Source: A16Zfrontier
As generative AI eliminates the technical friction of building applications, the competitive moat shifts from proprietary code to access and liquidity within networks—a thesis crypto evangelists have preached for years but couldn't execute because experimentation was prohibitively expensive for all but elite builders. The democratization of software development doesn't level the playing field; it inverts it, making the platforms that can aggregate users, capital, and data—like DeFi protocols that offer ready-made liquidity—the only assets worth defending. This explains why crypto's composability pitch is suddenly viable: when anyone can code, rents accrue entirely to whoever owns the network effects.