There is little new funding in a round, but too many projects and too few users, which leads to serious problems.
Not to mention hundreds of L2s, public chains also have various chain abstractions, etc. On the surface, they are telling stories, but in fact they are still talking about business - because all the stories cannot stand up to scrutiny.
Your project has raised 500 million US dollars, is valued at 2 billion, and is listed at 5 billion US dollars. How many users do you have? How much value does it create every year? How much room is there in the future? What benefits may it bring to coin holders?
Apply this question framework to each project and ask it, and you will have a clear idea in your mind.
There are also big problems in the competition among the top public chains, such as ETH and SOL
ETH believers say that our decentralization is the future, but now there are no users and no new narratives. Are these problems serious? It depends on how you look at it.
SOL says that I am really awesome, but all the awesome people on sol are memes, and these memes are not really awesome, they are just numerous. While a group of new investors have worked hard to make huge profits, we cannot ignore that 93% of the transactions on the chain are not real user transactions - when the market is rising, everything is not a problem, but when the leeks have already boarded, problems will begin to become problems.
