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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 competitive edge is clear. It's built on the back of Telegram, the fourth-largest messaging app globally, boasting nearly a billion monthly active users. Telegram's user base continues to grow steadily, potentially challenging the positions of its larger rivals soon. This grants TON access to a vast social graph, a scale that's unparalleled in the crypto industry. Since Facebook abandoned its Libra project, TON stands as the only major social platform actively working to build an onchain ecosystem with a global user base.