An interesting comparison: Ethereum and Solana are less like competitors and more like two parallel Facebook ecosystems.

Why see it this way? As the tokenization of on-chain assets accelerates, more and more trading and application activities are flooding into the blockchain. The capacity and performance bottlenecks of a single public chain are becoming increasingly apparent—no single chain can handle the entire ecosystem's demands alone. As a result, multiple public chains have evolved their own business logic and user bases.

The demands of different scenarios such as DeFi, NFT, and GameFi vary greatly. Ethereum maintains its advantage through ecosystem depth and liquidity accumulation, while Solana attracts a different set of applications due to its performance and cost characteristics. This is not about victory or defeat but about differentiated competition—just like different social platforms each have their own user groups.

This multi-public chain coexistence pattern may be more realistic than a future dominated by a single chain.