$ETH relies on the three essential elements of public chains: decentralization, uptime, and security, which is worth $20,000. I personally do not agree with this view, although I am optimistic about ETH.

Most of the public chains on the market that claim to be 'absolutely decentralized' and 'absolutely secure' often talk more than they actually deliver. In reality, as long as it is a chain, there will be shortcomings, just different trade-offs. Taking Ethereum as an example, Du Jun praises it for being less prone to downtime, relatively decentralized, and having decent security, but you can also find flaws: for instance, the foundation's influence is too great, whether the POS mechanism can truly be compared to POW in terms of security, and its speed is indeed not fast, etc.

But the key question is, can you find a public chain that completely lacks these problems? The realistic answer is: no. It’s not that Ethereum is inadequate, but the entire blockchain industry is still on its way. All the defects at this stage, when viewed over a longer timeline, are actually still within the scope of 'gradually improving'.

Moreover, from another perspective, if there were indeed a public chain that achieved perfection in all aspects, what level should its price be at now? Could it still rise? What would drive the price up afterwards? It’s like speculation; once the favorable conditions are fulfilled, it often marks the beginning of a peak. Because the market needs expectations to drive it, rather than 'already perfect' as a foregone conclusion.

Therefore, those 'not yet perfect' projects in the market still have stories to tell, room for imagination, and can even spark people's wild expectations. Just like when speculating on meme coins, everyone imagines 'listing on major exchanges', but once it actually happens, what should be realized is realized, and those who should run have run, and naturally, the heat declines.

Thus, imperfection is actually the soil for growth; leaving some gaps makes people willing to fill in expectations. This is why many projects that are more controversial can rise more easily.