MOATS IN CRYPTO MARKETS – A NEW FRAMEWORK

Summary from the TLDR Crypto newsletter

In the competitive crypto protocol industry, it is essential to understand moats and how entrenched specific protocols are. This framework focuses on six verticals — money markets, DEXs, stablecoins, LSTs, third-party bridges, and social apps — and analyzes them for their defensibility. Each vertical has “un-forkable” properties, like liquidity for a DEX, that keep the incumbents in power, though some properties are stronger than others.