加密行业有三大圣杯，交易所/稳定币/公链，今天具体讲讲我对公链的看法。 The crypto industry has three holy grails: exchanges, stablecoins, and public chains. Today, I want to share my thoughts on public chains. 由于@ethereum 珠玉在前，此后大部分通用型Layer1的思路就是招募第三方开发者，让别人构建自己的PMF。 With @ethereum setting the standard, most general-purpose Layer 1s now focus on recruiting third-party developers to build their own PMFs. 早期的ETH第一个PMF就是ICO（ETH早期的ICO用的还是BTC） The first PMF of early ETH was ICOs (which still used BTC). 2018-2020（Defi Summer来临之前）ICO失效了，在那时ETH理论上是没有PMF的，所以低谷时ETH只有$80。 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. 在ETH最困难的时候，@uniswap出现了，@AndreCronjeTech 系列出现了，后续Solana Copy to Ethereum，直到@SBF_FTX 爆雷。 During ETH's toughest times, @uniswap emerged, followed by @AndreCronjeTech series, then Solana's copy to Ethereum, until @SBF_FTX fallout. 仔细想想 - 每次ETH的成功都是从生态涌现的，无论是ICO还是Defi Summer，这非常值得思考。 - 这个周期Sol的成功是降低了发行资产的门槛（ @pumpdotfun ），很好利用它的高性能特性。 - Tron最大的应用就是支付USDT，还有别的吗？没了。 - BTC，定位从最早的“电子支付”直到现在“价值存储”。 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." 所以可以得出结论，一个生态的成功，并不需要搞这么多花里胡哨的Dapp。以前奉为圭臬的成功路径已经走上历史舞台，我不认为2016年出自@usv 的fat protocol（胖协议）是绝对正确。 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. 这个周期让我非常意外的是@HyperliquidX ，它给了我许多灵感，是真正「胖应用瘦协议」的典范。时代变了，我认为这个周期L1不应该再用过去的思路。 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. 未来成功的L1，应该是应用链。说到应用链，再一次叹息，战略上@cosmos 流下了时代的眼泪，应用链的定义，账户抽象，链通信等等全出自cosmos，毕竟就连BTC也是最大的应用链。 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.