The moat of a public chain doesn’t lie in its funding, technology, or even the diversity of its ecosystem, but rather in the originality of its ecosystem and the degree of its oligopoly. The stronger the originality and the higher the oligopoly, the better the moat effect. For example: meme launchpad @pumpdotfun on @solana decentralized prediction market @Polymarket on @0xPolygon intent layer Near Intents on @NEARProtocol Perp DEX @GMX_IO on @arbitrum This also explains why the lifecycle of high-performance public chains born in this cycle has been so short — the lack of a moat.