(Rye Field, Van Gogh)

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Non-Ethereum contract public chain becomes a hot spot

However, with the cooling of the NFT heat and the advancement of Ethereum L2, Ethereum and the DeFi ecology have once again returned to people's attention.

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Judging from the transaction volume of OpenSea, because its transaction fees are too high and the price of NFT is too expensive, fewer and fewer users can participate in it, which leads to its decline in popularity. Of course, if it adopts L2 technology (possibly Immutable or Arbitrum) in the future, this situation may be improved.

*OpenSea's transaction volume trend

(Opensea Transaction Volume Trends, DuneAnalytics)

*Change trend of NFT with large trading volume on OpenSea

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NFT is a long-term trend in the encryption field. It is similar to DeFi and will continue to develop rapidly. At some point, though, the froth gets too big for it to maintain its heat. The cooling of NFT relieves the pressure on Ethereum L1, but under the current circumstances, it is the launch of its L2 that can really relieve the congestion of Ethereum.

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After the launch of Arbitrum and Optimsim, the progress of Ethereum L2 is fast. In particular, the speed of Arbitrum has far exceeded people's expectations:

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*Arbitrum's TVL is growing fastArbitrum has only been launched for a little over a week, and its locked assets have exceeded $1.5 billion and are still growing rapidly. Blue Fox Notes predicts that its locked assets will exceed most non-Ethereum public chains in the future. Among the non-Ethereum public chains, Solana ranks first, with a TVL of more than 10 billion US dollars. In the future, Arbitrum has the opportunity to compete with Solana, and even surpass it. About Arbitrum and L2, you can refer to the previous article of Blue Fox Notes "》、《Simple understanding of Arbitrum》、《Layer2 track: short-term OP, long-term ZK》、《Layer 2, Ethereum and the public chain pattern》、《Ethereum's Layer 2 track"wait.

(Arbitrum's TVL trend, L2Beat)

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Arbitrum has only been launched for a little over a week, and its user growth curve is very steep, with more than 40,000 addresses currently.

(Arbitrum's Independent Address Change Trend, Arbiscan)

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The number of daily transactions on Arbitrum has exceeded 110,000.

(Arbitrum's change in the number of daily transactions, Arbiscan)

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At present, Arbitrum's share of the total locked assets in the Ethereum bridge is 29.4%, and it is expected to surpass Polygon to rank first.

(Arbitrum's share of TVL in Ethereum Bridge, DuneAnalytics)

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At present, there are already Uniswap, Sushiswap, DoDo, Balancer, MCDEX, MetaMask, Chainlink, etc., and a large number of DeFi and NFT such as MakerDAO and Curve are on the way.

(Arbitrum network will have more and more encryption products available, Arbitrum)

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Optimsim has been launched for a long time. Although its development speed is not as fast as that of Arbitrum, its cumulative transaction volume has exceeded 1.59 million times, and the number of user addresses has exceeded 70,000. The overall performance is also very good.

(Optimism Cumulative Transactions, DuneAnalytics)

(Optimism accumulated user addresses, DuneAnalytics)

(Optimism daily transaction number trend, DuneAnalytics)

(Optimism user growth trend, DuneAnalytics)

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The real opponent of the non-Ethereum public chain is not Ethereum, but its L2

The current competitors of all non-Ethereum public chains or side chains are not Ethereum, but Arbitrum, Optimism, StarkWare, Fuel, Zksync, Loopring, Aztec, Connext, Hop…….

The point to be emphasized here is that this is not to say that they have no chance to face Ethereum directly, and Ethereum is not insurmountable. However, the premise is that they have a much better experience than Ethereum L2. If they are only similar, or just cheaper and faster than L2, they will not be able to gain an advantage, because there are still security and Ethereum. Consideration of ecological convenience and network effects. For now, Ethereum has the edge over the competition.

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The public chain battle is far from over

Before, people felt that the public chain battle was over, but what happened in this cycle made everyone realize that the public chain battle is far from over. The reason is simple, this is the real "Iron Throne". The temptation of the "Iron Throne" at the level of tens of trillions of dollars is so great that people continue to work hard and enjoy it.

In addition, the outstanding contradiction between Ethereum's demand and scalability also gives other contract public chains an opportunity to take advantage of. People began to realize that it is difficult for Ethereum to dominate the world.

This has led to the current exciting situation. On the one hand, the L2 of Ethereum is developing, and on the other hand, other public chains are also introducing new ones, and the competition between the two sides is becoming increasingly fierce.

In this battle for the "Iron Throne", major public chain factions are actively attracting developers, funds, and users. Ultimately, it depends on comprehensive factors such as security, user experience (cost, speed), and ecological applications. . Some public chains will rise rapidly in a certain period of time because of incentives, but as the rate of return declines, their attractiveness will also decrease. The public chain battle is not a temporary battle, but a long-lasting battle. The temporary rise does not explain anything, and similar things have happened in history.