According to Google in their official blog post, signals received from the Core Web Vitals will be used to measure the loading time, responsiveness, and stability of content. Based on these signal readings, the metrics will then accordingly provide a smooth browsing experience on Chrome for users.
Links that have successfully met the standards of Core Web Vitals will then be awarded a ‘Fast Page’ label to be displayed on its site. Users will be able to notice this feature by long-pressing a link after they have navigated to the desired page. In addition, ‘Fast Page’ sites will only be labelled after its URL has been proven to grant fast responsiveness among other Chrome users too.
While the company has not provided further information on when this feature will be made available in the full version of Chrome app, users who wish to test out this new feature can do so by following the instructions provided here. (Source: Chromium Blog)