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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

Notcoin's success was nothing short of phenomenal. During its beta phase alone, it saw over 600,000 users mine a staggering 60 billion Notcoins. By its official launch in January 2024, the user base had swelled to 4 million. This explosive growth outpaced even the most successful GameFi projects like Axie Infinity and STEPN, and remarkably, Notcoin hit the 1 million user milestone faster than ChatGPT. What makes this achievement even more impressive is that it was accomplished without a single dollar spent on marketing, relying entirely on virals and organic spread within the Telegram ecosystem.