The Syrian town of Kobane, also known as Ain-al-Arab, has been the site of fierce fighting between Syrian Kurds and Islamic State (ISIS) for over three weeks. Some have even come to see it as a crucible for President Obama’s military strategy, arguing that if ISIS can still make territorial gains despite US air strikes, the wider chances for victory over Islamic State are pretty bleak.

But what’s really at stake in the battle of Kobane?