Do you mean
Your moat only matters until you’ve solved a real user need. Once the need is clearly being met, the moat matters less than trust, adoption, and execution.
If yes - I wonder what does it mean for a product.
Do you mean that after need is met (PMF reached) no one can beat: - brand - distribution - support - community?
For me it's a combination of two.
Personal validation - "can I build something people love?"
And financial - "can I build a successful company around it?"
So this way there is no event after which the project becomes less relevant for me. It's a process, and I expect it to be along process.
That's the reason I can't commit to open-sourcing my product at some point in time.
However at the same time there are pretty successful companies that have a trust of being "secure and privacy first": - Apple - Telegram
While at the same time there are pretty good counter examples: - PostHog - Signal