When Facebook shelled out $1 billion for Instagram, it seemed like a high price. In retrospect, it may have been one of the best buys in recent memory. Fortune’s Jessi Hempel provides and excellent snapshot of just how huge the service is, and just how much pressure is on its founders to figure out a way to turn a hyper-engaged user base into some real money.

+ The Verge: Can Snapchat make money without losing its cool? (If we can’t figure out a way to make money off of people taking half-naked selfies, the Internet is doomed.)

+ Does our current investment bubble extend beyond potato salad? Kevin Roose on the non-existent social network with no revenues that’s worth $4 billion.