Public Chain Ecosystem

Public Chain Ecosystem

The current public chain market is developing rapidly and competition is fierce. According to CoinMarketCap data, as of May 2023, the top ten public chains are Ethereum, Polkadot, Solana, Binance Smart Chain, EOS, Cardano, Tether, Solana, and Polygon. These public chains have their own advantages and disadvantages, and their development situations are different.

Ethereum is one of the most popular smart contract platforms, with a huge decentralized application ecosystem. However, due to Ethereum's performance issues, transaction fees are high and processing speeds are relatively slow, which has led some developers and users to switch to other public chains.

As a new generation of public chains, Solana has received significant attention for its high performance and low cost. Solana rose rapidly in 2021, but earlier this year, it experienced network downtime issues, which impacted its reputation and development.

At the same time, Binance Smart Chain (BSC) has become a popular choice due to its low-cost and fast transactions. However, in 2021, it suffered multiple security attacks, raising concerns about its security.

To address Ethereum's performance issues, Layer 2 technologies have emerged. Currently, the most popular projects in the Ethereum Layer 2 ecosystem are Optimism, Arbitrum, and zkSync. According to DappRadar data, as of May 2023, Ethereum Layer 2's daily active users have exceeded 250,000.