Let's talk about why some early public chain projects ultimately can't escape the fate of a sharp decline. PROM, an old project that appeared in 2019, has already been around for over six years this year. Theoretically, the core competitiveness of any public chain is ecosystem, ecosystem, ecosystem — but what is the current state of this project? After launching the mainnet last year, let's see how many applications are actually on-chain. Frankly speaking, most of the projects we can count are ones they developed themselves. As for real on-chain activity? That’s even more heartbreaking — the user base is almost zero.

I’ve also tested it on the testnet. Although technically the EVM compatibility is quite good, with a total of just over 19 million tokens, it seems scarce. But all of this cannot change the fundamental problem — you built a highway, but no one is using it. Maintenance costs still need to be paid, the ecosystem can’t support itself, and sooner or later, it will have to be phased out. By 2025, I see several similar old public chains heading toward decline, and projects like Nula Nashi have become history.

So what I want to say is, don’t hold unrealistic faith in any coin. Everything has already become part of the past, including Bitcoin. Ultimately, what determines success or failure is never sentiment or technical details, but time and market choice.