Yet it is not strictly a protocol’s popularity that increases its value long term, but instead, a combination of its popularity and defensibility. While popularity is easy to measure, defensibility is more complicated, presenting itself in various forms. After evaluating dozens of protocols, I believe that the most desirable form of defensibility is usefulness that cannot be easily forked by a competitive project.
Which Web 3 Protocols Are Most Likely to Succeed? A VC Suggests a Common Thread
