The entire public chain ecosystem is undergoing a brutal reshuffle. From the initial bloom of a hundred flowers to the current淘沙, this process is happening faster and more decisively than expected.

The data is in front of us: 90% of public chains are already dead, nominally still alive, but in reality long since turned into "zombie chains." This is not alarmist talk but an extreme illustration of the Matthew Effect in the crypto world.

**The Six Rulers at the Top of the Pyramid**

Almost all the profits and traffic in the market are completely divided among six public chains. TRON, BNB Chain, Solana, Ethereum, Bitcoin, and Base have a combined weekly protocol revenue of about $17.85 million, which is more than 17 times the total of all other public chains. Imagine this ratio—almost all value is concentrated in these six chains.

TRON holds the most stable position. With a weekly revenue of $6.38 million, it sits firmly at the top. What’s the secret? The essential transfer needs of USDT. This is a true cash cow with an insurmountable moat.

BNB Chain is currently riding high. With multiple breakthroughs in the Meme coin and derivatives markets, weekly revenue has increased by 33% against the trend. Many Meme players migrating from other chains are gathering here, and active addresses and transaction volume data are also impressive.

Solana remains the king of traffic, with over 15 million active addresses and a transaction volume of over $390 million. But behind this glory lie hidden risks. Weekly fee income has actually decreased by 18%, making it increasingly difficult to compete with BNB Chain, especially as its influence in the Chinese Meme community declines.

Ethereum’s position is somewhat awkward. Although its TVL accounts for 68% of the entire network, after the Cancun upgrade, gas fees dropped sharply, and protocol revenue plummeted by 78%, ranking only fourth. This is a typical case of "incremental growth without increased revenue," and it also faces inflationary pressures.

Bitcoin is in a different dimension, a totemic presence. It relies solely on transfer fees, with a market cap share of 60%, serving as the market’s stabilizer.

As a latecomer, Base relies on a compliant background. Its absolute revenue isn’t the highest, but it has a unique competitive edge in mainstream capital and compliance.

**The Middle Tier Struggles**

Chains ranked 7th to 11th are having a much harder time. Weekly revenue has fallen to the range of $50,000 to $220,000, entering a "survival mode," with little hope for growth.

**The Bottom is the Graveyard**

Beyond that are the real ghost chains. Those outside the top 12 once had funding and hype, but now they are high-funded, high-valuation, zero revenue, zero ecosystem. Their names are still there, but no one is actually using them.

**The Era Has Changed**

The era of "blindly buying public chains" is over. Now, jumping on without discernment is essentially handing over the wheel to VCs. This淘汰赛 is only halfway through, and it will get even more brutal. Public chains are no longer a blue ocean but a typical winner-takes-all market.