GuShiio.com At present, Solana and BNB are still strong in terms of market value, and the difference is basically not big, but other public chains are still “working hard” to climb the ladder, including Ethereum.
Time goes back to the previous round of market prices. In 2021, the Crypto market entered a bull market, and applications such as DeFi, NFT, and GameFi rose rapidly. At that time, Ethereum exposed its limitations due to problems such as transaction congestion and high handling fees. This provides a breakthrough for a new generation of public chain, which has given rise to a large number of public chain projects, such as Solana, BNB Chain, Polkadot, Avalanche, FTM, etc., trying to challenge the hegemony of Ethereum.
These emerging public chains not only compete with each other in terms of consensus mechanisms, transaction speed, and expansion plans, but also engage in incentive competition on how to attract developers, build communities, and gain the favor of capital. They are also known as the “public chain battle.”
Although the advantages among various chains continue to change in the short term, this public chain battle not only greatly promotes the advancement of blockchain technology, but also makes the entire Crypto ecosystem more diversified, and also provides for subsequent new public chains such as Aptos and Sui. The rise of the chain has planted the seeds.
But now, four years after the outbreak of this public chain battle, it seems that people can no longer see this grand occasion. In the past few years, only Solana has climbed from the trough and become another public chain leader with a clean attitude. In addition, the various problems faced by Ethereum itself even threatened Ethereum’s status. Although there is still a gap of about 60% in market value, the market seems to have greater expectations for Solana.
What about other public chains? We can get an overall understanding through the comparison and current situation analysis of several popular public chains in the following table.
It can be seen that Solana and BNB are still relatively strong in terms of market value, and there is basically little difference, but other public chains are still “working hard” to climb the road, including Ethereum.
In the past week, CZ has begun to crazily hint that BNB Chain will usher in various changes and innovations in 2025. It has also tweeted and shouted for it for several days in a row, and ushered in a wave of small climbs in the guess battle between CZ pet dog Broccoli., we are ready to challenge Solana’s glory over the past year.
Of course, in addition to these old public chains who are working hard, there are also emerging public chains like Sui and Bera who are also struggling to catch up. However, it seems that for the current market, people’s expectations for public chains are no longer just faster and better. The performance requirements have gradually become whether you can experience truly applicable products, but this road is really full of thorns. Without the MEME craze for more than a year, I wonder what would happen to Solana?
After all, when it comes to products, there are currently no fist-level applications in any public chain. To create innovative products that meet market demand (PMF) and are sought after, in addition to stablecoins and individual DeFi applications, other directions are still lacking. Even the Agent, which has been popular for some time, has fallen into a new “death spiral.”
Back to the present, for the operators of the public chain, the current debate over the public chain is no longer limited to the moment of fighting for marketing and rewards, but has become a real debate over product polishing. We can also say that MEME is a product form, but pure MEME is not a long-term solution. When the PVP on the chain will eventually get tired of it, it will eventually return to the users (community) and the product itself.
Therefore, looking back at the public chain battle in 2021, we may never be able to go back to that summer. What we can hope for is that there will be a scene like the “Hundred Regiments Battle” on the Internet back then, and we will eventually fight for users, operations, and implementation. After all, L2 can also be regarded as a form of public chain, and the competition may be greater than we expected.
Finally, from the perspective of investment, some selection logic of the public chain still applies. For example, Solana engages in MEME, other chains can also be used. SUI engages in games, other chains can still be used. The market is still big enough, and wherever there is a wealth creation effect, there will be users, so that there is a probability of a product that can be implemented, because the market believes in the logic of having prices first and then products. This trend will not change for a while, after all, summer has not yet arrived.
