Moats in crypto are hard. Open markets. Open data. Connected gardens. Terminals differentiate on product execution and brand. Axiom. Photon. Gmgn. TG bots. Mobile apps. etc. Exchanges like Coinbase and Robinhood are able to differentiate because they have proprietary orderflow, exchange-owned liquidity, and some regulatory advantages. Most terminals don't have these benefits today and therefore barrier to entry are low. After all, Axiom is one of the fastest revenue scaling companies of all time. They were able to do this through speed, execution, and incentives (e.g. rev shares). But, that also means new trading apps can also scale quickly. The Terminal Wars aren't over.

@gajesh The venn diagram between gambling and investing is getting closer to being a perfect circle