There are three holy grails in the crypto industry, exchanges/stablecoins/public chains, and today I will talk about my views on public chains. The crypto industry has three holy grails: exchanges, stablecoins, and public chains. Today, I want to share my thoughts on public chains. Since @ethereum Jewel came first, most general-purpose Layer 1 ideas after that were to recruit third-party developers and let others build their own PMFs. With @ethereum setting the standard, most general-purpose Layer 1s now focus on recruiting third-party developers to build their own PMFs. The first PMF of early ETH was ICO (ETH was still used in BTC in the early ICO) The first PMF of early ETH was ICOs (which still used BTC). The 2018-2020 (before the Defi Summer) ICO failed, and at that time ETH theoretically did not have PMF, so ETH was only $80 at the trough. From 2018 to 2020, before DeFi Summer hit, ICOs became ineffective, leaving ETH theoretically without a PMF, which is why it dropped to $80 during the lows. At the most difficult time for ETH, @uniswap appeared, the @AndreCronjeTech series appeared, and the follow-up Solana Copy to Ethereum was followed until @SBF_FTX exploded. During ETH's toughest times, @uniswap emerged, followed by @AndreCronjeTech series, then Solana's copy to Ethereum, until @SBF_FTX fallout. Think about it - Every ETH success emerges from the ecosystem, whether it's an ICO or a Defi Summer, which is well worth thinking about. - The success of this cycle Sol is that it lowers the threshold for issuing assets (@pumpdotfun) and makes good use of its high performance characteristics. - Tron's biggest application is to pay USDT, is there anything else? Nope. - BTC, positioned from the earliest "electronic payments" to the present "store of value". Thinking it through: - Every success of ETH has emerged from its ecosystem, whether it was ICOs or DeFi Summer. This is worth pondering. - Solana's success this cycle lowered the barrier for asset issuance (@pumpdotfun) and effectively utilized its high-performance features. - For example, Tron’s biggest application is USDT payments—anything else? Nope. - BTC's positioning has evolved from "electronic payment" to "value storage." Therefore, it can be concluded that the success of an ecosystem does not require so many bells and whistles. What was previously the norm for success has gone down the charts, and I don't think the 2016 fat protocol from @usv is absolutely right. So, we can conclude that the success of an ecosystem doesn’t require a plethora of flashy DApps. The previously revered path to success has taken its place in history. I don’t believe the fat protocol concept from @usv in 2016 is absolutely correct. What surprised me this cycle was @HyperliquidX, which gave me a lot of inspiration and is a true example of "fat app skinny protocol". Times have changed, and I don't think this cycle L1 should use the old way of thinking. What surprised me this cycle is @HyperliquidX, which inspired me greatly—it's a true example of "fat apps, thin protocols." Times have changed, and I believe future successful L1s shouldn’t rely on past thinking. The successful L1 of the future should be the application chain. Speaking of appchains, sigh again, strategically @cosmos shed the tears of the times, the definition of appchains, account abstraction, chain communication, etc. are all from cosmos, after all, even BTC is the largest appchain. The successful L1 of the future should be application chains. Speaking of application chains, I can't help but sigh—strategically, @cosmos has shed tears of its era. The definitions of application chains, account abstraction, chain communication, etc., all originate from Cosmos. After all, even BTC is the largest application chain.