In the last cycle, the public chain track was the king.

However, in this cycle, areas such as public chain infrastructure performed poorly, mainly due to insufficient demand for block space and failure to achieve large-scale adoption. The best performing track in the first half of the year was Meme, which was closely related to the rise of Solana (SOL). In the last cycle, the excellent performance of the public chain attracted a large amount of venture capital (VC), resulting in the proliferation of homogeneous projects, which was both cause and effect. The anti-VC wave promoted the rise of Meme, and Solana's high performance just fits Meme's needs.

However, with the explosion of Meme, Solana also encountered an overload problem similar to the previous round of Ethereum (ETH) DeFi Summer. Solana began to explore the second-layer diversion path. Although the methods are different, the final results are similar, and the market is still repeating the same pattern. Funds and investors gathered due to the money-making effect will also withdraw due to the money-losing effect.

In the absence of an outbreak of applications, there is a lack of actual demand. Most projects continue to unlock declines in the secondary market, and it is difficult to make profits in the primary market. Even with good liquidity, the decline is only slightly slower

In this case, the cost-effectiveness of participating in infrastructure airdrops is gradually reduced, which is also the fundamental reason why airdrops have been constantly FUDed recently, because there is no demand to support its value.