From ETH to SOL, DOT: Why Do Explosive Public Chain Projects Keep Emerging?
AVAX +5.89%
Starting from mid-to-late July, the crypto market began to emerge from the shadow of the May 19 crash and resumed its upward trend. The most eye-catching sector during this period has undoubtedly been public chains, with numerous public chain projects experiencing significant gains. According to OKX platform data: SOL (Solana) rose from $22.1 to $216, with a maximum gain of 877%; ATOM (Cosmos) rose from $8.95 to $38.93, with a maximum gain of 335%; LUNA (Terra) rose from $5.58 to $44.53, with a maximum gain of 698%; AVAX (Avalanche) rose from $9.32 to $65.76, with a maximum gain of 605%.
As the king of public chains, ETH (Ethereum) rose from $1,718 to $4,029, with a maximum gain of 135%, far exceeding Bitcoin's 80% gain, leading to renewed market chatter about "ETH's market cap surpassing BTC ." Why are public chain projects so strong, rising collectively and repeatedly breaking new highs? Which public chain projects deserve attention in the market?
Veterans of the crypto market have likely noticed this pattern: every so often, one or several public chain projects explode onto the scene, capturing center stage and attracting the entire market's attention. Whether market hotspots shift toward IxO, DeFi, NFT, or GameFi, public chain projects consistently dominate the spotlight. It can be said that while hotspots come and go like flowing water, public chains remain the bedrock.
If market hotspots are like tornadoes—sweeping in and out with fierce winds—then public chain projects are the "wind" itself, constantly blowing and occasionally reaching Category 12 intensity. Since 2018, dubbed the "year of public chains," ADA , EOS , ATOM , DOT , SOL ... public chain projects have continuously made waves, with new ones rising before the old ones fade, never missing a beat.
From the most straightforward metric—"market capitalization"—currently, among the top 10 blockchain projects globally by market cap, 5 are public chains (from a narrow perspective, excluding platform tokens, stablecoins , and single payment scenarios), accounting for half of the list. Among the top 30 blockchain projects, 13 are public chains, representing 43%. From a broader perspective, Bitcoin itself is also a public chain.
Why do public chain projects continuously stand out and secure their place in the market? This is primarily determined by the position of public chains within the entire industry. Public chains can be considered the infrastructure of the blockchain industry, much like various "roads" (highways, railways, air routes) are the infrastructure of the national economy.
The entire industry is still in its early stages, requiring a solid foundation and the construction of substantial "infrastructure" before various applications can flourish and prosper. It's akin to building roads: once roads are built, various vehicles can run, stimulating economic activity along the routes, leading to the construction of high-rise buildings, shopping malls, and factories, thereby forming industrial chains and upgrading the entire national economy.
Similarly, the prosperous development of the blockchain industry depends on the growth and maturation of numerous public chain projects. It is precisely because of the increasing development and maturity of public chain projects represented by ETH that various concepts such as DeFi (including lending, DEX, derivatives, oracles), NFT, dApp, and Layer 2 have exploded in this bull market, each taking turns in the spotlight and dazzling observers. In turn, the explosive growth of these conceptual projects has promoted the development and value appreciation of public chains like ETH.
As the infrastructure of the entire industry, the public chain pool is large enough to accommodate a sufficient number and variety of public chain projects, thereby meeting diverse market demands. This is why, despite ETH's dominance, new public chain projects continue to be developed and receive market enthusiasm.
From ETH's perspective, network congestion and high gas fees have significantly constrained its continued rapid development. Although the passage of EIP-1559 and the selection and refinement of Layer 2 scaling solutions have alleviated these issues to some extent, it is difficult to fundamentally resolve them before ETH 2.0 is successfully implemented. This has created opportunities for many public chain projects and teams, with new public chains continuously attempting to do better, hoping to challenge ETH's throne.
On the other hand, the blockchain "impossible triangle" composed of decentralization, security, and high performance also constrains all public chain projects. Currently, no public chain has managed to excel in all three aspects simultaneously; they always pursue one or two efficiencies while weakening the remaining one. Even ETH, as powerful as it is, has only achieved decentralization and security while compromising on high performance.
In the ongoing process of cracking the "impossible triangle," different types and philosophies of public chain projects are developed, tested by the market, explode in popularity, lead the entire industry forward, and generate超额 returns for participants.
Of course, from the current perspective, ETH holds an absolute advantage in both market capitalization and ecosystem prosperity. Taking TVL (Total Value Locked) alone, the total value of digital assets抵押 by users across the network is $177.4 billion, with Ethereum accounting for $131 billion of that total, representing 73.8%.
Total TVL Across the Network (Data Source: DeFiLlama)
In the medium to short term, ETH's position as the king of public chains remains difficult to shake. However, this does not mean that the future of public chains belongs solely to ETH. Since ETH's inception, public chains have continuously exploded in the market, proving that not everyone is exclusively devoted to ETH.
Now, seizing the opportunities presented by ETH's congestion and high gas fees, as well as the surges in DeFi and NFT, public chain projects such as ATOM, DOT , SOL, and LUNA are experiencing explosive growth, with users and funds beginning to migrate to other public chains with lower usage costs.
Looking at the entire public chain ecosystem, ETH will face challenges from at least four directions in the future: first, cross-chain-focused public chains like DOT and ATOM; second, new asset-focused public chains like Flow and Diem; third, high-performance public chains like SOL and LUNA; and fourth, exchange public chains.
As the blockchain industry develops, market demand for public chain infrastructure will become increasingly diverse. Just as economic development requires not only highways and high-speed rail but also air and sea transport. Diversified development will provide sufficient living space for various public chains. Fundamentally, the competition among public chains depends on who can provide better performance, higher security, lower costs, and greater community support, thereby enabling the chain to承载 larger asset volumes.
Conclusion
If we analogize the current state of public chain competition to a historical period in China, we are now in the Spring and Autumn period. ETH is like Duke Huan of Qi—the first hegemon who "united the诸侯 nine times and dominated the Central Plains."
However, just as there were "eight hundred诸侯 states" during the Spring and Autumn period, followed by the Seven Warring States, ETH has not unified the realm. New public chain projects have many better opportunities, and much creativity remains to be unleashed.
Disclaimer
This article may contain content related to products that are not available in your region. This article is dedicated to providing general information only and is not responsible for any factual errors or omissions. This article represents the author's personal views and does not reflect OKX's opinions. This article is not intended to provide any of the following advice, including but not limited to: (i) investment advice or investment recommendations; (ii) offers or solicitations to buy, sell, or hold digital assets; or (iii) financial, accounting, legal, or tax advice. Holding digital assets (including stablecoins) involves high risk, may fluctuate significantly, or even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you based on your financial situation. For questions regarding your specific circumstances, please consult your legal/tax/investment professionals. The information appearing in this article (including market data and statistics, if any) is for general reference purposes only. Although we have exercised all reasonable care in preparing these data and charts, we assume no responsibility for any factual errors or omissions expressed herein. © 2025 OKX. This article may be reproduced or distributed in its entirety, and excerpts of 100 words or less may also be used, provided such use is non-commercial. Any reproduction or distribution of the entire article must also prominently state: "This article is copyrighted © 2025 OKX, used with permission." Permitted excerpts must cite the article title and include attribution, such as "Article Title, [Author Name (if applicable)], © 2025 OKX." Some content may be generated or assisted by artificial intelligence (AI) tools. Derivative works or other uses of this article are not permitted.
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