In the past, speculation on altcoins mainly relied on two logics:

1. Realize the expected value of current business growth.

2. The expected realization of future potential market value.

Old DeFi projects basically follow the first logic. In the last bull market, such projects ushered in a wave of growth after going online and undergoing consolidation. This was actually fulfilling the business growth expectations at the time and completing their life cycle tasks ahead of schedule. Over time, increased competition and market homogeneity ultimately lead to a gradual dilution of its value.

Hyping public chains follows the second logic. After entering the secondary market, most public chains often experience a wave of high-multiple growth after a washout and sideways consolidation, but this performance is usually difficult to sustain. For example, although public chains such as AVAX, NEAR, FTM, and MINA have performed significantly in the last bull market, the probability of them truly succeeding like Solana is extremely small. Most public chains have basically fulfilled their "potential value" expectations after a wave of market pulls, and their subsequent sustainable development depends on the construction of their ecosystem and the actual growth of business data.