2026-01-06 16:50:13

#以太坊大户持仓变化 Recently, there has been a quite eye-catching phenomenon—those public chains and Layer 2 solutions once touted as the next-generation infrastructure, no matter how rapid their technological iteration or how cheap their transaction fees, their token prices remain stubbornly stagnant. Instead, some application tokens targeting specific scenarios are quietly siphoning off market activity.

The reason is actually quite brutal: over the past few years, the market has been obsessed with infrastructure narratives, telling stories of scaling, cross-chain, and modularity. But what’s the result? Wide highways are built, yet the number of cars on them is negligible. It’s all infrastructure idling.

This "technology for technology’s sake" approach sounds sophisticated, but in front of real capital, it’s just an inefficient black hole. Smart money isn’t interested in your TPS numbers; they only ask one question: where are the users? Where is the traffic? Is there even the simplest interaction?

The cash flow generated by a social mini-app or a token issuance platform can easily outshine a public chain built with hundreds of millions. This reveals a new market logic.

The market is shifting from **protocol value to application entry point value**. When Meme hype subsides, application layer tokens that can attract traffic and combine AI with practical gameplay are beginning to move into independent market trends. Many still cling to the old saying "market cap is low," but they fail to see the bigger picture: in a stock competition, whoever captures user attention is the true asset.

Overcapacity in infrastructure has become a certainty, and the scarcity of applications is increasingly evident. The main trend ahead is clear—abandon those "ghost city" infrastructure projects and focus on application leaders that inherently retain user stickiness. This shift is quietly rewriting the distribution of wealth.

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

12 Likes

Reward
12
9
Repost
Share

Comment

0/400

GateUser-c802f0e8

· 01-08 21:23

Honestly, no matter how strong the infrastructure is, without users, it's all pointless. This logic should have been pointed out long ago. --- So, technical specifications are useless if they can't attract people; what's important is how many users you can gather. --- Wow, finally someone dares to say this. I'm already tired of all the TPS hype. --- The application value has indeed improved. Many friends are already bottom-fishing for those small application coins. --- We've been talking about infrastructure for years, but money still flows to places with traffic. That's very realistic. --- Empty city public chains are hilarious. They build roads no one uses, better to create small applications to siphon users. --- Exactly, user attention is the new scarce resource. --- This article hits the point. Previously, everyone was betting on infrastructure, but now they're stuck with losses. --- Honestly, it's still about following trends with user bases. Infrastructure is old news.

View OriginalReply0

ChainProspector

· 01-08 21:11

Real gold and silver still speak for themselves; those public chains that boast endlessly are now just a joke. --- Exactly, those still hoarding infrastructure are betting on a fantasy. --- The key is really about who has actual users; don’t keep bragging about TPS to the sky. --- I've seen through it long ago; anyone still believing in the infrastructure narrative should wake up. --- Money flow on the application side is indeed much faster than infrastructure; this logic is sound. --- A small application can outperform public chains that have invested hundreds of millions; that’s the reality. --- What the market wants is not grandeur but real usage and profit—nothing more. --- I’ve already cleared out those empty city infrastructure projects; now I focus on leading applications. --- User stickiness is the real key; I was indeed fooled by technical indicators for too long before.

View OriginalReply0

CryptoTarotReader

· 01-07 17:08

Wake up, the infrastructure story is worn out, without users it's zero Public chains are still competing over TPS, but they are instantly overshadowed by a small application... This really hits hard I agree, now it's all about who can retain traffic, no matter how advanced the technology is, it's useless You're so right, I stopped looking at those L2 tokens a long time ago, now I only focus on application projects Infrastructure is becoming stock-like, applications are the real business, this logic makes sense... Wait, does that mean most of the public chain tokens we buy now could be a scam? I agree with shifting focus to applications, but how to judge which application can survive? That's also very difficult This wave of rhetoric sounds comfortable, but in reality, it still depends on luck and gambling It's quite clear-minded, indeed the market is already voting with its feet Infrastructure dreams are shattered, the era of applications is here... but don't forget, applications are also burning money

View OriginalReply0

FloorPriceNightmare

· 01-06 17:17

Really, the infrastructure story has been overplayed, and now no one wants to listen anymore. I'm optimistic about application layer stuff; at least you can still play with it. To put it simply, traffic is king, and anyone who believes in the technical ceiling is just naive. I'm looking for which application tokens to invest in. After the Meme cool-down, it’s definitely time to change strategies. The public infrastructure chains are really becoming a joke; no one uses the high-speed roads they build. Wait, there are also many application layer tokens that have failed. How do you filter them? I've seen through this logic a long time ago: user numbers vs. hype, nothing else. So should I go all-in on the application layer now? It feels quite risky. Can someone knowledgeable point out which application leaders to watch? Here we go again, cutting leeks; application tokens are still illusory. Don’t be fooled. Wow, shifting from infrastructure to applications, this round of cutting is the same old trick.

View OriginalReply0

StakeTillRetire

· 01-06 17:12

This analysis hits the mark; the infrastructure narrative indeed should go bankrupt. The real money is still made by having users, not by those虚的. --- I've actually grown tired of this expansion story long ago, talking about TPS day and night until dark, but no one uses it... --- That's right, cash flow is the hard currency. Those small applications actually thrive quite well. --- It seems most people are still dreaming and haven't seen this shift clearly. --- Application layer tokens are indeed underestimated this wave, more reliable than those hollow public chains. --- The protocol value shifting to application entry point value—this logic makes sense. It depends on who can truly retain users. --- The judgment that infrastructure is overbuilt is very clear-minded; those虚的 projects should have been abandoned long ago. --- Just one question: what are the specific leading applications with user stickiness? Still need to find the real traffic入口. --- Hundreds of millions of public chains are not as good as a small social application; this reality is a bit harsh. --- Seeing through it is useless; you still need to know who truly has stickiness. Just spotting the trend is too easy.

View OriginalReply0

memecoin_therapy

· 01-06 17:04

Oh no, it's another pile of infrastructure bubble bursts That's right, after building the highway for so long, there are really no cars running, which is awkward Traffic is king, everyone, stop obsessing over TPS numbers I just want to ask, how are those who were hyping L2 doing now Applications are the real gold and silver, infrastructure is just a pipe dream Relying on technology to save the market, how is that possible Now, let's see who can truly retain users, that’s the way to survive

View OriginalReply0

liquidation_watcher

· 01-06 17:04

The infrastructure narrative has indeed collapsed, but I think the problem isn't that simple—what's truly lacking are those killer applications that emerge from the infrastructure, not the infrastructure itself being useless. Really, just look at Solana. When the ecosystem was thriving, the token price was right there, now it's like a trap. To put it plainly, it still depends on who can truly siphon users; that's the core. Do application tokens follow independent market trends? I want to see which ones can really emerge; most are just supporting roles. Honestly, this round of淘汰 will be very brutal; all projects without traffic will have to die. Wait, isn't your logic also supporting certain types of applications?

View OriginalReply0

NFTHoarder

· 01-06 16:53

It's so heartbreaking. Anyone still chasing infrastructure now is just a bagholder. No matter how good the infrastructure stories are told, they are just idle talk. Without applications, it's all worthless. Where the users are, the money is. That’s the real truth. Wait, which specific application leaders are you referring to? I've long seen through it. The wealth creation myth of the infrastructure era is over. Now, applications are crushing infrastructure; it's the era of traffic being king. Those who still believe in TPS numbers truly haven't understood this round of market trends. Just look at my holdings; I've long moved from public chains to applications. Constantly speculating on scalability and cross-chain solutions, really need to reflect. Application value > infrastructure value. This logic has been proven countless times. The bull market for infrastructure is completely over. Anyone who still doesn't believe it is just a fool.

View OriginalReply0

MetaverseLandlady

· 01-06 16:51

Really, the infrastructure story is now just a tale, and boasting about TPS is pointless. Wait, think about it the other way around—if application chains are so popular now, maybe we should be cautious and not repeat the same mistakes. Honestly, locking in user attention is easy to talk about, but few can actually do it. Infrastructure is infrastructure, but declaring it dead so quickly—is that too much? Someone has to pave the way. Now, those who start accumulating application tokens should understand that once this wave passes, it's over.

View OriginalReply0