Only 3 Points for the Public Chain Moat? Alliance DAO Founder's Remarks Ignite Crypto Community Debate

Odaily星球日报Published on 2025-12-11Last updated on 2025-12-11

Abstract

In a recent debate sparked by Alliance DAO founder qw (@QwQiao), the crypto community is divided over the "moat" of blockchain technology. Qw controversially rated the moat of L1 public chains at just 3/10, arguing that their defensibility is limited compared to traditional tech and financial giants like Microsoft (10/10), Apple (10/10), or Visa (10/10). He suggested that even top crypto projects only score around 5/10, with Bitcoin being an exception at 9/10 due to its unique founding narrative and Lindy effect. The discussion originated from a Paradigm researcher’s critique that "liquidity is not a moat," which drew mixed reactions. Some, like Dragonfly Capital’s Haseeb, strongly disagreed with qw, pointing to Ethereum’s decade-long dominance despite numerous challengers as proof of a significant moat. Others argued that network effects, trust, and ecosystem maturity are critical moats in crypto. The article explores seven potential components of a public chain’s moat: technical vision, founder influence, developer/user networks, application ecosystems, token market cap, external connectivity, and long-term roadmaps. It concludes that the crypto industry is still too small and nascent to focus heavily on moat analysis—instead, it should prioritize scaling users, capital, and real-world utility.

Original / Odaily Planet Daily (@OdailyChina)

Author / Wenser(@wenser2010)

Recently, Alliance DAO founder qw(@QwQiao) dropped a bombshell opinion: "Blockchain moats are limited," rating the moat of L1 public chains at a mere 3/10.

This statement quickly ignited the overseas crypto circle, sparking heated discussions among crypto VCs, public chain builders, and KOLs. Dragonfly partner Haseeb angrily retorted that rating the "blockchain moat at 3/10" was utterly ridiculous, noting that even Aave founder Santi, who dislikes the industry's gambling tendencies, never believed blockchain "has no moat."

Debates about the meaning, value, and business models of blockchain & cryptocurrency consistently resurface throughout market cycles. The crypto industry constantly oscillates between idealism and reality: people nostalgically yearn for the original decentralized ideals while simultaneously craving the status and recognition of the traditional financial industry, all while being deeply mired in self-doubt about whether it's "just a repackaged casino." The root of all these contradictions perhaps lies in scale—the total market capitalization of the crypto industry has hovered around $3-4 trillion, still appearing minuscule compared to traditional financial giants often worth hundreds of billions or even trillions of dollars.

As practitioners in the industry, everyone harbors a contradictory psychology of both arrogance and inferiority—arrogant about blockchain's birth embodying Satoshi Nakamoto's ideal of de-monetization and decentralized spirit, and about the crypto industry indeed becoming an emerging financial sector that is gradually gaining attention, acceptance, and participation from mainstream forces; the point of inferiority, however, is probably like a poor kid always feeling that what they are doing isn't quite honorable, filled with blood, tears, bitterness, and pain from a zero-sum game where people prey on each other. In short, the limitations of the industry's scale have bred this cyclical identity anxiety, self-doubt, and self-denial.

Today, let's use the topic of "moat business ratings" raised by qw to discuss the existing chronic problems and core advantages of the crypto industry.

Origin of the Debate: Is Liquidity the Moat of the Crypto Industry?

This major industry discussion about "whether the crypto industry has a moat" originally stemmed from a statement by Paradigm team researcher frankie—"The greatest trick the devil ever pulled was convincing crypto people that liquidity is a moat."(Odaily Planet Daily Note: Original quote: the greatest trick the devil ever pulled was convincing crypto people that liquidity is a moat.)

It's clear that frankie, a "purebred" VC, somewhat scoffs at the current industry trend of highly推崇 "liquidity is everything." After all, for an investment manager or research expert who holds advantages in capital and information, they often hope their managed funds are spent on projects and businesses with real operational support, capable of generating genuine cash flow and continuously providing financial returns.

This view also gained agreement from many in the comments:

Multicoin partner Kyle Samani directly said "+1";
Ethereum Foundation member binji believed that "trust is the real moat; even if trust might flow opportunistically in the short term, liquidity will always reside where trust is placed."
Chris Reis from Circle's Arc blockchain team also pointed out: "TVL always seems to be the wrong North Star metric (business guiding goal)."
Justin Alick from the Aura foundation remarked somewhat jokingly: "Liquidity is like a fickle woman; she might leave you at any time."
DeFi researcher Defi peniel stated bluntly: "Relying solely on liquidity is not a moat; hype can disappear overnight."

Of course, many also refuted this—

DFDV COO & CIO Parker commented: "What are you talking about? USDT is the worst stablecoin but holds absolute dominance. Bitcoin is the (performance/experience) worst blockchain but holds dominant地位 absolutely."
Former Sequoia investor, now Folius Ventures investor KD, simply asked: "Isn't it?"
Fabric VC investor Thomas Crow pointed out: "In exchanges, liquidity *is* a moat—the deeper the liquidity, the better the user experience; this is the most important characteristic in this vertical industry, without exception. This is why major innovations in crypto asset trading focus on solving insufficient liquidity (which leads to worse user experience). Examples include Uniswap acquiring liquidity for long-tail assets through LPs, and Pump.Fun attracting pre-token launch liquidity through standardized contracts and bonding curves."
Pantera investor Mason Nystrom retweeted and commented: "Liquidity is absolutely a moat." He then provided various examples: Among public chains, Ethereum leads today because of DeFi liquidity (and developers); among CEXs, Binance, Coinbase, etc.; among lending platforms, Aave, MakerDAO; among stablecoins, USDT; among DEXs, Uniswap, Pancakeswap.

Then came the "moat rating" tweet from Alliance DAO founder qw:

In his view, the moat of the blockchain (public chain) itself is very limited, rated only 3/10.

He believes Microsoft (key SaaS), Apple (brand + developer ecosystem), Visa/Mastercard (payment network effects), TSMC (IP + physical infrastructure) can score 10/10 (strongest moat);
Google (search and AI IP), Amazon (e-commerce network effects + logistics infrastructure), rating agencies like Moody's, S&P, FICO (regulation-driven + brand + rating network effects), large-scale cloud computing (AWS/Azure/GCP etc.) can score 9/10;
Meta (social network effects), NVIDIA (IP + CUDA network effects) score 8/10;
The best crypto businesses in the crypto industry score 5/10;
Public chains (blockchains) score only 3/10 (narrow moat).

qw further stated that a low moat score isn't necessarily bad, but it means teams must continuously lead innovation, otherwise they will be quickly replaced. Later, perhaps feeling the initial rating was too hasty, he added some supplementary ratings in the comments:

The 3 major cloud service infrastructure providers score 9/10;
BTC's moat scores 9/10 (Odaily Planet Daily Note: qw pointed out that no one can replicate BTC's founding story and the "Lindy Effect," but deducted 1 point because it's unclear if it can handle security budget and quantum threats);
Tesla 7/10 (Odaily Planet Daily Note: qw believes automated IP like self-driving is insane, but the car industry is commoditized, and humanoid robots might be similar)
Lithography machine manufacturer ASML 10/10.
AAVE's moat score might be higher than 5/10, qw's reason: "As a user, you must trust their smart contract security testing is thorough enough not to lose your funds".

Of course, seeing qw so grandly play the "sharp critic," besides debates about the "moat system," some in the comments made unrelated sarcastic remarks, even mentioning: "What about those terrible launch platforms you invested in?" (Odaily Planet Daily Note: After investing in pump.fun, Alliance DAO's subsequent investments in one-click token issuance platforms (like Believe) performed poorly, even he himself didn't want to rate them)

With such a火药味十足 (fireworks-filled) focal topic, Dragonfly partner Haseeb's subsequent angry retort followed.

Dragonfly Partner's Inner OS: Nonsense, I've Never Seen Someone So Shameless

Responding to qw's "moat rating system," Dragonfly partner Haseeb posted angrily: "What? 'Blockchain moat: 3/10'? That's kinda absurd. Even Santi doesn't think public chains 'have no moat'.

Ethereum has held a dominant position for *10 consecutive years*, hundreds of challengers have raised over $10 billion trying to grab market share. After a decade of competitors trying to defeat it, Ethereum has successfully defended its throne every time. If that doesn't indicate Ethereum has a moat, I don't know what a moat is!"

In the comments of this tweet, qw gave his perspective: "You're talking about looking back ('the past ten years') and it's factually incorrect (on multiple metrics Ethereum no longer holds the throne)."

Subsequently, the two exchanged several rounds on "what exactly is a moat?" and "does Ethereum really have a moat", with qw even pulling out a post he made in November, pointing out that the "moat" in his mind is actually revenue/profit. But Haseeb immediately counterargued with examples—once-popular crypto projects like OpenSea, Axie, BitMEX, although they had high revenues, actually had no moat; the real moat should focus on—"can it be replaced by competitors".

Abra Global management director Marissa also joined the discussion: "Agree (with Haseeb). qw's statement is a bit strange—switching costs and network effects can be strong moats—Solana and Ethereum both have these, I think they will be stronger than other public chains over time. They both have strong brands and developer ecosystems, clearly also part of the moat. Maybe he's referring to other public chains that don't have the above advantages."

Haseeb continued, full of sarcasm: "qw is just splitting hairs, asking for trouble."

Based on the above discussion, perhaps we should break down the "real moat" of public chains in the cryptocurrency industry and what aspects it comprises.

The 7 Components of a Public Chain Moat: From People to Business, From Origin to Network

In my opinion, the main reasons why qw's "moat rating system" seems somewhat unable to justify itself are:

First, its rating标准 only looks at current industry status and revenue while ignoring multi-dimensional evaluation. Whether it's infrastructure like Microsoft, Apple, Amazon Web Services, or payment giants like Visa, Mastercard, the main reason qw gives high scores is their strong revenue models, which obviously oversimplifies and superficializes the business moat of a giant company. Moreover, Apple's global market share is not dominant, and payment giants like Visa also face challenges like market shrinkage and regional business decline.

Second, it overlooks the complexity and uniqueness of public chains and crypto projects区别于 (differentiating them from) traditional internet businesses. As challengers to the fiat system, cryptocurrency, blockchain technology, and subsequent public chains and crypto projects立足点 (base themselves) on the inherent "anonymity," "nodality" of decentralized networks, which is often something traditional revenue-driven businesses cannot achieve.

Based on this, I believe the moat of public chain businesses mainly lies in the following 7 aspects, including:

1. Technical Philosophy. This is also the biggest advantage and differentiating feature of the Bitcoin network, Ethereum network, Solana network, and countless public chain projects. As long as humanity remains wary of centralized systems, authoritarian governments, and the fiat system, and accepts the concepts of sovereign individuals and related viewpoints, the real demand for decentralized networks will always exist;

2. Founder Charisma. Satoshi Nakamoto disappeared after inventing Bitcoin and ensuring the Bitcoin network ran smoothly, sitting on tens of billions of dollars in assets but unmoved; from a World of Warcraft enthusiast abused by the game company to Ethereum co-founder, Vitalik resolutely embarked on his decentralized spiritual journey; Solana founder Toly and others were originally elite engineers at US big tech companies but were unwilling to stop there, thus starting their own "capital internet" construction journey, not to mention the various public chains built inheriting the ambition of Meta's Libra network with the Move language. The personal charm and appeal of founders are particularly important in the crypto industry. This is also why countless crypto projects receive VC favor, community追捧 (praise), and capital influx because of their founders, but also fade into obscurity due to founder resignation or accidents. A good founder is the true soul of a public chain乃至 (and even) a crypto project;

3. Developer and User Network. On this point,正如 (just as) the Metcalfe effect and Lindy effect emphasize, the stronger the network effect of something and the longer it exists, the more likely it is to persist. The developer and user network is the cornerstone of public chains and many crypto projects, because developers can be said to be the first and most enduring users of a crypto public chain or project;

4. Application Ecosystem. A tree with roots but no branches and leaves can hardly survive, and the same goes for crypto projects. Therefore, a rich application ecosystem capable of self-closure and synergistic effects is crucial. The reason why public chains like Ethereum and Solana can survive the winter and still exist is inseparable from the various application projects that are always building. Furthermore, the richer the application ecosystem, the more it can continuously generate造血 (blood-making), feeding back to the public chain;

5. Token Market Cap. If the aforementioned are the inner part and foundation of a "moat," then the token market cap is the external form and brand image of a public chain and a crypto project. Only when you "look expensive" will more people believe you "have a lot of money," that you are a "gold mining ground." This is true for individuals, and likewise for projects;

6. Openness to the Outside. Besides building their own internal循环 (circulation) ecosystems, public chains and other crypto projects also need to maintain openness and operability and exchange value with the external environment. Therefore, openness to the outside is also crucial. Taking public chains like Ethereum and Solana as examples, this refers to the convenience and scale of their bridging with traditional finance, user fund inflows/outflows, and various industries through windows like payments and lending;

7. Long-Term Roadmap. A truly solid moat must not only provide support in the short term but also constantly update, iterate, and innovate, maintaining its own vitality and longevity in the long term. For public chains, the long-term roadmap is both a North Star metric and a powerful抓手 (lever) to激励 (incentivize) continuous development and innovation inside and outside the ecosystem. Ethereum's success is closely related to the planning of its long-term roadmap.

Based on the above elements, a public chain can grow from zero to one, from nothing to something, gradually moving through the野蛮生长 (wild growth) period into the mature iteration period. Corresponding liquidity and user stickiness will naturally follow.

Conclusion: The Crypto Industry Has Not Yet Reached the Stage of "Competing on Talent"

Recently, Moore Threads, known as the "Chinese version of NVIDIA," successfully listed on the Hong Kong stock market, achieving a milestone of 300 billion CNY on its first day of trading; then, within just a few days, its stock price soared all the way, reaching another astonishing breakthrough with a market cap exceeding 400 billion CNY today.

Compared to Ethereum, which took 10 years of operation to finally reach a $300 billion market cap, Moore Threads covered 1/7 of that journey in just a few days. And compared to US stock giants often worth trillions, the crypto industry is even more insignificant.

This makes us sigh again that today, with the scale of capital and user involvement far smaller than the financial and internet industries, we are far from the stage of "competing on talent." The only pain point of the crypto industry today is that we don't have enough people, we don't attract enough capital, and the industries involved are not broad enough. Rather than worrying about those grand, all-encompassing "moats," perhaps what we should think about is how cryptocurrency can更快 (faster), lower cost, and more conveniently meet the real needs of more market users.

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Below is a suggested timeline mapping significant events in the evolution of SPERO,$$s$: Conceptualisation and Ideation Phase: The initial ideas forming the basis of SPERO,$$s$ were conceived, aligning closely with the principles of decentralisation and community focus within the blockchain industry. Launch of Project Whitepaper: Following the conceptual phase, a comprehensive whitepaper detailing the vision, goals, and technological infrastructure of SPERO,$$s$ was released to garner community interest and feedback. Community Building and Early Engagements: Active outreach efforts were made to build a community of early adopters and potential investors, facilitating discussions around the project’s goals and garnering support. Token Generation Event: SPERO,$$s$ conducted a token generation event (TGE) to distribute its native tokens to early supporters and establish initial liquidity within the ecosystem. Launch of Initial dApp: The first decentralised application (dApp) associated with SPERO,$$s$ went live, allowing users to engage with the platform's core functionalities. Ongoing Development and Partnerships: Continuous updates and enhancements to the project's offerings, including strategic partnerships with other players in the blockchain space, have shaped SPERO,$$s$ into a competitive and evolving player in the crypto market. Conclusion SPERO,$$s$ stands as a testament to the potential of web3 and cryptocurrency to revolutionise financial systems and empower individuals. With a commitment to decentralised governance, community engagement, and innovatively designed functionalities, it paves the way toward a more inclusive financial landscape. As with any investment in the rapidly evolving crypto space, potential investors and users are encouraged to research thoroughly and engage thoughtfully with the ongoing developments within SPERO,$$s$. The project showcases the innovative spirit of the crypto industry, inviting further exploration into its myriad possibilities. While the journey of SPERO,$$s$ is still unfolding, its foundational principles may indeed influence the future of how we interact with technology, finance, and each other in interconnected digital ecosystems.

54 Total ViewsPublished 2024.12.17Updated 2024.12.17

What is AGENT S

Agent S: The Future of Autonomous Interaction in Web3 Introduction In the ever-evolving landscape of Web3 and cryptocurrency, innovations are constantly redefining how individuals interact with digital platforms. One such pioneering project, Agent S, promises to revolutionise human-computer interaction through its open agentic framework. By paving the way for autonomous interactions, Agent S aims to simplify complex tasks, offering transformative applications in artificial intelligence (AI). This detailed exploration will delve into the project's intricacies, its unique features, and the implications for the cryptocurrency domain. What is Agent S? Agent S stands as a groundbreaking open agentic framework, specifically designed to tackle three fundamental challenges in the automation of computer tasks: Acquiring Domain-Specific Knowledge: The framework intelligently learns from various external knowledge sources and internal experiences. This dual approach empowers it to build a rich repository of domain-specific knowledge, enhancing its performance in task execution. Planning Over Long Task Horizons: Agent S employs experience-augmented hierarchical planning, a strategic approach that facilitates efficient breakdown and execution of intricate tasks. This feature significantly enhances its ability to manage multiple subtasks efficiently and effectively. Handling Dynamic, Non-Uniform Interfaces: The project introduces the Agent-Computer Interface (ACI), an innovative solution that enhances the interaction between agents and users. Utilizing Multimodal Large Language Models (MLLMs), Agent S can navigate and manipulate diverse graphical user interfaces seamlessly. Through these pioneering features, Agent S provides a robust framework that addresses the complexities involved in automating human interaction with machines, setting the stage for myriad applications in AI and beyond. Who is the Creator of Agent S? While the concept of Agent S is fundamentally innovative, specific information about its creator remains elusive. The creator is currently unknown, which highlights either the nascent stage of the project or the strategic choice to keep founding members under wraps. Regardless of anonymity, the focus remains on the framework's capabilities and potential. Who are the Investors of Agent S? As Agent S is relatively new in the cryptographic ecosystem, detailed information regarding its investors and financial backers is not explicitly documented. The lack of publicly available insights into the investment foundations or organisations supporting the project raises questions about its funding structure and development roadmap. Understanding the backing is crucial for gauging the project's sustainability and potential market impact. How Does Agent S Work? At the core of Agent S lies cutting-edge technology that enables it to function effectively in diverse settings. Its operational model is built around several key features: Human-like Computer Interaction: The framework offers advanced AI planning, striving to make interactions with computers more intuitive. By mimicking human behaviour in tasks execution, it promises to elevate user experiences. Narrative Memory: Employed to leverage high-level experiences, Agent S utilises narrative memory to keep track of task histories, thereby enhancing its decision-making processes. Episodic Memory: This feature provides users with step-by-step guidance, allowing the framework to offer contextual support as tasks unfold. Support for OpenACI: With the ability to run locally, Agent S allows users to maintain control over their interactions and workflows, aligning with the decentralised ethos of Web3. Easy Integration with External APIs: Its versatility and compatibility with various AI platforms ensure that Agent S can fit seamlessly into existing technological ecosystems, making it an appealing choice for developers and organisations. These functionalities collectively contribute to Agent S's unique position within the crypto space, as it automates complex, multi-step tasks with minimal human intervention. As the project evolves, its potential applications in Web3 could redefine how digital interactions unfold. Timeline of Agent S The development and milestones of Agent S can be encapsulated in a timeline that highlights its significant events: September 27, 2024: The concept of Agent S was launched in a comprehensive research paper titled “An Open Agentic Framework that Uses Computers Like a Human,” showcasing the groundwork for the project. October 10, 2024: The research paper was made publicly available on arXiv, offering an in-depth exploration of the framework and its performance evaluation based on the OSWorld benchmark. October 12, 2024: A video presentation was released, providing a visual insight into the capabilities and features of Agent S, further engaging potential users and investors. These markers in the timeline not only illustrate the progress of Agent S but also indicate its commitment to transparency and community engagement. Key Points About Agent S As the Agent S framework continues to evolve, several key attributes stand out, underscoring its innovative nature and potential: Innovative Framework: Designed to provide an intuitive use of computers akin to human interaction, Agent S brings a novel approach to task automation. Autonomous Interaction: The ability to interact autonomously with computers through GUI signifies a leap towards more intelligent and efficient computing solutions. Complex Task Automation: With its robust methodology, it can automate complex, multi-step tasks, making processes faster and less error-prone. Continuous Improvement: The learning mechanisms enable Agent S to improve from past experiences, continually enhancing its performance and efficacy. Versatility: Its adaptability across different operating environments like OSWorld and WindowsAgentArena ensures that it can serve a broad range of applications. As Agent S positions itself in the Web3 and crypto landscape, its potential to enhance interaction capabilities and automate processes signifies a significant advancement in AI technologies. Through its innovative framework, Agent S exemplifies the future of digital interactions, promising a more seamless and efficient experience for users across various industries. Conclusion Agent S represents a bold leap forward in the marriage of AI and Web3, with the capacity to redefine how we interact with technology. While still in its early stages, the possibilities for its application are vast and compelling. Through its comprehensive framework addressing critical challenges, Agent S aims to bring autonomous interactions to the forefront of the digital experience. As we move deeper into the realms of cryptocurrency and decentralisation, projects like Agent S will undoubtedly play a crucial role in shaping the future of technology and human-computer collaboration.

551 Total ViewsPublished 2025.01.14Updated 2025.01.14

Discussions

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