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The time for the Euro Bubble is up, it's been a long time since I've enjoyed this kind of pushback with 50% OKB in a day.
Although there are no dividends and it does not represent shares, future profits are uncertain. However, the valuation of public chains is still relatively cheap. Institutions need someone responsible for asset custody rather than pursuing decentralization and anonymity, so exchanges still prefer to choose. Therefore, will the value of public chains be diluted in the future? The moat of public chains is still not sufficient, and we do not need so many public chains.