Crypto Moats

Key Takeaways: While web3 is ever-evolving, this bull run has shifted the dynamic for all participants.Investor allocations are decreasing. Team allocations are increasing. Airdrops have become a cornerstone of most distributions. Public Sales have all but disappeared. DAOs have shifted the majority of ownership to the Community Treasury and Ecosys

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One of the most common refrains that API-first businesses hear is, “Oh Company X will just build that in-house,” and yet, they almost never do. It’s not for lack of resources. Facebook generated more profit in 2019 ($57 billion) than Twilio’s entire market cap ($51 billion). It’s that once they’re integrated into a customer’s product, API-first com... See more

The decision to release Uniswap v3 with a more restrictive license suggests that, even today, Uniswap’s network effects are not something the team + investors feel comfortable relying on. In case you’re not familiar with the details, Uniswap Labs (the founding team) chose to go with a BUSL 1.1 license that prevents the v3 code from being forked for... See more

There’s certainly an argument that the more physical the network is, the more difficult it will be to reach escape velocity. The flipside is that those who do reach escape velocity will have much stronger moats compared to their virtual network counterparts. A common narrative is that software has zero marginal cost, but rarely do we talk about how... See more