The moat of the public chain does not lie in financing, technology, or even ecological diversity, but in the originality of the ecology and its oligopoly.
The stronger the originality, the higher the degree of oligopoly, and the better the moat effect.
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Meme launchpad @pumpdotfun to @solana
Decentralized prediction market @Polymarket to @0xPolygon
Intent layer Near Intents for @NEARProtocol
Perp DEX @GMX_IO to @arbitrum
This also explains why the life cycle of the high-performance public chain born in this cycle is so short. That is, the moat is missing.
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