The vast majority of emerging platforms possess features, not true economic moats. True defensibility requires compounding leverage: systems that autonomously improve through real-world operational execution, creating insurmountable switching costs. Network effects in this era are driven not by simple user acquisition but by data diversity that sharpens model orchestration, which attracts volume and generates richer proprietary signals. Cash-heavy incumbents cannot simply acquire this operational maturity. You can purchase software features, but you cannot purchase the compounding learning loops generated by entrenched workflow execution. If your competitive advantage does not compound daily, it is terminal.