2026-01-19 09:34:35

The "golden age" of native crypto applications has come to an end. Truly PMF (product-market fit) projects are few and far between, and this cycle has not even produced any eye-catching new applications. The problem lies at both ends: on one side, there is insufficient user demand, while on the other side, project teams are flooding the market with supply. Rollups and public chain projects are emerging one after another, leading to a severe oversupply of block space, intense competition among infrastructure providers, and the public chain track itself is facing growth stagnation or even contraction pressures. Under the imbalance of supply and demand, it is difficult for a breakout player to emerge in the track.

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MidnightSeller

· 7h ago

Basically, it's just a mess now. Rollups are everywhere, public chains are so numerous that no one uses them, and nobody cares about the real user needs. Who's to blame? All on the --- It's all the financiers and VCs pushing, project teams just copy and paste. What PMF? Sounds like a joke --- Feels like the bubble has reached its peak? A bunch of infrastructure competition, in the end, no one will do well --- Another overhyped track. The oversupply has been obvious for a long time --- Back in 2021, what were we even excited about? It's time to wake up now --- Disruptor? Probably hasn't even been born yet. There are more vapor projects than those that truly solve problems

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ColdWalletAnxiety

· 7h ago

The golden age has indeed declined, but saying there are no eye-opening applications... I feel like our horizons have been spoiled; the truly useful things are actually ignored. The oversupply issue is too painful—many public chains are worse, and ecosystem projects are also competing fiercely. No wonder users have all left.

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ShitcoinArbitrageur

· 8h ago

To be honest, there are really no surprises this round, just repeat projects. Public chains are piled up like garbage dumps, nobody uses them. The oversupply issue should have been pointed out long ago; why only now realize it? Computing power isn't limited; users are the real bottleneck, okay? PMF is just a joke; how many have truly been loved by users? Finally, a new thing comes out, only to be killed by air coin project teams. This track needs a reshuffle, or it will go on forever.

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MissedAirdropAgain

· 8h ago

Really, now the project teams are truly crazy. There are so many public chains and layers, but only a few users are actually using the ecosystem. The oversupply has reached this point; it feels like everyone is going to fail.

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