{"id":109,"date":"2025-09-11T15:23:00","date_gmt":"2025-09-11T07:23:00","guid":{"rendered":"https:\/\/www.benfen.org\/blog\/index.php\/how-to-overcome-creative-blocks-in-art\/"},"modified":"2025-11-27T15:56:22","modified_gmt":"2025-11-27T07:56:22","slug":"the-next-chapter-in-the-public-chain-landscape-a-new-web3-perspective-driven-by-stablecoins-and-rwas","status":"publish","type":"post","link":"https:\/\/www.benfen.org\/blog\/index.php\/the-next-chapter-in-the-public-chain-landscape-a-new-web3-perspective-driven-by-stablecoins-and-rwas\/","title":{"rendered":"The Next Chapter in the Public Chain Landscape: A New Web3 Perspective Driven by Stablecoins and RWAs"},"content":{"rendered":"\n

<\/i><\/span>Abstract<\/strong> <\/h2>\n\n\n\n

Since the birth of Bitcoin’s genesis block in 2009, the field of Web3 public chains has evolved explosively \u2014 from single-value settlement, to Turing-complete smart contracts, and eventually to a multi-chain landscape. Ethereum, with its first-mover advantage and strong DeFi ecosystem, has long held the crown for total value locked (TVL). However, since the second half of 2023, high-performance blockchains such as Solana have launched a strong challenge with their superior user experience, leading to a new dynamic: “capital on Ethereum, traffic rotating elsewhere.<\/strong>” At the same time, blockchains like Tron, which specialize in specific use cases (e.g., stablecoin settlement), have carved out important niche markets.<\/p>\n\n\n\n

This report reviews the growth trajectories of mainstream blockchains and analyzes the evolution of their “mainstream rankings” through the dual lenses of TVL and on-chain transaction volume. We argue that as market attention shifts from generalized DeFi applications toward more concrete, real-world use cases\u2014namely stablecoin payments<\/strong> and real-world assets (RWA)<\/strong>\u2014the shortcomings of traditional blockchains in performance, interoperability, compliance, and privacy are becoming increasingly apparent. This opens structural opportunities for a new generation of high-performance blockchains<\/a> (e.g., BenFen) purpose-built for these scenarios.<\/p>\n\n\n\n

\n\n\n\n

<\/i><\/span>Table of Contents<\/strong> <\/h2>\n\n\n\n

<\/i><\/span>I. Overview of Mainstream Public Chains <\/h3>\n\n\n\n

<\/i><\/span>1.1 Who the Main Players Are: Their “Core Skills” and Growth Paths <\/h4>\n\n\n\n

<\/i><\/span>1.2 How the “Mainstream Rankings” Change: A Composite Lens of TVL + Transaction Volume <\/h4>\n\n\n\n

<\/i><\/span>1.3 The “Common Recipe” for Successful Public Chains <\/h4>\n\n\n\n

<\/i><\/span>II. Why Popular Stablecoins and RWAs Are “Absent” on Traditional Public Chains <\/h3>\n\n\n\n

<\/i><\/span>2.1 A Brief Introduction to the Currently Popular Stablecoins and RWA, Their Major Trends and the Driving Force of Web3 <\/h4>\n\n\n\n

<\/i><\/span>2.2 Shortcomings of Mainstream Public Chains Regarding Stablecoins and RWAs <\/h4>\n\n\n\n
<\/i><\/span>  2.2.1 Scalability and Performance Bottlenecks <\/h5>\n\n\n\n
<\/i><\/span>  2.2.2 Weak Cross-Chain Interoperability <\/h5>\n\n\n\n
<\/i><\/span>  2.2.3 Compliance and Regulatory Challenges <\/h5>\n\n\n\n
<\/i><\/span>  2.2.4 Data Privacy and Security Needs <\/h5>\n\n\n\n
<\/i><\/span>  2.2.5 Incomplete Asset Tokenization Processes and Infrastructure <\/h5>\n\n\n\n

<\/i><\/span>III. How BenFen Public Chain Fills the Infrastructure Gap for Stablecoins and RWAs <\/h3>\n\n\n\n

<\/i><\/span>3.1 Move Language\u2014A Secure and Flexible Foundation for Smart Contract Development <\/h4>\n\n\n\n

<\/i><\/span>3.2 One-Click Issuance of Stablecoins and RWA Assets <\/h4>\n\n\n\n

<\/i><\/span>3.3 Support for Multi-Stablecoin and Multi-Asset Coexistence Ecosystems <\/h4>\n\n\n\n

<\/i><\/span>3.4 Paying Gas Fees Directly with Stablecoins for Improved UX <\/h4>\n\n\n\n

<\/i><\/span>3.5 Compliance and Privacy Support on BenFen <\/h4>\n\n\n\n

<\/i><\/span>3.6 Ecosystem Outlook: Building a Bridge Between Traditional Finance and Web3 <\/h4>\n\n\n\n

<\/i><\/span>IV. Conclusion <\/h3>\n\n\n\n

<\/i><\/span>V. References <\/h3>\n\n\n\n
\n\n\n\n

<\/i><\/span>I. Overview of Mainstream Public Chains<\/strong> <\/h3>\n\n\n\n

<\/i><\/span>1.1 Who the Main Players Are: Their “Core Skills” and Growth Paths<\/strong> <\/h4>\n\n\n\n

To understand the future of the blockchain landscape, we must first look back at the “giants” that shaped the past and present. Each leveraged unique “core skills” to capture market opportunities at different times, together defining today’s Web3 world.<\/p>\n\n\n\n

Bitcoin (2009\u2013): Digital Gold and Final Settlement Layer<\/strong><\/p>\n\n\n\n

As the origin of all crypto assets, Bitcoin has always been positioned as a decentralized store of value (SoV) and final settlement network<\/strong>. Its intentionally limited scripting language (Script) maximizes security and stability, but also makes DeFi not its primary battleground. While extensions like the Lightning Network and Taproot activation enhanced programmability, most financial activity “spills over” into other smart contract blockchains via wrapped Bitcoin (wBTC). Accordingly, industry TVL metrics rarely count Bitcoin as part of the DeFi race, with smart contract chains dominating the TVL leaderboard [1]<\/code>.<\/p>\n\n\n\n

\n
\"Overview<\/figure>\n<\/div><\/blockquote>\n\n\n\n

[Chart 1.1: Overview of Mainstream Smart Contract Chain TVL]<\/strong> <\/em>
(Source: DeFiLlama)<\/em><\/p>\n\n\n\n

Ethereum (2015\u2013): The Undisputed Core of DeFi<\/strong><\/p>\n\n\n\n

Ethereum is the king of general-purpose smart contract platforms and the “origin” of DeFi, often called the “world computer.” From the 2017 ICO boom to the 2020 “DeFi Summer,” and then the historic 2022 “Merge,” Ethereum has remained the hub of innovation and capital on Web3. Even amid fierce competition from L2 ecosystems and high-performance L1s in 2024\u20132025, Ethereum continues to hold the 1 spot in TVL [2]<\/code>, serving as the crypto world\u2019s “asset pricing center.”<\/p>\n\n\n\n

\n
\"Ethereum<\/figure>\n<\/div><\/blockquote>\n\n\n\n

[Chart 1.2: Ethereum TVL Historical Trend]<\/strong> <\/em>
(Source: DeFiLlama)<\/em><\/p>\n\n\n\n

BNB Chain \/ BSC (2020\u2013): The Affordable EVM-Compatible Pioneer<\/strong><\/p>\n\n\n\n

BNB Chain (formerly BSC) rose rapidly in 2021 with cheap gas fees, full EVM compatibility, and close ties to the Binance ecosystem<\/strong>. It lowered barriers for users and projects, becoming the entry point for “airdrop hunters” and long-tail assets, with TVL market share peaking at nearly 20% in May 2021 [3]<\/code>. However, as Solana, Terra (pre-collapse), Avalanche, and others flourished, its traffic and funds gradually dispersed, leading to a stable market share.<\/p>\n\n\n\n

Solana (2020\u2013): Winning on Performance, “King of Transaction Activity”<\/strong><\/p>\n\n\n\n

Solana, on the other hand, has taken a different path – winning with its ultimate performance<\/strong>. With ultra-high throughput (TPS) and extremely low fees, it is ideal for high-frequency trading, DEXs, and meme coins. This advantage exploded in late 2023: according to Kaiko, Solana’s DEX daily volumes occasionally surpassed Ethereum’s in 2024 [4]<\/code>. Messari’s State of Solana Q4 2024<\/em> confirmed this, noting TVL surged 486% to $8.6B [5]<\/code>. In 2025, CoinGecko reported Solana briefly reached 52% market share in on-chain transactions in January, before Ethereum reclaimed leadership in March thanks to deep liquidity [6]<\/code>. Solana has firmly cemented itself as the “transaction activity leader.”<\/p>\n\n\n\n

\n
\"Share<\/figure>\n<\/div><\/blockquote>\n\n\n\n

[Chart 1.3: Share of Major Blockchain DEX Volumes, Q1 2025]<\/strong> <\/em>
(Source: CoinGecko 2025 Q1 Crypto Industry Report)<\/em><\/p>\n\n\n\n

Tron (2018\u2013): “King of Stablecoin Settlement”<\/strong><\/p>\n\n\n\n

Beyond noisy DeFi and meme competition, Tron has quietly dominated a crucial niche: stablecoins, particularly USDT for global retail and cross-border settlement<\/strong>. With ultra-low transfer costs, Tron has become the leading network for small-scale stablecoin payments and remittances. By 1H 2025, Tron processed over $600B in monthly stablecoin transfers, with more than 60% of transactions under $1,000, underscoring its retail payments dominance [7]<\/code>.<\/p>\n\n\n\n

Other Players: Newcomers and Ethereum L2s<\/strong><\/p>\n\n\n\n

    \n
  • New-generation public chains<\/strong> such as Aptos, Sui, and Sei are also pushing performance narratives, with TVL beginning to rise rapidly in 2025 and entering the “germination period” [8]<\/code>.<\/li>\n\n\n\n
  • Ethereum L2s<\/strong> like Arbitrum, Optimism, and Base play key roles in scaling Ethereum, handling large transaction and TVL volumes, while competing with Solana in “transaction activity” [6]<\/code>.<\/li>\n<\/ul>\n\n\n\n

    <\/i><\/span>1.2 How the “Mainstream Rankings” Change: A Composite Lens of TVL + Transaction Volume<\/strong> <\/h4>\n\n\n\n

    A single metric, such as TVL, is no longer sufficient to assess the health of a blockchain ecosystem comprehensively. Especially after the DeFi Summer of 2020 and the subsequent boom of multi-chain ecosystems, TVL (Total Value Locked) as a measure of “capital weight” and on-chain transaction volume<\/strong> as a measure of “usage activity” together form a dual-track perspective for observing the competitive landscape of public chains. This section will focus on the post-2020 period and, through these two core indicators, objectively reflect the dynamic shifts in the mainstream rankings of blockchains.<\/p>\n\n\n\n

    Period<\/td>#1 (ETH Advantages)<\/td>#2\uff08Capital+Popularity\uff09<\/td>#3\uff08Supplementary Lineup\uff09<\/td><\/tr>
    2023 Q1\u2013Q2<\/td>ETH<\/td>BSC<\/td>Solana<\/td><\/tr>
    2023 Q3\u2013Q4<\/td>ETH<\/td>Tron \/ BSC<\/td>Solana<\/td><\/tr>
    2024 Q1\u2013Q3<\/td>ETH<\/td>Tron \/ BSC<\/td>Solana<\/td><\/tr>
    2024 Q4<\/td>ETH<\/td>Solana (TVL & DEX Dual Leadership)<\/td>BSC<\/td><\/tr>
    2025 Q1\u2013Q2<\/td>ETH (~84B TVL)<\/td>Solana (~10B TVL + High DEX Activity)<\/td>BSC (~7B TVL)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

    [Chart 1.4: Comparative Rankings of TVL vs. Transaction Volume (2024\u20132025)]<\/strong> <\/em>
    (Source: DeFiLlama, CoinGecko, Messari)<\/em><\/p>\n\n\n\n

    <\/i><\/span>A. Milestones (2017\u20132022): Waves That Shaped the Landscape<\/strong> <\/h5>\n\n\n\n
      \n
    • 2017\u20132019: Ethereum Sets the Standard<\/strong> With its Turing-complete smart contract functionality, Ethereum became the core platform for ICOs and the early DeFi boom, effectively establishing the technical standard and ecosystem paradigm for smart contract blockchains.<\/li>\n\n\n\n
    • 2020: The DeFi Summer<\/strong> Core applications within the Ethereum ecosystem\u2014lending (Compound, Aave) and trading (Uniswap)\u2014experienced explosive growth, while the concept of TVL (Total Value Locked) gained widespread recognition. According to DappRadar, industry-wide TVL reached USD 189 billion in 2021, up 767% year-on-year, with Ethereum maintaining a dominant market share [9]<\/code>.<\/li>\n\n\n\n
    • 2021: The Year of Multichain and BSC’s Peak<\/strong> BNB Chain (BSC), with its low fees and EVM compatibility, successfully captured the massive long-tail demand spilling over from Ethereum. Its share of TVL once reached nearly 20% mid-year. By year-end, Terra, powered by its algorithmic stablecoin UST and Anchor Protocol\u2019s nearly 20% savings yield, surpassed BSC in TVL to become the second-largest blockchain at the time, showcasing the capital-attracting power of strong narratives [10]<\/code>.<\/li>\n\n\n\n
    • 2022: Reshaping the Landscape<\/strong> Ethereum successfully completed “The Merge”, transitioning to Proof-of-Stake (PoS). In the market vacuum left by Terra\u2019s collapse, Tron rapidly rose on the back of massive stablecoin settlement volumes. According to Messari, its settlement volume ranked second globally that year [11]<\/code>.<\/li>\n<\/ul>\n\n\n\n
      <\/i><\/span>B. Recent Trends (2023\u20132025): Dual-Track Game and Tug of War<\/strong> <\/h5>\n\n\n\n

      Since 2023, the focus of competition among blockchains has become increasingly clear: Ethereum’s dominance in TVL remains unshaken, but the battle for “second and third place” has been fierce. Meanwhile, in the transaction volume dimension\u2014reflecting “usage intensity”\u2014Solana has mounted a strong challenge, eroding Ethereum\u2019s absolute advantage.<\/p>\n\n\n\n