According to Alice und Bob on Twitter, technology in crypto lacks a sustainable moat due to its open-source and easily replicable nature, which means code can be copied and reused without barriers. The source highlights that while community and social network effects provide moderate defensibility through know-how and personal relationships, the most significant competitive advantage arises from interconnected networks of decentralized applications (dApps). These application ecosystems create high switching costs and user retention because integrated projects rely on each other for liquidity, composability, and network effects. For crypto traders, this suggests that evaluating projects with strong, sticky application networks is critical for identifying long-term market leaders and resilient investment opportunities in 2025 (Source: twitter.com/alice_und_bob/status/1922300406606029067).