existing TAM, crypto market dependent, defined metrics, bottom of funnel

Created: expands TAM, multi-market dependent, defining metrics, top of funnel

if done correctly, created should feed capture and expand it as well.

how do you measure value captured and value created?

its really hard to effectively measure value created

I'd have to think a bit more, but could this be a false dichotomy?

The chain often creates value by capturing value that previously couldn't be captured, both by net new markets (to your point), but also by aligning incentives between previously antagonistic parties.