The success of every company – from tech giants to century-old conglomerates – can be reduced to its moat...Whether in the form of network effects, switching costs, or economies of scale, moats are what ultimately...While defensibility is often an afterthought for crypto investors, I would argue the concept of a moat...

Aave and Compound have paved the path for the basic money market design space in DeFi. While Euler's TVL is incredibly small compared to them, it has been a standout year for the protocol's growth....

“Moat”, a term coined by Warren Buffett, refers to a business’s ability to maintain its competitive advantage...As the name indicates, a moat generally relies on keeping others out, leveraging proprietary technology...While establishing a moat is difficult enough in traditional markets, the very idea of a moat seems impossible...

A New Framework For Understanding Moats In Crypto Markets **(Delphi Research)** In an industry where...the laws of competition are inherently accelerated, the concept of a moat is profoundly important....However, we currently lack the right frameworks for understanding moats, and downstream of this, where...

...chain-abstracted paradigm, intangibles such as brand or “vibes” and “alignment” will no longer be a moat...CAC) is also structurally lower for crypto apps As I outlined in A New Framework For Understanding Moats...Consequently, it is extremely difficult to cultivate a moat and sustain market share.

Obstacles Establishing a moat – Contango is in the midst of a points program and will soon launch its...Contango will need to be clever and intentional in their community building in order to carve out a moat...

...activity following the Nitro upgrade and our Research team examines whether Euler Finance can carve out a moat...⚡Can Euler Finance Carve Out a Moat?

And maybe, that’s the real moat: a team that ships and doesn’t LARP. ...If your product can be swapped like a CDN, it has no moat....At this point, they have reached the long awaited moat: to become a fast coordinator protocol....Celestia’s new role as a verifier does threaten Ethereum’s rollup moat, but it’s unclear if it will ever...

Yield-bearing collateral was a much-needed improvement, but did not offer much of a moat....Strengths: Yield bearing collateral Strong narrative Incentive scheme/token structure Downfall: No moat...side demand with borrow differentiation, while Maker generates mint-side demand due to its existing moat...

However, the “great deflation” will soon follow as enterprise moats erode, ceding ground to extremely...On the one hand, if your ultimate moat is developer contributions, partnerships and integrations, and...precipitously as synthetic intelligence learns to code at the plummeting price of compute… what is your true moat...

Does Gnosis have a large enough moat to be able to pull off charging a fee?...We broadly view Gnosis Safe’s widespread third-party integrations as a moat that gives Gnosis Safe significant...And this is why we believe integrations could serve as a kind of moat.

...same functions),[22] we should also be very careful not to create barriers to entry and regulatory moats...as “front ends” or developers without careful thought to the systemic implications of the regulatory moats...created.[30] Moats lead to centralization, market capture, and permissioning regimes.

Aave’s moat is looking deep and wide....Despite various headwinds, Aave seems to be developing a moat, and it’s unlikely that we’re looking at...

Thus, Ethereum hosts unparalleled network effects with arguably the strongest moat in crypto.

...fact, Sequoia now puts workflows above unique data assets as a primary source of competitive long term moats...in AI: “’The data moats’ are on shaky ground: the data that application companies generate does not...create an insurmountable moat, and the next generations of foundational models may very well obliterate...any data moats that startups generate.

...languages (like Solidity and Rust), their business models eventually hinge on verticalization to build a moat...s ability to provide efficient ZKP verification at scale while keeping fees low, we can see a clear moat...Its moat emerges from effective ZKP verification at scale, thus solving many technical inefficiencies...

Liquidity is the moat. Today, Jupiter owns the frontend to Solana DeFi.

As Michael Dempsey points out, moats in AI actually seem to decay much faster than their network-effect-enveloped...The Square is Filling Up It’s undeniable that the data, compute, and distribution moats of Big Tech are...These moats are reinforced by nation-state levels of investment and backed by political systems often...

Will the project be able to capture value from those users and establish a long-term, defensible moat...Ideally, as investors we want projects with multiple, compounding, unforkable moats that cumulatively...As such, an exchange’s primary moat is its liquidity since this will mean better execution for traders...

⚡Can Euler Finance Carve Out a Moat?