Ethereum maintains its leading position in the L1 blockchain market with its superior Total Value Locked (TVL), continuously attracting concentrated capital and users. Its mature smart contracts and decentralized architecture deepen the ecosystem, attracting institutional participation. Although other chains have advantages in efficiency and cost, Ethereum still leads significantly in stability and application composability. Future competition will focus on performance and application scenarios.

Author: danny When we talk about public chains during a bear market, what are we really discussing? Price? Community? Or governance? The deeper question is: operating a public chain is essentially governing a digital nation. Tokens are currency, developers are citizens, DApps are industries, and on-chain governance is government. If we reexamine Solana's development history from the perspective of nation-building, many seemingly coincidental decisions have clear logic behind them. Prologue: No One Is Born to Be Strong On August 9, 1965, Lee Kuan Yew shed tears on camera. Singapore was "kicked out" of the Malaysian Federation, becoming a tiny island nation with no hinterland, no resources, and no army. No one believed it could survive. On November 11, 2022, FTX filed for bankruptcy. Solana's TVL evaporated over 75% in a week, and SOL's price crashed from $32 to