Core Viewpoint - Public chains are considered the "trust infrastructure" of the digital world, making them a worthy investment due to their foundational role in Web3 and their characteristics of decentralization, transparency, and smart contract execution [1] Investment Logic: Three Dimensions to Filter Potential Public Chains - **Technical Route**: Innovations that address the "impossible triangle" are crucial for public chains [1] - **Ecosystem Vitality**: Growth in developers and users is key to the success of public chains [1] - **Business Model**: Revenue generation and token economic models are essential for sustainability [1] Key Characteristics of Public Chains - **High Technical Barriers**: Public chains are the source of blockchain innovation, with technological iterations directly impacting industry dynamics, such as Ethereum's transition from PoW to PoS [2] - **Strong Ecosystem Network Effects**: High migration costs for developers and users create a "moat" for leading public chains, with Ethereum holding 70% of DeFi's Total Value Locked (TVL) [2] - **Policy Dividend Window**: As global regulations become clearer, compliant public chains are expected to have long-term growth opportunities, exemplified by Polygon's collaborations with financial institutions [2] Performance and Ecosystem Insights - **Modular Architecture**: Celestia focuses on the data availability layer, reducing Layer 2 development costs, with a projected market cap growth of over 200% by 2025 [3] - **High-Performance Optimization**: Solana achieves thousands of transactions per second (TPS) through Proof of History (PoH), with DEX trading volumes expected to surpass Ethereum multiple times in 2024 [3] - **Security and Decentralization**: Ethereum's sharding and Danksharding technologies could theoretically increase TPS to 100,000 by 2025, while reducing gas fees by 90% [3] - **Developer Community**: Ethereum boasts the largest developer community globally, with over 48 million smart contracts and more than 3,000 ecosystem projects [3] - **User Activity**: Solana has surpassed 1 million daily active addresses, with growth in on-chain gaming and high-frequency trading users [3] - **Cross-Chain Interoperability**: Polkadot and Cosmos are enhancing multi-chain ecosystems through the Inter-Blockchain Communication (IBC) protocol, with cross-chain DeFi TVL expected to exceed $20 billion by 2025 [3] - **Block Space Sales**: Ethereum's gas fees and EIP-1559 burning mechanism are projected to generate over $450 million in revenue by 2025, showcasing significant deflationary effects [3] - **Application Layer Fees**: Arbitrum, as a Layer 2 solution for Ethereum, is expected to capture transaction fees through Optimistic Rollup technology, with TVL projected to exceed $50 billion by 2025 [3] - **Ecosystem Subsidies**: BNB Chain leverages exchange traffic to maintain user engagement through token buybacks and burns [3] Individual Public Chain Analysis - **Ethereum (ETH)**: Recognized as the "operating system of the digital world," it has a clear technical route, deep ecosystem moat, and high institutional recognition, with risks including increased competition and regulatory uncertainty [5] - **Solana (SOL)**: Known as the "king of high-frequency trading," it offers high TPS and low gas fees, with risks related to centralization and network stability [6] - **Arbitrum (ARB)**: Positioned as the "core of Ethereum scaling," it benefits from EVM compatibility and leads in Layer 2 TVL, with risks tied to reliance on Ethereum's mainnet security [7] - **Sui (SUI)**: A "Move language innovator," it enhances transaction parallel processing and aims for significant growth in ecosystem projects by 2025, facing challenges in market education [8] - **Celestia (TIA)**: As a "modular infrastructure pioneer," it provides a data availability solution that lowers Layer 2 development barriers, with a projected market cap growth of over 300% by 2025, though it faces maturity challenges [9] Shift from Performance Competition to Ecosystem Collaboration - The competition among public chains has evolved from mere performance optimization to a deeper integration of technology, compliance, and the real economy [12] - **Cross-Chain Connectivity**: Polkadot and Cosmos are driving multi-chain ecosystem interoperability, with cross-chain DeFi TVL expected to exceed $20 billion by 2025 [12] - **Compliance Adaptation**: Exchanges like Messiah are providing secure entry points for institutions through compliance frameworks, promoting the mainstream adoption of DeFi [12] - **Integration with Real Economy**: Akash Network is integrating decentralized physical infrastructure networks (DePIN) to tokenize real-world assets like charging stations and solar power plants, facilitating the digitalization of traditional industries [12] Conclusion - Public chains represent the "trust infrastructure" of the digital world, with investment focus on technological iterations, ecosystem vitality, and compliance processes. Short-term opportunities lie in modular solutions (Celestia), Layer 2 (Arbitrum), and high-performance chains (Solana), while long-term prospects favor the continued evolution of the Ethereum ecosystem. The collaboration between Akash Network and Messiah Exchange highlights the potential for technological implementation and compliance adaptation [13]

Core Insights - BNB Chain validators propose to reduce the minimum Gas fee from 0.1 Gwei to 0.05 Gwei, and shorten block intervals from 750 milliseconds to 450 milliseconds, aiming to enhance BSC's competitiveness in low-fee public chains [1] - If implemented, transaction fees will drop to approximately $0.005, following previous fee reductions that resulted in a 75% decrease in fees and a 140% increase in daily transaction volume to 12 million [1] - The proposal includes a core principle to pursue the lowest possible Gas fees while maintaining a staking yield of over 0.5%, with a long-term goal of reducing fees to $0.001 per transaction [1]

Core Insights - Blockchain technology is regarded as the "cornerstone of the next-generation internet," with public chains being essential for decentralized applications (DApps) and value transfer [1] - The public chain industry faces significant challenges, including the balance of performance, security, and decentralization, ecological fragmentation, regulatory uncertainty, and high user experience barriers [3][4][5][6] Group 1: Challenges in Public Chains - The "impossible triangle" of balancing performance, security, and decentralization remains a fundamental challenge for public chains, with examples like Bitcoin, Ethereum, and Solana illustrating the trade-offs involved [3] - Ecological fragmentation leads to "chain islands," where assets and data cannot flow freely between different public chains, hindering collaborative development [4] - Regulatory uncertainty poses compliance risks, with varying attitudes towards cryptocurrencies across countries, impacting the operation of public chain projects [5] - High user experience barriers, such as complex private key management and high transaction fees, hinder the widespread adoption of Web3 applications [6] Group 2: Decision-Making Framework - Developers should prioritize public chains that support mainstream programming languages and have robust ecological tools, such as Ethereum and BNB Chain [7][8] - Investors should assess the activity level of ecosystems, focusing on metrics like Total Value Locked (TVL), DApp count, and user engagement, with Ethereum Layer 2 and Solana showing rapid growth [8] - Investors are advised to select deflationary tokens or those with broad application scenarios, such as BTC, ETH, and BNB [9] - Enterprises should prioritize compliance and cross-chain capabilities, selecting public chains with strong regulatory adherence [11] Group 3: Innovative Solutions - Akashi public chain aims to create a "cross-chain highway," enabling seamless asset and data flow between different public chains, enhancing interoperability [14] - Messiah Exchange serves as a cross-chain trading platform, integrating multi-chain assets and providing one-click exchange services, with a focus on compliance and liquidity [15][16] - Technological advancements, such as zero-knowledge proofs and sharding, are expected to enhance public chain performance, while standardized cross-chain protocols will accelerate ecosystem integration [18] Group 4: Future Outlook - The public chain industry, despite its challenges, shows signs of breakthrough with Akashi's cross-chain technology and Messiah's compliance practices, emphasizing the dual importance of "connection" and "compliance" [19] - The future vision for public chains is a connected, secure, and trustworthy blockchain "continent," moving away from isolated "digital castles" [20] - Understanding challenges, making rational choices, and embracing innovation will be key for participants to seize opportunities in the blockchain era [21]

Core Insights - IOTA celebrates its 10th anniversary alongside Ethereum, marking a decade of evolution in blockchain technology and its applications in various sectors [1][2] - The project has established itself as a significant player in decentralized infrastructure, focusing on real-world applications and partnerships with governments and enterprises [1][12] Group 1: Evolution and Current Position - IOTA has transitioned from a niche project to a key player in financial innovation, data security, and global trade digitization [1][2] - The launch of the Rebased mainnet upgrade and the TWIN digital trade infrastructure highlights IOTA's commitment to enhancing its ecosystem and real-world applications [1][5] Group 2: Ecosystem Development - IOTA's ecosystem includes diverse modules such as DeFi, RWA, NFT, GameFi, and Meme, creating a comprehensive financial service framework [6][10] - The introduction of Pools as a decentralized exchange (DEX) and Deepr as a lending platform enhances liquidity and user experience within the IOTA ecosystem [6][7] Group 3: Real-World Applications - TWIN, launched in May 2025, aims to improve global trade transparency and efficiency through decentralized data exchange [13][14] - TLIP focuses on enhancing cross-border trade logistics, particularly in Africa, by simplifying information exchange and promoting international trade [14][20] Group 4: Compliance and Global Strategy - IOTA emphasizes compliance as a critical factor for establishing trust with governments and institutions, having achieved various certifications and partnerships globally [18][19] - The project has made significant strides in the MENA region, Europe, North America, and Africa, aiming to expand its reach and influence in the blockchain space [19][20] Group 5: Technological Advancements - The Rebased mainnet upgrade introduced a dual smart contract ecosystem, enhancing IOTA's performance, security, and developer accessibility [23][24] - IOTA's network can handle over 50,000 transactions per second (TPS) with sub-second confirmation times, making it suitable for high-frequency trading [24] Group 6: Developer Engagement and Community - IOTA has launched multiple hackathons and grant programs to foster developer engagement and support innovative projects within its ecosystem [38][43] - The IOTA token ($IOTA) plays a crucial role in the ecosystem, with over 80% circulation, indicating strong liquidity and community involvement [48]

Core Insights - TRON's participation in EthCC 2025 as a WAGMI sponsor highlights its commitment to decentralized technology and global strategy [1][3] - The event showcased TRON's technological advancements and its vision for a collaborative ecosystem in the blockchain industry [3][4] Group 1: TRON's Strategic Positioning - TRON aims to promote internet decentralization and views its sponsorship of EthCC as a milestone in its global strategy [3] - The platform's booth became a focal point, demonstrating its high-performance blockchain architecture and decentralized finance (DeFi) innovations [3] - TRON's mainnet has achieved an average daily transaction volume exceeding 9 million, with over 315 million on-chain accounts and a total value locked (TVL) of $22 billion [3] Group 2: Collaborative Initiatives - TRON announced strategic partnerships with several EthCC participants, focusing on technology development, application expansion, and talent cultivation [4] - A notable collaboration with Consensys aims to develop cross-chain interoperability tools, simplifying the deployment process for developers [4] - TRON launched a "Web3 Infrastructure Developer Incentive Program," investing tens of millions to support innovative projects within the TRON and Ethereum ecosystems [4] Group 3: Technological Achievements - TRON showcased its advancements in cross-border payments, achieving near-instant settlement times and transaction fees below 0.1% for thousands of businesses in emerging markets [6] - The partnership with APENFT introduced a new version of a blockchain art platform, enhancing revenue transparency for creators through AI-generated technology [6] - TRON's practical applications across various sectors, including stablecoins and creator economies, serve as replicable models for the industry [6] Group 4: Vision for the Future - TRON positions itself as a "bridge" connecting different ecosystems and empowering diverse groups, aiming to make blockchain technology a foundational element for global change [8]

Core Insights - The ETH Beijing Hackathon 2025, a significant Ethereum technology event in the Chinese-speaking region, was held from May 16 to 18, attracting numerous developers with innovative projects focusing on public goods and AI + blockchain [1][7] - TRON emerged as a gold sponsor, showcasing its technological strength and ecosystem layout, which sparked enthusiastic discussions about the TRON ecosystem [1][7] TRON's Blockchain Infrastructure - Since its establishment in 2017 by Justin Sun, TRON has aimed to create an efficient and low-cost blockchain infrastructure, utilizing a Delegated Proof of Stake (DPoS) consensus mechanism with a block time of just 3 seconds and a theoretical peak TPS exceeding 2500 [3] - As of May 2025, TRON has surpassed 307 million total user accounts, with over 10.3 billion transactions and a total value locked (TVL) of $23 billion, maintaining a leading position among public chains [3] - In the stablecoin sector, TRON is the undisputed leader, with USDT-TRC20 circulating over $75 billion on the TRON network, accounting for approximately 50% of the global USDT supply [3] DeFi Ecosystem and Compliance - TRON's DeFi ecosystem is thriving, with JustLend's total locked value nearing $6 billion, and products like SUN and JustStables accounting for nearly 80% of TRON's DEX trading volume [3] - TRON has demonstrated its commitment to compliance and security in the stablecoin space by collaborating with the T3 Financial Crimes Unit to freeze over $126 million in illicit funds [3] Innovations and Collaborations - TRON is actively promoting real-world asset (RWA) tokenization, collaborating with Brazil to issue the BRL stablecoin MBRL, and has established a $100 million AI fund to attract developers in the AI + blockchain sector [4] - The partnership with the government of Dominica designates TRON as the national blockchain, facilitating the digital economy's transformation [4] BitTorrent Chain (BTTC) and Cross-Chain Capabilities - BTTC, a crucial component of the TRON ecosystem, was highlighted at the ETH Beijing Hackathon for its unique advantages as a cross-chain scaling solution, supporting interoperability among major chains like TRON, Ethereum, and BNB Chain [6] - BTTC features a three-layer architecture, ensuring secure and efficient cross-chain asset transfers, with transaction confirmation times of 2-3 seconds and costs below $0.01 [6] - Currently, BTTC supports over 100 tokens for cross-chain mapping, with an active user base exceeding 37 million, and offers developer-friendly tools to facilitate Web3 application deployment [6] Future Outlook - TRON aims to continue its focus on AI, RWA, and Web3 identity, collaborating with global developers to drive blockchain technology's role in the digital economy [7]