Looking back at the last market cycle, the biggest play can actually be summarized as PVP.

Go here for PVP, go there for PVP, go to any chain that still has some heat and narrative for PVP.

As we enter 2025, these chains have long entered a stage of stock competition—from the multi-chain wars a few years ago vying for the title of Ethereum killer, to now most chains being labeled as "not even worth a dog's attention," the remaining ones are also struggling to solve their own survival issues.

It's not just the P players engaging in PVP; these chains are also participating in PVP.

However, each chain seems to want to replicate the excitement of Solana, but no matter how they twist and turn, they cannot replicate Solana's meme phenomenon.

Every region nurtures its own people; perhaps a public chain can only handle one thing.

Every surviving public chain has already been covertly marked for its purpose.

Recently, an overseas news and research organization, Syndica (@Syndica_io), released a March L1/L2 data insight report, which makes this sense of destiny more tangible through numbers:

• 72% of all transactions on Solana are related to decentralized exchanges (DEX), clearly aligning with your impression of it being a "dog-fighting" ground.
• 51% of transactions on Base are for token transfers;
• Nearly 40% of transactions on ETH are for cross-chain transfers (as shown in the purple bar in the chart above).

Delphi Digital's research director @ceterispar1bus directly pointed out the essence of this data:

• Solana is for trading.
• Base is for accounting USDC for Coinbase.
• Ethereum is for cross-chain asset transfers.

The industry has reached a point where projects are no longer just about technical competition, but about finding a "niche" that belongs to them—a logical positioning of purpose.

It’s an Identity Tag, More Than a Destiny

On the surface, the purpose of public chains seems to be chosen by users and the market; but upon deeper reflection, it resembles a result of being "covertly priced" by resource endowments and backgrounds.

To summarize the identity tags of the three public chains:

Solana is a trading hotbed, Base has become Coinbase's "accountant," and Ethereum has been hijacked by bridges, leading to accelerated asset outflow.

Behind the current state of each chain, there are both technical and non-technical dual driving forces.

Let’s start with Solana.

Solana's on-chain ecosystem remains the most vibrant meme trading ground in 2025.

Its DEX trading volume has held the top position for two consecutive months, with a market share far ahead. Since October 2024, Solana has created over 500,000 MEME coins each month, as if hosting an unending "dog-fighting party."

P players are brave enough to sit idle and find angles, while traders are busy monitoring pools and front ends. Those who have played with memes think of Solana and their first reaction is: "Isn't this chain just a big casino?"

Solana's high throughput (TPS is 12 times that of Base) and low costs (a high proportion of transactions are below $0.01) form the foundation of its trading hotbed. The Syndica report shows that Solana leads in small transactions (under $100), making it suitable for high-frequency trading of MEME coins.

As for whether it is decentralized or not, in practical terms, it may not be that important.

What’s more critical is the startup advantage in resource endowment.

Between 2019 and 2023, Solana received investment support from a16z, Multicoin Capital, and others, attracting DeFi and MEME coin developers through grants and incubators;

Solana's Breakpoint conference often becomes a source of inspiration for MEME coins. Do you remember the year before last when Toly wore a green cartoon dragon costume at the conference, sparking a wave of attention for the phenomenon of the meme SillyDragon?

The founder actively sets the image, intentionally or unintentionally hinting at some meme association, which has gradually become a common play today.

Community culture has also "reserved" its meme soil. Through social media (like X) and meme coin competitions, Solana has become a paradise for "grassroots players," successfully forming positive feedback loops with PEPE, BONK, and POPCAT.

Users' minds are framed: "Solana = trading," and various mixed developers flock in, making the emergence of Pumpfun seem natural.

Now let’s talk about Base.

Base also has memes; during the recent AI Agent craze, there were also standout tokens in its ecosystem, but this seems more like a result of the previous capital outflow from Solana and the low difficulty of arbitrage.

Data from March shows that 51% of transactions on Base are for token transfers, with a deeper reason being the interests between Coinbase and Circle.

Coinbase and Circle jointly established the Centre Consortium in 2018, which is responsible for the issuance and management of USDC. As co-founders, Coinbase and Circle not only promote the adoption of USDC but also set operational standards for USDC through Centre.

As Coinbase's "child," Base has become the preferred channel for USDC transfers.

Additionally, Circle's recent IPO filing shows that Coinbase and Circle have a clear profit-sharing arrangement regarding USDC—Coinbase takes 50% of the remaining profits from USDC reserves.

This means that for every USDC transaction Coinbase processes or promotes, it can share in the profits.

Base's low cost and high efficiency are perfectly suited for this "accounting" need—whether for internal fund transfers at Coinbase or user USDC transactions, Base can efficiently record and manage these on-chain activities, such as transfer records, liquidity management, and settlement operations. This "accounting" not only reduces Coinbase's operational costs but also generates direct revenue through USDC profit sharing.

Looking at the ecological culture, Base is more inclined to serve institutions and compliant users. Most of Coinbase's 100 million+ users are "serious players," so developers naturally wouldn't choose Base to throw a "dog-fighting party."

From its inception, Base has been strategically predetermined by Coinbase and Circle to be USDC's "accountant," firmly locked into the interest chain of this partnership.

Finally, let’s discuss Ethereum, undoubtedly a disappointing old topic.

Nearly 40% of transactions are related to cross-chain bridging, making it a "transfer station" for other public chains.

The price of ETH seems to be gradually losing value as if it is being roasted over a fire. Although Ethereum remains the leader in DeFi, with a total value locked (TVL) exceeding 60% (according to Syndica data), negative sentiment within the community is spreading.

Ethereum's "bridging destiny" is technically driven by high gas fees.

When the market is good, ordinary users are already overwhelmed and can only transfer assets to chains with lower costs through cross-chain bridges; not to mention that when the market is bad, there’s not much to play with.

Moreover, the mainnet throughput of ETH is also limited, far inferior to Solana's high performance, and low transaction efficiency further increases cross-chain demand.

The deeper reason comes from the diversion of historical status.

As the earliest smart contract platform, Ethereum has accumulated the most assets and dApps, naturally becoming a hub for cross-chain bridges.

Ecological path dependence has concentrated DeFi projects and funds on Ethereum, but high costs force users to flow out, making bridging an "inevitable choice."

At the same time, the rise of Layer 2 has diverted users, multiple adjustments by the Ethereum Foundation, and Vitalik being criticized for not focusing on his work while appearing with women, have all contributed to the decline in coin prices, making even breathing feel wrong…

The dream is to be a "world computer," but the reality is a "cash machine."

Its fate seems to be locked by network effects and market changes, transforming from a DeFi powerhouse into an asset transfer station. Ethereum's path to breakthrough is likely to be more difficult than that of Solana and Base.

Accepting Destiny, Seeking Anchor Points

The competition among public chains in 2025 is no longer the frenzy of a hundred chains battling it out, but rather the calm of stock games.

The survival path of public chains ultimately boils down to "accepting destiny and seeking anchor points."

Trading can be an anchor point, the circulation of stablecoins can be an anchor point, and even cross-chain can be. But the solidification of "anchor points" also means that the imaginative space of public chains is compressed.

Can Solana shake off the label of "meme casino"? Can Base break out of the "accountant" framework? Can Ethereum escape from being a "transfer station"?

These questions have no answers.

But ironically, most P players do not care about these questions.

Wherever there is heat, they go to that chain for "dog-fighting"; wherever there is arbitrage space, they go to that chain to "shear sheep." The public chain competition is merely the backdrop for every passerby eager to cash out and dreaming of a thousandfold return.

Perhaps only the arrival of the next cycle can provide a real answer—whoever can bring in new growth will find new "anchor points."

The future of the industry, the future of public chains, remains uncertain.

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