Reflections on public blockchains in 2026:

SmartContractAuditor · 2026-03-21T15:21:49+00:00

The development of public blockchains faces challenges, and traditional operational models are no longer sustainable. Project loyalty and the healthy development of the public chain ecosystem are being questioned, with founders more inclined to choose other chains rather than remain loyal to the new chain. Future public chains will become more centralized, focusing on controllability rather than relying on the natural growth of the ecosystem. To adapt to this change, it is necessary to reassess market models and human resource strategies.

SmartContractAuditor

2026-03-21 15:21:49

Abstract generation in progress

Thoughts on Public Blockchains in 2026:

The strategy of “controlling inflation + high-interest savings + DeFi trio + founder memes + our own Hyperliquid + crazy OTC sales to liquid funds” is no longer viable.
This isn’t just a problem for Monad and MegaETH; Rise, Fogo, and even N1 are facing the same issues. Old chains depend on the situation; Sei and Polygon still seem to be experimenting, while most have already given up.
Projects incubated on day 1 of public chains still lack loyalty, as only a few founders have options like BNB Chain, Solana, or Base. Most new chains focus on the public chain foundation’s funds. Once they secure backing and raise funds, and after gaining the first wave of community users, founders are motivated to: 1) build their own app chains to support valuation; 2) switch to other chains to compete.
As a result, some founders no longer call themselves part of a specific ecosystem but refer to the chain as their “GTM Partner.”
Therefore, if the ecosystem project is too weak, it can’t be supported; if it’s too strong, it risks backstabbing its benefactor like Lü Bu.
The original free-range, neutral public chain development model has basically ended. The valuation model based on MEV revenue needs revision (as @LeePima pointed out). Modern public chains are more about carrying a controllable system rather than potential, focusing on fintech within a controllable economic system.
Future public chains will be centered around a hierarchical power structure, with top-down dev shops and CVCs. The main role of the treasury will be M&A, with aggressive vertical integration rather than ecosystem cultivation. There will no longer be kingmakers like Solana (cc. @mablejiang).
In this sense, BNB Chain, Tempo, and Monad are heading in the same direction, just with different resource allocations and regional contexts.
The final question is: how should we model FDV for speculation? And since skills are now mainly tailored for token-selling, money-squeezing economic models—like growth managers and operations—perhaps the old playbook won’t fit the new era anymore.

DEFI-2,58%

HYPE-1%

MON-2,09%

SEI-2,84%

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