#Solana期货交易量创新高 China's public chain actions have caused market turbulence, with some opinions suggesting that "once the gunfire of China's public chain sounds, even Wall Street's computing power will tremble—however, your holdings may first meet the King of Hell." Let's break down the underlying intricacies.

From a policy perspective, central state-owned enterprises must personally enter the field to build chains, investing $54.5 billion. On the surface, it's said to prevent the U.S. from choking on technology, but in reality, it aims to squeeze foreign public chains like Ethereum (ETH) and Solana (SOL) out of the Chinese market. It's like foreign products previously leading the way, now the national team wants to take charge and push out foreign competitors.

In the short term, this poses a life-and-death test for the market. The bearish outlook is quite clear; Chinese users will likely use state-owned chains for issuing stablecoins and engaging in decentralized finance (DeFi), which could potentially cut off the domestic ecosystem from projects like Ethereum and Solana that rely on Chinese users. It's reminiscent of last year's licensing in Hong Kong, where a certain exchange's platform token surged 200%, and this time, the beneficiaries are the chains collaborating with state-owned assets.