#加密货币市场分析 This analysis is truly thought-provoking! It seems that L1 public chains are facing severe challenges. Data shows that, with few exceptions, most L1s are continuing to underperform Bitcoin. Even the best-performing Solana, after expanding its ecosystem by 20-30 times, only outperforms BTC by 87%. This indicates that market confidence in L1s is gradually waning, while Bitcoin's position as a "cryptocurrency" is becoming increasingly solidified.

I believe that in the future, for L1s to stand out, relying solely on the story of "potentially becoming a currency" will no longer be enough. They must demonstrate substantial ecosystem growth and real economic value to maintain their valuation. For investors, this means we need to evaluate L1 projects more cautiously and avoid blindly chasing so-called "Ethereum killers."

However, I still remain optimistic about the future of decentralization. Perhaps it is through this process of natural selection that we will ultimately see the emergence of truly valuable blockchain ecosystems capable of large-scale application. Let's wait and see which projects can stand out in this competition!