Network effects get talked about a lot in crypto.

Usually in the context of users. More users attract more users. More liquidity attracts more liquidity. More developers attract more developers. The flywheel spins and the leading network pulls further ahead of everything behind it.
That version of network effects is real. But it is also the most competed-for dynamic in the entire space. Every project is trying to trigger it. Most fail. The ones that succeed often find that the lead they built ev