Half a year later, let's talk about the extremely competitive public chain track. Conclusion at the forefront: Universal chains have reached saturation, and it is not realistic to have elephant level competitors. The opportunity for new chains only exists in App specific chains. Ethereum/BNB/Solana/Tron/Base, which are part of the general chain, hold nearly 80% of the market share. The emerging general chain that has emerged in this round does not pose any threat to them and is not worth fighting against. The popularity of RaaS/CaaS has also led to the internalization of specific application chains, but application chains that can run as the leader in segmented tracks in fierce competition can ultimately occupy a place in the extremely internalized public chain track. For example, emerging public chains focus on Hyperliquid for PERP and Plasma for stablecoins; Old established public chains focus on Near Intents for cross chain/chain abstraction, and Polygon for payment. These old public chains have realized the seriousness of the problem and are no longer entangled in the diversity of the ecosystem, but are instead delving deeper into more segmented tracks. On the surface, the generic chain is actually desperately leaning towards the application chain. And hundreds of other public chains will gradually exit the stage of encryption history in 1-2 cycles. For new public chains, boldly short general chains and rationally long specific application chains may save a lot of detours.