I'm looking at Upwork $UPWK. 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?