When network-based assets gain traction over time, they accumulate a competitive advantage that's hard to replicate—what you might call a time-based moat. In the crypto space, this dynamic plays out especially clearly. Projects with established networks, deep liquidity, and years of infrastructure development create barriers to entry that newer competitors struggle to overcome.

Take BTC and ETH as prime examples. Bitcoin's first-mover advantage combined with its immutable ledger and growing adoption creates staying power. Ethereum's ecosystem, with thousands of dApps, billions locked in protocols, and developer mindshare built over years, doesn't vanish overnight. The longer these networks exist and the more activity they accumulate, the more defensible their positions become.

This isn't about hype—it's structural. When choosing where to deploy capital in crypto, recognizing which assets have earned their moats through time and adoption matters.