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We consider a paradigmatic solvable model of topological order in two dimensions, Kitaev's honeycomb Hamiltonian, and turn it into a measurement-only dynamics consisting of stochastic measurements of two-qubit bond operators. We find an entanglement phase diagram that resembles that of the Hamiltonian problem in some ways, while being qualitatively different in others. When one type of bond is dominantly measured, we find area-law entangled phases that protect two topological qubits (on a torus) for a time exponential in system size. This generalizes the recently-proposed idea of Floquet codes, where logical qubits are dynamically generated by a time-periodic measurement schedule, to a stochastic setting. When all types of bonds are measured with comparable frequency, we find a critical phase with a logarithmic violation of the area-law, which sharply distinguishes it from its Hamiltonian counterpart. The critical phase has the same set of topological qubits, as diagnosed by the tripartite mutual information, but protects them only for a time polynomial in system size. Furthermore, we observe an unusual behavior for the dynamical purification of mixed states, characterized at late times by the dynamical exponent $z = 1/2$ -- a super-ballistic dynamics made possible by measurements.