Today’s biggest hot topic is a certain blockchain. From a “top-tier project” to “being doomed.” Many people will attribute the reasons to the market, the token, VCs, unlocks, operations, and so on… But lately I’m increasingly convinced that the real problem isn’t that complicated. Whether a blockchain can ultimately break through doesn’t depend on how high its TPS is, nor on how lavish its financing is—it depends on whether it can support real applications.