If web2’s moat is data, what is the equivalent for web3?

building far.quest & /farmarket. cofounder at miy.com ventures. FID #274. Previously Square/Cash App. hi_im_nico.twitter

Peace of mind

Web3’s value prop is removing intermediaries. But you still end up needing to trust a final intermediary: code in the smart contract

The more value safeguarded & longer the code's been around, the more peace of mind when using it.

E.g. WETH9 has crazy moat because of its massive elapsed dollar-hours

Yup, though it feels like there's some additional nuance here.

Arguably trust is also a moat for web2. But there's a much stronger Lindy effect for trust in web3.

Web2 trust can be volatile. New management comes in, gets lax & that trust is violated. Web3 immutable contract trust tends to harden & ossify with time.