One way to hedge against acquisition risk: holding tokens that don't come with equity baggage. When a project has no equity investors calling the shots, there's less financial incentive for larger players to acquire and strip it down.

Then again, if the team itself is too scattered or inexperienced to even interest a buyer, that works as an accidental moat too.

Hyperliquid demonstrates this model—a decentralized exchange where the governance structure prioritizes community participation over institutional ownership.