Since the beginning of this bull market, Ethereum's performance has been mediocre, and its growth rate has lagged far behind public chain projects such as SOL and TON. Even if the ETF was approved, it has not been able to get out of a decent market, which has also attracted a large number of players to worry about Ethereum's FUD and future prospects. Today, let's review the development of public chain projects in this bull market, summarize it, and accumulate experience for future investments.
Ethereum's second layer is the biggest narrative in this bull market. From the price point of view alone, Ethereum's second layer cannot be regarded as a successful narrative. The prices of the four major public chains led by ARB have been falling since they went online. As soon as they went online, they had a super high market value and were accompanied by continuous unlocking selling pressure, which led to a continuous decline in token prices. It was also after Ethereum's second layer that retail investors began to be hostile to VC projects and refused to take over VC projects.
On the other hand, the purpose of the birth of Ethereum's second layer is to reduce the congestion of the main network and reduce gas fees, and now it has indeed been achieved. The gas on Ethereum has been at a low level this year, which can be regarded as the success of Ethereum's second layer. But even so, FUD people began to complain that the sharp drop in Ethereum gas caused the supply of ETH to return to inflation, making it difficult to maintain the price of ETH. What I want to say is that the value of a public chain should not be maintained by burning gas, but should focus on ecological construction.
Although the price performance of Ethereum Layer 2 was not good after it went online, in fact, the wealth-making effect of Ethereum Layer 2 has benefited many users. Many people have received valuable airdrops because of their early participation in these projects, and this wealth effect is rare in other public chains.
