In the blockchain ecosystem, Total Value Locked (TVL) is often regarded as a key indicator of the prosperity of public chains. However, this metric can be misleading as it is susceptible to manipulation. Large investors can inflate token prices and, combined with airdrop incentives, make the TVL data appear unusually impressive.

The combination of indicators that can truly reflect the health of a public blockchain should include: the number of active addresses, the frequency of real interactions, and the retention rate of users within the protocol. These indicators can more accurately reflect the actual vitality and sustainability of an ecosystem.

Through in-depth analysis of on-chain data, we discovered a little-known but highly potential ecosystem. Although this ecosystem is not widely publicized, its internal economic cycle is stable, and user stickiness is high. In the long term, this characteristic may attract more investors' attention and become an important target for future capital flows.

When evaluating public chain projects, we should not be misled by superficial prosperity. Truly valuable projects often work quietly, attracting and retaining users by providing substantial value. Both investors and developers should pay attention to these potential "top students" because they may represent the next significant development direction of blockchain technology.

As the market matures, we expect to see more projects focusing on practical applications and user experience emerging. This trend is beneficial not only for the healthy development of the entire blockchain industry but also provides new opportunities for investors.