After Solana is ahead, the public chain war ends?

The bull market in cryptocurrency market in 2021 has spawned many public chain projects that challenge Ethereum's dominance, such as Solana, BNB Chain, Polkadot, Avalanche and FTM, setting off a fierce "public chain dispute". This competition not only promoted the development of blockchain technology, but also enriched the cryptocurrency ecosystem.

The core of this competition lies in many aspects such as consensus mechanism, transaction speed, expansion plan, developer attractiveness, community construction and capital attention. Although the advantages of each public chain have increased and decreased, Solana stood out and became the leader of public chains second only to Ethereum, and even once posed a threat to its status.

However, the grand occasion of the "public chain dispute" is no longer as grand as before. The following table compares the market value and current status of popular public chains back then:

Solana and BNB Chain still take the lead, but other public chains are still struggling to catch up. Recently, Binance founder CZ has actively built momentum for BNB Chain, indicating that it will usher in major changes. At the same time, emerging public chains such as Sui and Aptos have also joined the competition.

However, the market's expectations for public chains are no longer just about performance improvement, but focus more on the implementation of practical application products. This is not easy, and even Solana may have a very different trajectory without the boost of the MEME boom. At present, except for stablecoins and some DeFi applications, most public chains still lack influential killer applications.

The current "public chain competition" is no longer a simple competition for marketing and rewards, but a competition for product polishing. Although MEME is also a form of product, it is not a long-term solution. Ultimately, community building and the product itself are the key to determining the outcome.

Similar to the "Hundred Regiments War" in the early Internet, the competition for public chains in the future will be more intense, and L2 will also participate. In terms of investment, Solana's MEME strategy and Sui's game strategy provide reference for other public chains. The market is still huge. Wherever there is a wealth effect, there will be users, thus creating truly implemented products. The market follows the logic of "price comes first, then product comes" and will not change in the short term.

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