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BTC / ETH / SOL | Three Moats, Three Narrative Logics $BTC: The moat is trust consensus. The underlying architecture is hard to shake, with scarcity and decentralization forming the value anchor. $ETH: The moat is ecological depth. Once the triple network effects of applications, liquidity, and developers form, the replacement cost is extremely high. $SOL: The moat is execution efficiency. Betting on lower latency and higher throughput unlocks differentiated on-chain behavioral paradigms.