It's bubble time! A 50% surge in OKB in one day—haven't felt this kind of thrill in a while. Even though there's no dividend, it doesn't represent equity, and future profits are uncertain. But compared to public chain valuations, it's still relatively cheap. Institutions need someone to take responsibility for asset custody, rather than chasing decentralization and anonymity. Exchanges are still the top choice. So, will the value of public chains get diluted in the future? The moat for public chains isn't strong enough, and honestly, we don't need that many public chains.