Author: Frank, PANews In 2025, the public chain track in the crypto world will be a year of great drama and a watershed moment. If 2024 was a "carnival night" where various new public chains competed with high airdrop expectations and grand narratives, then 2025 will be the "wake-up call" after the carnival. As the tide recedes and liquidity tightens, the true data hidden behind the surface of prosperity begins to emerge. We see a "two extremes" scenario: on one side, the widespread halving of secondary market prices and a significant slowdown in TVL growth; on the other side, an逆 surge in on-chain fee income and DEX trading volume. This stark contrast reveals a brutal truth: the market no longer buys into simple "narratives," and capital is concentrating on leading protocols with the ability to generate revenue and meet essential needs. The PANews data team has comprehensively analyzed 26 mainstream