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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 meteoric rise has become impossible to ignore. Throughout this year, the ecosystem has consistently demonstrated impressive achievements in both development and user engagement. The number of monthly active wallets has exploded from a 100k a year ago to a 10 million today. This growth trajectory is remarkable even by Web2 standards, especially considering that other blockchain networks have seen sharp declines in transaction volumes and user numbers since the beginning of the year.