#区块链生态发展 Seeing this debate about the moat of public chains, I believe it is a sign that the Web3 ecosystem is maturing.

Indeed, purely technical indicators are not enough to establish a moat—whether it's 3 points or 10 points, true competitiveness comes from ecosystem capacity, user trust, and long-term value creation. That’s why I have always believed that the competition between public chains is essentially a contest over application ecosystems and user perception, not just TPS and Gas fees.

From another perspective, this kind of "systemic tug-of-war" actually indicates that the industry is engaging in deep reflection. The collision of ideals and reality, the balance between liquidity and trust, the exploration of business models—these are all unavoidable issues for any emerging ecosystem. The different choices made by various public chains in these dimensions have created a pattern of "competitive coexistence" across the industry.

I firmly believe that the future will not be dominated by a single public chain, but rather a multi-chain ecosystem with each having its own特色. Some public chains may focus on DeFi liquidity, some on DAO governance, and others on SocialFi applications—each chain is finding its own positioning. This diversification in competition is precisely the engine driving the entire Web3 forward.

So rather than fixating on the scores of the moat, it’s better to focus on the ecosystem value and long-term potential that each public chain is building. The significance of this debate may lie in helping us see more clearly the direction of the future.