Looking again, the failure logic of the many new public chains becomes clear. First is the adverse selection problem— the incentive mechanisms attract often speculator羊毛党 (wool parties), who just take their profits and leave, making it impossible to retain users. Second is the threat of vertical applications; the applications that succeed will establish strong user relationships, and ultimately compete with the public chain. This is the core reason why so many new chains are prone to getting stuck in difficulties.