Reflections on public blockchains in 2026:

SmartContractAuditor · 2026-03-27T15:55:24+00:00

The development of public blockchains faces challenges, and traditional operational models are no longer sustainable. Project loyalty and the healthy development of the public chain ecosystem are being questioned, with founders more inclined to choose other chains rather than remain loyal to new ones. Future public blockchains will become more centralized, focusing on controllability rather than relying on the natural growth of the ecosystem. To adapt to this change, it is necessary to reassess market models and human resource strategies.

SmartContractAuditor

2026-03-27 15:55:24

Abstract generation in progress

Thoughts on public chains in 2026:

The strategy of “controlling inflation + high-interest deposits + the trifecta of DeFi + founder’s dog meme + we have our own hyperliquid + crazy OTC sales to liquid funds” is no longer viable.
This is not just a problem for Monad and MegaETH, but also for Rise, Fogo, and even N1. Older public chains are in various states; Sei and Polygon still seem to be struggling, while most have already given up.
The loyalty of projects incubated on public chains since day one remains questionable, as the few founders in the industry already have options like BNB Chain and Solana, and most new chains are focusing on the public chain foundation’s funding. Once they secure funding through endorsements and capture the initial wave of users from the public chain community, founders have the motivation to: 1) create their own app chain to boost valuation 2) shift to other chains to compete.
As a result, some founders have started to stop calling themselves part of the xx ecosystem and instead refer to the xx chain as their “GTM Partner.”
Thus, if the ecosystem projects are too weak, they are like an unable to support the underdog, and if too strong, they become the treacherous Lu Bu betraying his benefactor.
The formerly free-range, neutral public chain construction model has essentially come to an end, and the valuation model based on MEV income needs to be revised (here @LeePima). Current public chains are more about controllability than possibility, focusing on fintech under a controllable economic system.
Future public chains will have a centralized power structure, with top-down dev shops and CVCs, and the main role of the treasury will be M&A, engaging in aggressive vertical mergers rather than nurturing ecosystems. In other words, there will no longer be kingmakers like Solana (cc. @mablejiang).
In this sense, BNB Chain, Tempo, and Monad are heading in the same direction, just with differences in regional characteristics and resource preferences.
The final question arises: what model should we use to estimate FDV and then trade accordingly? Additionally, skill sets are completely targeted at roles such as growth leads and operations managers for selling tokens and extracting profits; those with old-school tickets may not board the new era’s ship.

MON-8.04%

FOGO-6.99%

SEI-6.94%

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