## The Moat of DeFi:
*"Warchests of the Last Cycle."*

#### Liquidity Mining:
* Liquidity mining during the economic expansion of '21, was an incubator for DeFi 1.0.
* Project Treasuries were raised, and stewardship of those treasuries allows contributors, and signals to fundamentals investors that the project has a future.
* https://defillama.com/treasuries
#### Core Users
* Token Holders

#### Influencer | Whales
* Venerated Community Leaders, who provide an idea of safety, due to their successful buying and selling of tokens.

#### Contributors
* Core Team Members, with multiple projects under their belt.
* Community Contributors

#### DAO Tooling
* Coordination Tools
* Fundraising Tools
* Treasury Management Tools
* DeFi Protocols

#### Partnerships
* Composible Integrations
* Social Bonds
* Economic Bonds

#### Grant Distributions
* Deal Flow - New projects are coming to these Grant Distribution projects, in order to be selected.
* Composability | Integrations
* Flow into the treasuries, placing these treasuries in position for next cycle.

#### Market Conditions
* Survivorship | Exploits | Scams | Brutal Markets
* Speculation itself perpetuates the Financial Industry

#### Liquidity
* Liquidity itself creates credibility as it allows speculation as an activity.

#### Public Goods
* Open Source Code
* Development Education
* Financial Education

The Moat of DeFi only exists for projects who managed to preserve funds and build treasuries.