After Solana succeeded, the public chain war came to an end?

The cryptocurrency bull market in 2021 has given rise to the booming development of applications such as DeFi, NFT and GameFi, and has also exposed the limitations of Ethereum in terms of transaction congestion and high handling fees. This provides an excellent opportunity for new generations of public chains such as Solana, BNB Chain, Polkadot, Avalanche and FTM. They are all trying to challenge Ethereum's dominance and set off a fierce "public chain war".

This competition is not only reflected in the technical aspects of consensus mechanism, transaction speed and expansion plans, but also extends to developer attraction, community construction and capital competition. Although the advantages of each public chain have increased and decreased, this competition has undoubtedly greatly promoted the progress of blockchain technology, made the Crypto ecosystem more diversified, and laid the foundation for the rise of rising stars such as Aptos and Sui.

However, four years later, the grand occasion is no longer there. Solana has become one of the few successful breakthroughs, and its strong growth momentum even once threatened Ethereum's status, although the market value gap remains.

The following table compares the market value and current status of popular public chains back then:

Data shows that Solana and BNB Chain are still leading the way, but other public chains are still struggling to catch up. Recently, Binance founder Zhao Changpeng has frequently hinted that BNB Chain will usher in major changes in 2025 and actively promotes it, as if intent to challenge Solana's brilliant achievements in the past year.

At the same time, emerging public chains such as Sui and Aptos are also actively entering the market, but the market demand for public chains is no longer just about performance improvement, but pays more attention to practical application scenarios. However, creating a truly market-oriented application product is not easy, and even Solana may have had a very different trajectory without the Meme boom last year.

At present, almost all public chains lack landmark killer applications. In addition to stablecoins and some DeFi applications, innovation in other fields is weak. Even the once-hot Agent project is in trouble.

Now, the competition for public chains has changed from simple marketing and reward competition to competition for product strength. Although Meme is also a product form, it is not a long-term solution. Ultimately, community construction and the products themselves are the keys to determining the success or failure of the public chain.

The public chain war in 2021 may be gone forever, but the competition in the future will be more intense, which will be a protracted war around users, operations and implementation of applications. L2 is also involved, and the competitive landscape is much more complicated than we imagined.

From the investment perspective, some choice logics still apply. For example, Solana's Meme marketing strategy can also be used by other public chains; Sui focuses on the game field, and other public chains can also be explored. The market is big enough, wherever there is wealth effect, there will be users. This will help to give birth to products that are truly implemented, because the market still follows the logic of "there is price first, then the product". This trend will not change in the short term.

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