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.