1. Ethereum: The Battle for Moats, From "Technology" to "Community"

Sharplink CEO's remarks caused a huge ripple, emphasizing that Ethereum's true moat is not in the performance improvements highlighted by technical parameters, but in its massive community ecosystem and the power of "people." This view directly points to the core of the cryptocurrency world—although technological progress is key to driving industry development, ultimately, the success or failure of a project depends on individuals willing to contribute their time, wisdom, and even funds. Ethereum's smart contract functionality, decentralized features, and its position as the foundation of DeFi and NFT sectors are all built on a large and active user base. This trust network built by "people" has become a moat that is difficult to replicate.