According to ChainCatcher, QwQiao, co-founder of Alliance DAO, stated on the X platform that the most objective metric for measuring a "moat" is the fee/revenue ratio; other metrics are vanity metrics. If your business has a sustainable "moat" and operates in a growing market, then revenue should continue to grow. Conversely, without a "moat," you will either lose market share or be forced to maintain it through price wars. Both scenarios will cause expenses to stagnate or even decline over time.
QwQiao emphasizes that the lack of a moat in a business doesn't mean it has no value. It simply means that it delivers value to customers, rather than keeping it all for itself. In fact, this is true for the vast majority of businesses in the world.
