[Alliance DAO Co-Founder: Fee/Revenue Ratio is a Key Metric for Evaluating L1 Moats] Alliance DAO co-founder QwQiao posted on the X platform, stating that the fee/revenue ratio is an objective metric for evaluating the moat of Layer 1 (L1) blockchains, while other metrics are relatively less objective. He believes that if a project has a strong competitive advantage and operates in a growing market, its revenue should increase over time. Conversely, projects lacking a moat may lose market share or maintain their share through price wars, leading to fees remaining stagnant or declining over the long term. He also pointed out that a lack of a moat does not equate to being valueless, as such projects may transfer value to customers rather than retaining it for themselves. Previously, QwQiao mentioned that the L1 sector lacks moats, making it difficult to capture long-term value, and that betting on the application layer might be a more certain direction. He noted that his current holdings are all assets with long-term competitive advantages and are in fields experiencing exponential growth.