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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 and Telegram's experiment will be an important milestone for the future of the crypto industry, vividly demonstrating the potential impact of platforms with large user bases on the crypto ecosystem and the challenges and opportunities in the process of crypto's mainstream adoption.