The two core PMFs of the crypto market each have their own approach—transaction attributes and store of value— and these two paths are accelerating their divergence.

Solana, due to its high concurrency performance, has become the most dominant public chain for transaction attributes. Other specialized L1 and L2 solutions are also positioning themselves in their respective tracks, with competition becoming increasingly fierce.

But where is the true incremental value in the store of value? There is a clear market demand gap characterized by asymmetry. The key word is privacy—only through encryption technology can true asset privacy protection be achieved, supporting complete (fungibility). This is precisely the critical barrier that future value storage public chains must overcome.