#Layer-1网络发展 Reflecting on the development of Layer-1 networks over the past decade, I can't help but feel a mix of emotions. From the dawn of the Ethereum era and its smart contract revolution, to the emergence of numerous "Ethereum killers," and now to the rise of new contenders like Monad, this space has been full of ups and downs. Every bull and bear cycle brings new public chain projects claiming to be the next Ethereum. But history has repeatedly shown that only a few can survive long-term.

Watching the exchange between Arthur Hayes and the Monad team, I am reminded of the glorious moments of projects like EOS and NEO. Back then, they were also seen as strong competitors to Ethereum, with valuations soaring. However, over time, most of these projects struggled and fell into the "bear chain" fate. Hayes pointed out issues like high FDV and low circulating tokens, which are common problems among many new public chains, often leading to sharp declines after early surges.

However, the response from the Monad team was quite interesting. They emphasized their innovation and ecosystem development, inviting Hayes to experience it firsthand. This open and confident attitude is quite refreshing. But Hayes’s subsequent call to immediately unlock all tokens was even more incisive, directly addressing the core issue.

As an old hand who has witnessed countless cycles of public chain rise and fall, I believe that for new projects to stand out in this highly competitive space, technical innovation alone is not enough. More importantly, they need to build a healthy and sustainable ecosystem. This includes attracting developers, deploying applications, and establishing a reasonable token economic model and governance mechanism.

Looking back at history, those truly successful Layer-1 projects have achieved a balance in these aspects. They possess not only excellent technology but also active communities, rich application ecosystems, and fair, transparent token distribution. If new projects like Monad want to succeed, they will likely need to put significant effort into these areas as well.

In summary, the development of Layer-1 networks is still ongoing, but competition will only intensify. To stand out, new projects must learn from history and make comprehensive efforts in technology, ecosystem, and economic models. For us veterans who have experienced multiple bull and bear cycles, maintaining a cautious optimism and patiently observing might be the wisest approach. After all, projects that can truly change the landscape often take time to prove themselves.