50 mins ago
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Author: Zuoye Waiboshan
Ethereum has no dreams, Vitalik refuses to become a lifelong charitable dictator; Solana has no bottom line, the only active conspiracy group in the blockchain world; BNB Chain has no future, and only Binance diversion is left outside the ultimate marketing.
Why do we need to study public chains?When you have connections with all retail investors in the cryptocurrency industry, you will inevitably become the infrastructure of this industry. So far, only BTC/ETH, as a public chain, Binance, and Coinbase, as an exchange, have done this. One is decentralized and the other is centralized, and can it connect with everyone if it continues to develop?
In 2025, there will be no more L1, non-EVM and market-influential public chains. L2, Move VM and Sonic/Bear Chain are just making a dojo around tokens. The struggle between Solana and Base is more like a dispute between business consortiums and has little to do with the dispute over technical standards and routes.
Based on this, I summarized three tones of this article, which is also a public chain summary article from a historical perspective. Just like the new Edge chooses to be compatible with Chromium and sets off again, a rushing era is over.
The background of the birth of finance is to hedge business risks, but since its birth, finance has become the main source of risk, from the road protection movement that buried the Qing Empire to the Bitcoin that eroded the legal currency system, it is impossible.
The development of the Internet is a brief history of browser kernels, products and search engines. Convert to the public chain system, EVM/SVM-->ETH/L2, EVM compatible L1-->PoS node system + super dApp.
The public chain is still built on the lowest level of the Internet. After the wild west and the great voyage, the journey of human civilization is the migration from rural areas to cities. The death and life of the super-large public chain reflect the developers' desire.
Before becoming Bitcoin, you have to go through these"Send away the successor of Bitcoin and welcome the new life of Base?
The system of Ethereum is aThe era of arbitrary and individual free will, an era of decentralization, counter-attacking fiat currency systems and world computers, is also dedicated to this era.
After a year of sarcasm, Vitalik chose to promote Aya to the position of chairman of the Ethereum Foundation. After all, Vitalik himself said he could decide everything about EF.
But there is no need to have more expectations for Vitalik. Vitalik is an extremely nostalgic person. Aya is the "drifting mother" he met in Kraken. The hero's last era is the softest part deep in his heart.
I don't want to list various data and charts to prove the problem of Ethereum, because Ethereum itself and EF and EVM ecosystems are actually fine, and BNB Chain and Base will not switch to SVM for the time being.
Referring to the history of browser development, the most "halal", orthodox and free FireFox did not continue the glory of Netscape, but was incorporated under the combination of Google's open source Chromium and Google search commercialization. 90% of Firefox's revenue comes from setting Google as the default search engine, becoming Google's de facto "monetary opposition".
The same is true for today's ETH/EVM system. Every dApp, every L2, every Dev, every VC, and every KOL that make up the EVM circle evolved through the process of natural selection on a unique historical trajectory and in a unique ecological environment.
ETH, L2 and EVM are linked together to form the most "network effect" public chain system at present. The inherent continuity positive feedback mechanism of the network effect will double the ecological connection, which is also the fundamental reason why everyone is scolding but cannot leave.
During the moment, peace will not be peaceful forever, Trident IE will also be replaced by Chromium Edge. The bottom layer of Ethereum is precisely Vitalik’s personal problems, and the collapse of the governance system has led to the current dilemma.
Vitalik's parents are both Soviet Union's people. Vitalik himself is extremely opposed to centralization, autocracy and authoritarian systems. The seeds of the DAO system are buried here, but as mentioned earlier, he also said in person that he can decide everything about the Ethereum Foundation. The rollback after the DAO incident has proved that if it is absolutely not decentralized, it will move towards absolute centralization.
Refer to Satoshi Nakamoto's work, and his merits and fame are hidden deep. Vitalik is obviously in a state of chaos and neutrality. He does not want to lead everything about EF and hopes to retain the final decision-making power over EF. Unfortunately, in the governance system, this is the worst.
Since Machiavelli's "The Prince" and Max Weber's summary of bureaucracy and Taylor's, companies are the most efficient existence in the organizational model of human society. The technological right of Silicon Valley, such as Musk, Peter Thiel, etc., believe that companies should take over, rather than bureaucrats in managing society, and DOGE is its direct product.
But for organizations that are not so "capital efficiency" oriented, such as the technical geek group, how to govern and collaborate on global programmers who do not receive salaries, becomes the social needs of foundations or DAOs. Linux and RISC-V foundations are both examples, but it is not enough. There will always be conflicts in the community and people's hearts are not always in line.
For Linux and Python, its founders will also assume the benevolent dictator for life (BDFL, Benevolent Dictator For Life), but it is not enough. Linux founder Linus did a bad job of banning Russian administrators on October 24 last year. Python announced that it would no longer play the role of BDFL after the 2018 PEP 572 dispute. This move has the beauty of Aptos Mo Shaikh resigning and AVAX directors ran away.
But one thing must be admitted that in the early stages of the development of technical organizations, it is inseparable from the hard nurturing of founders, but the complexity of EF is not here. The capital efficiency-oriented corporate system only needs to be responsible to shareholders, and the social effect-oriented technology foundation only needs to be responsible to the project itself. Programmers are free at all times, and they can choose and fork freely among different organizations.
But EF is not the same as the two. EF can ignore profits. There is enough ETH in the vault, but the EVM ecosystem needs to consider profits. This is the awkward thing about Vitalik--EF-EVM. Vitalik does BDFL's job, but refuses to assume the corresponding position. The downstream of EF is the hungry ETH Hodler and a huge economic system, but they have to operate under Vitalik's personal will.
Only by understanding this, you can understand that the route of Aya’s Infinite Garden is extremely correct. This is the only choice to ensure that everyone in EF can follow Vitalik’s will, the master of the EVM Empire, and the first sister of Duanshui of the Central Military Machine.
Vitalik is like a child holding gold, a famous young BritishXiong cannot maintain balance in a complex world, so he introduces external helpers, but going outwards layer by layer, the external group is more of a profit issue. Vitalik cannot manage EF/Ethereum/EVM like a company, nor refuses to actually assume the nominal role of BDFL like a technical organization. After DAO was falsified in a phased manner, Ethereum is now in a strict low-speed out-of-control state, either slowly silenced or taken over.
The Ethereum community is now talking about Pectra upgrade, but its attention has been reduced to a terrible situation where no one cares about it. This is a precursor to silence. Please believe that this cannot be solved by pulling the disk by ETH or making a few Memes. What Ethereum wants to answer now is whether it is Vitalik's decentralized test ground for practicing non-financialization, or Aya's infinite garden, or a real "world computer".
Vitalik Personally has the dream of adhering to decentralization, non-financial, and non-sovereignty, but EF does not, and it is hard to say that the entire EVM ecosystem has. Equalities of scale are both advantages and curses.
But public chains such as Base have proved that ETH L2 can indeed balance between efficiency and inexpensiveness. There is absolutely nothing wrong with the parallel route of OP/ZK L2, but Base can run without tokens, and it is more like an advanced version of the alliance chain. If this is the bouquet dedicated to the real world by the EVM system, it would be a bit hilarious.
Family, let’s look at Solana and BNB Chain in the distance, at least seriously doing the currency price.
The only remaining conspiracy group in the blockchain camp"Wanwan is yellow and willows, and the flowers are hanging down.
Why choose Ethereum, Solana and BNB Chain as the comparison of super public chains?
BTC does not need comparison. Ethereum's EVM is the de facto industry standard. Just like Chrome accounts for the highest proportion, Solana is more like Safari. Behind the ultimate fluency is centralization. BNB Chain is the only orphan among the old coins such as ADA and XRP that really have on-chain activities.
If there is a palace fight in the currency circle, then Solana It is Huanhuan. After Ling (F) Yun (T) Peak (X) was robbed, she can still perform the heroine drama of Xi (coin price) Concubine (rise) back to the (ecology) palace (recovery). To give only two examples, as of February, Solana DEX trading volume has surpassed Ethereum for 4 consecutive months. In March, Solayer's market value exceeded EgenLayer. In the decline of Meme, Solana still proves herself.
Especially the latter, the pledge/re-pled system is the originality of Ethereum and the most important content of the PoS system. Here, it is alsoBy the way, the corresponding search engines are PoS nodes and Super dApps. Google is essentially an advertising company. Its profit source is to sell Google search traffic to advertisers. The revenue of the PoS chain is to stake the node for the public chain Gas Fee. Super dApps are also the generator of public chain fees, which is the root cause of the two.
Therefore, the prosperity orientation of public chains actually refers to the transactions of public chains, and the SOL coin price and cheap Gas Fee can balance stimulating nodes and encouraging user transactions. Of course, the price is to become a "computer room chain". Responsibly, Ethereum is still decentralized enough, even if Lido accounts for about 30% of the pledge share.
So I like the title of Coin Group very much. Solana has been closely linked to conspiracy since she was a child. From the high control of Jump and SBF to the Jupiter DeFi small group in the Meme era, it is closer to the PayPal gangster color than the words "Community and DAO" - the pursuit of ultimate capital efficiency.
From the absolute scale of the ecosystem, Solana/SVM is much smaller than ETH/EVM, but Solana has found the best way to play: embrace any cabal, if you think the coin issuing group will destroy Solana's image, please flash back to Jump, SBF and the current Trump family. I can't say they are not good people, but there is absolutely no good guy.
Labs and Foundation are divided into two parts. Labs considers more technological progress. The foundation actively markets under the leadership of Lily Liu, which contrasts with Ethereum Vitalik's personal dominance and EVM's attracting ecosystem. This does not mean that EF should be transformed into SF, but more emphasis is that Vitalik's name and reality matches the reality. Either go on it yourself or completely delegate power and concentrate on being a spiritual leader. It is both and obviously not getting anything.
Solana has been growing on the dark side since its birth, embracing the ultimate capital efficiency, and in the name of decentralization, the original number of the coin group is returned, and the retail investor group is open 28.
From this perspective, Solana is the opposite of the scale effect, the relationship between net income and total assets of public chains relative to its number of people: Web2 and industrial companies have more people, the larger the company's assets, but Web3 under the coin price is not the case. Strictly speaking, BTC has no employees, while EF and Linux have already builtBecoming a bloated, Solana has expanded its economic value to the extreme with a relatively few controller system.
If you want to evaluate the human-effect ratio, then Solana deserves to be the first place and rewards a little red flower. With the developer scale of Ethereum, Solana surpassed Ethereum in active addresses and dApp revenue, and it is even more rare that the issuance of DeFi TVL and stablecoins is even more difficult.
In fact, this is mainly achieved when PumpFun occupies most of the issuance of memecoin. It cannot be considered that Solana DeFi has completely surpassed Ethereum as a whole, because the huge scale of Ethereum is also reflected in the L2 and EVM ecosystems, which we will use BNB Chain to illustrate.
Du Dog Paradise transforms into cousin Miaomiao House"The key to the problem is not the size of our brains, but the correct concept.
EVM is Chromium, and BNB Chain's best way out is to become Edge. Binance is the role of Microsoft, and it is definitely the industry's top traffic entrance. We just said that Solana has the highest human efficiency ratio, so BNB Chain's active address crushes everything. BNB Chain has a full 4.4 million, far exceeding Solana's 3 million and Ethereum's 300,000.
Maybe Binance's past glory crushes everything. Most people will call BNB Chain BSC, see the small details, BNB Chain All the highlights of the past are in the past. How to make progress in the future is not something Meme can afford, because BNB coins are the essence, not the ecology, which is also the wonder of BNB Chain.
Complaint, the change of BNB Chain's name highlights the disease of large companies. It has definitely experienced more than one person in charge. It is obvious that BNB Chain's focus is completely different in the industry hotspot cycle.
The name mixingChaos is the manifestation of entropy increase. Entropy can kill people. Whether it is genius, technology and money, everything will move towards disorder and disorder.
Especially the weird name of BNB Chain, which is as strange as ETH Chain or SOL Chain. It focuses too much on the price of currency rather than the ecology. Judging from the experience of Solana and Ethereum, moderation is the true gentleman.
If you summarize the development ideas of BNB Chain, then following the strategy is the best evaluation. From imitating Ethereum in the early days to "plagiarizing" Solana now, please note that this is not a criticism. Everyone likes useful things. AMM DEX swept everything. It can't be said that everyone plagiarized Uniswap. In fact, Bancor is the first one.
But the biggest problem of BNB Chain is to follow the idea of using the exchange, which is actually very different from the idea of building a public chain, and what is more serious is to confuse the two.
We can sort out the mixture of BNB Chain ecology today:
Ethereum thinking: DeFi/Staking/RWA/DePIN/DeFAI/Meme
CZ thinking: AI First/DeSci/Meme
Solana thinking: Payment/Stablecoin/Meme
In fact, Meme is not the focus of BNB Chain's current development because of its "latest", but is more of a three-party consensus zone after the game. Although CZ/Binance has shown that they do not own or manage BNB Chain, their influence is still huge.
Especially after CZ was banned from managing Binance, BNB Chain became its main battlefield, and we can understand the value of BNB and BNB Chain according to the split Binance ecosystem.
BNB's dual identity, that is, as Binance platform coin, it empowers the Binance main site ecosystem. Then BNB serves as the value support of BNB Chain, and meets the income of "old" large-scale nodes and the needs of new users to make high-speed and low-cost Meme.
If Binance's own shares are CZ/He Yi 9:1, then the rise in BNB price and node returns are the only way to give back to node users. In this way, the willingness of large investors to hold BNB is guaranteed, so retail investors' Gas Fee must be consumed through hot products.
As long as the market pull-up (ecological construction fee) is lower than the handling fee contributed by users, then BNB is a cash bull, especially at the moment when CZ actually begins to sell its own shares, BNB's stability is crucial. After all, when Binance went online, it sold BNB instead of Binance shares, maintaining the value and price of BNB.
Only in this way, we can understand the significance behind BNB Chain's frequent liquidity subsidy move. BNB Chain should become a barrier to cash flow on Binance's main site, rather than a blood loss flood discharge.
But now there is no flower red, and Sichuan has 103 palms. It is completely close to the existing system of the United States. Only God knows whether Binance, which can maintain the status quo in the midterm elections and four years later.
Because Base and Solana are more American, Ethereum and BTC are more world-wide, there are only two development paths for public chains, 99% belong to the United States, 1% belong to all mankind, and there is no middle ground.
ConclusionFireFox, the sequel to Netscape Spirit, nurtured the Rust language, and Rust became the forerunner of Solana and Move VMs, which is also a bond between Web3 and Web2.
Vitalik once wanted to intern at Ripple and almost became Sun Chu's colleague. I don't know if it was luck or misfortune. Sun Chu failed to inject Eastern philosophy into Vitalik, which also made Tron bear the bad reputation of plagiarizing Ethereum.
Compared with this, Solana's story is not that legendary, and BNB's story is more like a commercial company, but now everyone's focus is Vitalik personally. He "beats" Ethereum 7 Lianchuang and becomes the main spokesperson of Ethereum. This is a historical opportunity and a heavy responsibility.