After Solana was ahead of the crowd, the public chain war ended?

Author: Blockchain Knight

Time goes back to the previous round of market. 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 congestion in transactions and high handling fees. This provides a breakthrough for the new generation of public chains, thus giving birth to a large number of public chain projects, such as Solana, BNB Chain, Polkadot, Avalanche, FTM, etc., trying to challenge Ethereum's dominance.

These emerging public chains not only compete with each other in consensus mechanisms, transaction speeds, and expansion plans, but also engage in incentive competition in how to attract developers, build communities and gain capital favor, which is also called the "public chain dispute."

Although the advantages between chains continue to change in the short term, this public chain dispute not only greatly promotes the progress of blockchain technology, but also makes the entire Crypto ecosystem more diversified, and also serves as a result of the subsequent new public such as Aptos and Sui The rise of the chain planted the seeds.

But four years after this public chain dispute broke out, it seems that people can no longer see this grand occasion. In the past few years, only Solana has climbed up from the trough, and her posture has become another leading public chain. , coupled with the various problems faced by Ethereum itself, even threatened Ethereum's status for a time. Although the market value is still around 60%, the market seems to have greater expectations for Solana.

What about other public chains? We can get a general understanding through the comparison of market value and analysis of the current situation of popular public chains in the following table.

It can be seen that Solana and BNB are still strong in terms of market value, basically not much difference, but other public chains are still "working" to climb, including Ethereum.

In the past week, CZ began to hint wildly that BNB Chain will usher in various changes and innovations in 2025, and has also tweeted for it for several days, and ushered in a wave of small things in the name guessing battle of CZ pet dog Broccoli Climax, very prepared to challenge Solana's glory in the past year.

Of course, in addition to these old public chains that are vigorously urging, emerging public chains like Sui and Bera are also striving to catch up. But it seems that for the current market, people's expectations for public chains are no longer just faster and more Good performance requirements have gradually become whether you can experience truly applicable products, but this road is really full of thorns. If there were no more than a year of MEME craze, what would happen to Solana?

After all, once you talk about products, no public chain has ever had a strong application. To create innovative products that meet market demand (PMF) and can be sought after, there are still few other directions except stablecoins and individual DeFi applications. Shankexin, even the Agent who has been popular for a period of time has fallen into a new "death spiral".

Back to the present, for the operators of public chains, the current dispute over public chains is no longer limited to the moment of competing for marketing and rewards, but has become a real competition for product polishing. We can also say that MEME is a This product form, but pure MEME is not a long-term solution. When on-chain PVP is tired of it, it will eventually return to the users (community) and the product itself.

So, looking back at the public chain dispute in 2021, we may never go back to that summer. What we can hope for is the scene of the "Hundred Regiments War" of the Internet that year, and we will eventually compete for users, operations, and implementation. After all, L2 can also be regarded as a form of public chains, and the competition may be greater than we expected.

Finally, from the perspective of investment, some choice logic of public chains still applies, such as Solana is engaged in MEME, other chains are also available, SUI is engaged in games, other chains are still possible, and the market is still large enough, where is there a wealth creation effect, and where There are users, and this is the probability of a product that is effective, because the market believes in the logic of having prices first and then products. This wind will not change for a while, after all, summer has not come yet.