In any field, projects that can bring real income have stronger vitality.

The following figure shows the top 20 projects that generated expenses in the past year:

ETH's position cannot be shaken, TRON is a cash cow, and Lido/Uniswap are both leaders in the track.

Once the public chain has strong profitability, it will be difficult to be surpassed in the short term. Although the application category can be popular for a while, it is difficult to last.

The current situation is still "fat protocol, thin application".

In a while, the big gambling field PumpFun and the tool application Banana will enter the rankings one after another.

It won't be long before the web3 era of "thin protocol, fat application" will come.