PANews reported on November 30th that QwQiao, co-founder of Alliance DAO, stated in an article on the X platform that the most objective metric for measuring a "moat" is the expense/revenue ratio; other metrics are vanity indicators. If your business possesses a lasting "moat" and operates in a continuously 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 lead to expenses stagnating or even declining 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.