Is the story of public chains coming to an end? What is the next generation of public chains? Mr. Ma believes that all public chain designs are centered around value. Coins like Pi and Dogecoin are first-generation public chains, with the historical goal of generating value, where value refers to on-chain consensus or attention. Second-generation Di chains include Ethereum, SOL, BNB, etc., with the goal of transferring value, competing on who is faster and more stable. Third-generation public chains are not about who is faster, but about storing value. The assets of the first two generations are mainly based on consensus and attention, making them easy to symbolize. Assets in the real world have many rules and are more complex; they cannot be simply represented by an ERC20 token. Some previous DePIN projects have basically failed. Here are a few representative projects: One is an AI asset-focused L1: SAHARA. Currently, the market maker has run away; we will see if new market makers intervene later. Another is RWA public chain invested by An'an: PLUME. A third is the next-generation intellectual property public chain: IP. In the next bull market, the public chain track will be more inclined toward storing value.

According to the "2025 Blockchain Security and Anti-Money Laundering Annual Report" released by SlowMist, the security situation of the blockchain ecosystem this year is not optimistic. A total of approximately 200 security incidents were recorded throughout the year, resulting in a direct loss of $2.935 billion. Interestingly, although the total number of incidents has decreased compared to 2024, the average loss per incident has increased—by about 46% year-over-year. This indicates that hackers are upgrading their methods, and the destructive power of individual attacks is strengthening. From the perspective of affected mainstream ecosystems, Ethereum suffered the largest losses due to its frequent on-chain activities, totaling about $254 million. BSC follows closely with losses of approximately $21.93 million. Solana, attracted by its high-performance features, has a large number of DEX and lending applications, with losses around $17.45 million. These three main public chains account for almost all risk events. Overall, 2025 is a year of urgent demand for blockchain security protection. Both project teams and users need to enhance their awareness of on-chain risks and improve their prevention measures.

#数字资产市场动态 Opportunities on the Solana chain are indeed easy to miss. I managed to catch the recent SOL move quite well — I positioned myself at 122 and then exited at 125, gaining about 3 points in the process. It seems simple, but that's just how the market is; few can get the rhythm right. The reason I was able to seize this wave of $SOL is because I kept a close eye on the correlation between BNB and ETH. These three often resonate together, especially during bullish runs led by mainstream coins, where the performance of the Solana ecosystem can provide valuable clues. This time, I used that insight to capitalize on a short-term opportunity. Still the same advice — trading is never perfect, and just securing 3 points is already good. Greed will only cause you to miss the next opportunity.