The most important moat of Ethereum is decentralization. I know that to this day, few people believe it, few people pay attention to it, and even many people mock this decentralization, but that doesn't stop it from being Ethereum's deepest moat. Why do you say that? The essence of decentralization is security+trustworthy neutrality. And other public chains, such as a very popular trading public chain, have 80-90% of nodes in Tokyo and only 20-30 nodes, which is indeed fast and cost-effective. But if you were an asset management institution, bank, or fund manager, would you dare to keep billions of dollars on such a platform? Will you build a blockchain on Wall Street? Cost and speed are engineering issues or a balance issue that sacrifices decentralization. With enough money and talent, significant improvements can be made within a few years. However, a truly decentralized network is the result of time, gaming, attacks, repairs, and path dependencies, and cannot be achieved quickly through coin issuance and marketing. Ethereum took a full decade to reach its current position: • Global diversity of sufficiently dispersed validators and clients • Anti censorship records that have been repeatedly subjected to real-world stress testing • Extremely high economic security threshold Network effects of developers, liquidity, infrastructure, and institutional cognition And the expectation brought by the Lindy effect that 'the longer you live, the more trusted you will be, and you will continue to live' All these things combined form a time compounded moat. Other public chains can lead in performance in the short term, but the difficulty of replicating this state of "having no landlord and being difficult to become a landlord" increases exponentially. In the public blockchain arena, Ethereum's true opponent is always only one - itself. As long as it does not actively weaken decentralization on its own (such as excessive compromise on performance, governance capture, and client over concentration), external competition is difficult to fundamentally shake it. The market may temporarily overlook this, but when big money really comes in, this attribute will be re priced.