The moat of a public chain does not lie in financing, nor in technology, and not even in the diversity of its ecosystem, but rather in the originality of the ecosystem and its oligopoly degree.
The stronger the originality, the higher the oligopoly degree, the better the moat effect.
For example,
meme launchpad @pumpdotfun to @solana
decentralized prediction market @Polymarket to @0xPolygon
intention layer Near Intents to @NEARProtocol
Perp DEX @GMX_IO to @arbitrum
This also explains well why the lifecycle of high-performance public chains born in this cycle is so short. That is the absence of a moat.