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I'm looking at Upwork $UPWK-7.6%. It is a platform for freelancers.

I'm trying to evaluate Upwork's moat. I see the main advantage as half the fees compared to competitor Fiverr, 10% X 20% on sales.
That fixed 10% is a new format beginning in 2024, which should boost Upwork's profits considerably. I fear, however, that Fiverr will respond to this move by lowering fees and moat will disappear. The question is whether Fiverr is in a financial position to afford this change.

I'd love to hear your thoughts. Alternatively, do you have any experience with the platforms?

This is the first I've heard of it, but it's definitely worth researching