There is nothing perdurable, no static element in this process. An everlasting substantial matter is declared to be pure imagination, just as an everlasting substantial soul. There is, therefore, as Santiraksita says, in every next moment not the slightest bit left of what has been existent in the former moment. The moments are necessarily discrete, every moment, i.e., every momentary thing is annihilated as soon as it appears, because it does not survive in the next moment. In this sense everything represents its own annihilation.
-T. Stcherbatsky Buddhist Logic p.95