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A New Framework For Identifying Moats In Crypto Markets 

While we have numerous precedents and heuristics for understanding moats in traditional markets, we lack equivalent frameworks that account for these structural differences. 

> This piece aims to bridge this gap by getting to the root of what constitutes a sustainable moat, and downstream of this, identify the handful of apps positioned to sustainably capture value

TON's history traces back to the ICO boom of 2017. However, its development was halted due to SEC sanctions amidst a rapidly deflating market bubble. The project was later revived by the community, evolving into the current iteration of TON after numerous challenges.