The Moat That Wasn’t: Network Effects in Decentralized Land
A Dissection of Illusions and Realities in Web3.
In the chaotic landscape of Web3, the touted 'network effects' often collapse under scrutiny, revealing the frail foundations of many projects. This article explores the critical distinctions between fleeting hype and lasting value.
Marcus Thornewood
March 6, 2026
3 min