While this might be quite a heavy topic, I read this article and found good educational value in it - especially when evaluating whether a project you're committed to will be able to sustain its competitive advantage against competitors.

The article discusses how traditional concepts of business moats (defensible advantages like network effects or switching costs) apply differently in crypto markets due to the sector's forkability, composability, and token-based acquisition models.

It introduces a framework to evaluate whether a crypto app can resist being forked or outcompeted by token incentives, emphasizing that sustainable advantages in crypto come from:

• Constant innovation
• Strong brand presence
• Great user experience ...rather than just liquidity or TVL (total value locked).

https://x.com/robbiepetersen_/status/1841887528154230844

Original article published by Delphi Digital (paywall): https://members.delphidigital.io/reports/a-new-framework-for-understanding-moats-in-crypto-markets#a-novel-framework-for-assessing-application-defensibility-905d Show Less