加密行業有三大聖杯，交易所/穩定幣/公鏈，今天具體講講我對公鏈的看法。 The crypto industry has three holy grails: exchanges, stablecoins, and public chains. Today, I want to share my thoughts on public chains. 由於@ethereum 珠玉在前，此後大部分通用型Layer1的思路就是招募第三方開發者，讓別人構建自己的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第一個PMF就是ICO（ETH早期的ICO用的還是BTC） The first PMF of early ETH was ICOs (which still used BTC). 2018-2020（Defi Summer來臨之前）ICO失效了，在那時ETH理論上是沒有PMF的，所以低谷時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最困難的時候，@uniswap出現了，@AndreCronjeTech 系列出現了，後續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. 仔細想想 - 每次ETH的成功都是從生態湧現的，無論是ICO還是Defi Summer，這非常值得思考。 - 這個週期Sol的成功是降低了發行資產的門檻（ @pumpdotfun ），很好利用它的高性能特性。 - Tron最大的應用就是支付USDT，還有別的嗎？ 沒了。 - BTC，定位從最早的“電子支付”直到現在“價值存儲”。 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." 所以可以得出結論，一個生態的成功，並不需要搞這麼多花裡胡哨的Dapp。 以前奉為圭臬的成功路徑已經走上歷史舞臺，我不認為2016年出自@usv 的fat protocol（胖協定）是絕對正確。 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. 這個週期讓我非常意外的是@HyperliquidX ，它給了我許多靈感，是真正「胖應用瘦協定」的典範。 時代變了，我認為這個週期L1不應該再用過去的思路。 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. 未來成功的L1，應該是應用鏈。 說到應用鏈，再一次歎息，戰略上@cosmos 流下了時代的眼淚，應用鏈的定義，帳戶抽象，鏈通信等等全出自cosmos，畢竟就連BTC也是最大的應用鏈。 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.