The Next Chapter in the Public Chain Landscape: A New Web3 Perspective Driven by Stablecoins and RWAs

Abstract

Since the birth of Bitcoin’s genesis block in 2009, the field of Web3 public blockchains has evolved explosively — from single-value settlement, to Turing-complete smart contracts, and eventually to a multi-chain landscape. Ethereum, with its first-mover advantage and strong DeFi ecosystem, has long held the crown for total value locked (TVL). However, since the second half of 2023, high-performance blockchains such as Solana have launched a strong challenge with their superior user experience, leading to a new dynamic: “capital on Ethereum, traffic rotating elsewhere.” At the same time, blockchains like Tron, which specialize in specific use cases (e.g., stablecoin settlement), have carved out important niche markets.

This report reviews the growth trajectories of mainstream blockchains and analyzes the evolution of their “mainstream rankings” through the dual lenses of TVL and on-chain transaction volume. We argue that as market attention shifts from generalized DeFi applications toward more concrete, real-world use cases — namely stablecoin payments and real-world assets (RWA) — the shortcomings of traditional blockchains in performance, interoperability, compliance, and privacy are becoming increasingly apparent. This opens structural opportunities for a new generation of high-performance blockchains (e.g., BenFen) purpose-built for these scenarios.

I. Overview of Mainstream Public Chains

1.1 Who the Main Players Are: Their “Core Skills” and Growth Paths

To understand the future of the blockchain landscape, we must first look back at the “giants” that shaped the past and present. Each leveraged unique “core skills” to capture market opportunities at different times, together defining today’s Web3 world.

Bitcoin (2009–): Digital Gold and Final Settlement Layer

As the origin of all crypto assets, Bitcoin has always been positioned as a decentralized store of value (SoV) and final settlement network. Its intentionally limited scripting language (Script) maximizes security and stability, but also makes DeFi not its primary battleground. While extensions like the Lightning Network and Taproot activation enhanced programmability, most financial activity “spills over” into other smart contract blockchains via wrapped Bitcoin (wBTC). Accordingly, industry TVL metrics rarely count Bitcoin as part of the DeFi race, with smart contract chains dominating the TVL leaderboard [1].

Ethereum (2015–): The Undisputed Core of DeFi

Ethereum is the king of general-purpose smart contract platforms and the “origin” of DeFi, often called the “world computer.” From the 2017 ICO boom to the 2020 “DeFi Summer,” and then the historic 2022 “Merge,” Ethereum has remained the hub of innovation and capital on Web3. Even amid fierce competition from L2 ecosystems and high-performance L1s in 2024–2025, Ethereum continues to hold the 1 spot in TVL [2], serving as the crypto world’s "asset pricing center."

BNB Chain / BSC (2020–): The Affordable EVM-Compatible Pioneer

BNB Chain (formerly BSC) rose rapidly in 2021 with cheap gas fees, full EVM compatibility, and close ties to the Binance ecosystem. It lowered barriers for users and projects, becoming the entry point for “airdrop hunters” and long-tail assets, with TVL market share peaking at nearly 20% in May 2021 [3]. However, as Solana, Terra (pre-collapse), Avalanche, and others flourished, its traffic and funds gradually dispersed, leading to a stable market share.

Solana (2020–): Winning on Performance, “King of Transaction Activity”

Solana, on the other hand, has taken a different path — winning with its ultimate performance. With ultra-high throughput (TPS) and extremely low fees, it is ideal for high-frequency trading, DEXs, and meme coins. This advantage exploded in late 2023: according to Kaiko, Solana’s DEX daily volumes occasionally surpassed Ethereum’s in 2024 [4]. Messari's State of Solana Q4 2024 confirmed this, noting TVL surged 486% to $8.6B [5]. In 2025, CoinGecko reported Solana briefly reached 52% market share in on-chain transactions in January, before Ethereum reclaimed leadership in March thanks to deep liquidity [6]. Solana has firmly cemented itself as the "transaction activity leader."

Tron (2018–): “King of Stablecoin Settlement”

Beyond noisy DeFi and meme competition, Tron has quietly dominated a crucial niche: stablecoins, particularly USDT for global retail and cross-border settlement. With ultra-low transfer costs, Tron has become the leading network for small-scale stablecoin payments and remittances. By 1H 2025, Tron processed over $600B in monthly stablecoin transfers, with more than 60% of transactions under $1,000, underscoring its retail payments dominance [7].

Other Players: Newcomers and Ethereum L2s

• New-generation public chains such as Aptos, Sui, and Sei are also pushing performance narratives, with TVL beginning to rise rapidly in 2025 and entering the “germination period” [8].
• Ethereum L2s like Arbitrum, Optimism, and Base play key roles in scaling Ethereum, handling large transaction and TVL volumes, while competing with Solana in “transaction activity” [6].

1.2 How the “Mainstream Rankings” Change: A Composite Lens of TVL + Transaction Volume

A single metric, such as TVL, is no longer sufficient to assess the health of a public blockchain ecosystem comprehensively. Especially after the DeFi Summer of 2020 and the subsequent boom of multi-chain ecosystems, TVL (Total Value Locked) as a measure of “capital weight” and on-chain transaction volume as a measure of “usage activity” together form a dual-track perspective for observing the competitive landscape of public blockchains. This section will focus on the post-2020 period and, through these two core indicators, objectively reflect the dynamic shifts in the mainstream rankings of public blockchains.

A. Milestones (2017–2022): Waves That Shaped the Landscape

• 2017–2019: Ethereum Sets the Standard With its Turing-complete smart contract functionality, Ethereum became the core platform for ICOs and the early DeFi boom, effectively establishing the technical standard and ecosystem paradigm for smart contract blockchains.
• 2020: The DeFi Summer Core applications within the Ethereum ecosystem — lending (Compound, Aave) and trading (Uniswap) — experienced explosive growth, while the concept of TVL (Total Value Locked) gained widespread recognition. According to DappRadar, industry-wide TVL reached USD 189 billion in 2021, up 767% year-on-year, with Ethereum maintaining a dominant market share [9].
• 2021: The Year of Multichain and BSC’s Peak BNB Chain (BSC), with its low fees and EVM compatibility, successfully captured the massive long-tail demand spilling over from Ethereum. Its share of TVL once reached nearly 20% mid-year. By year-end, Terra, powered by its algorithmic stablecoin UST and Anchor Protocol’s nearly 20% savings yield, surpassed BSC in TVL to become the second-largest blockchain at the time, showcasing the capital-attracting power of strong narratives [10].
• 2022: Reshaping the Landscape Ethereum successfully completed “The Merge”, transitioning to Proof-of-Stake (PoS). In the market vacuum left by Terra’s collapse, Tron rapidly rose on the back of massive stablecoin settlement volumes. According to Messari, its settlement volume ranked second globally that year [11].

B. Recent Trends (2023–2025): Dual-Track Game and Tug of War

Since 2023, the focus of competition among public blockchains has become increasingly clear: Ethereum’s dominance in TVL remains unshaken, but the battle for “second and third place” has been fierce. Meanwhile, in the transaction volume dimension — reflecting “usage intensity” — Solana has mounted a strong challenge, eroding Ethereum’s absolute advantage.

• 2023 to mid-2024 (Rotation Phase): In terms of TVL, Tron and BNB Chain alternated between the 2 and 3 positions, while Solana rebounded strongly after a downturn. On transaction volume, Solana repeatedly surpassed Ethereum on a daily and monthly basis. For example, on May 10, 2024, Solana’s daily DEX trading volume reached USD 1.3 billion, slightly higher than Ethereum’s USD 1.29 billion, marking a day-level “flippening” [4, 12].
• Q4 2024 (Solana Breakout Phase): This was the period of most dramatic shifts. Messari noted that Solana’s TVL jumped to around USD 8.6 billion in Q4, surpassing Tron in November to become the second-largest blockchain by TVL [5]. On the transaction side, the surge was even more striking: according to Binance Square, Solana’s daily DEX volume at one point reached nearly USD 3.98 billion — exceeding the combined volumes of Ethereum (USD 1.71 billion) and Base (USD 1.21 billion) [13].
• H1 2025 (The Tug-of-War): Solana’s trading activity remained strong, but Ethereum demonstrated its ecosystem resilience. According to CoinGecko, while Solana accounted for 52% of on-chain trading share in January, Ethereum reclaimed the lead in March with USD 63 billion in monthly DEX volume — the first time since September 2024 [6, 15].
• Parallel Trend (Tron): Beyond the fierce competition in TVL and DEX volumes, Tron has steadily consolidated its position as the “settlement chain.” By H1 2025, its monthly stablecoin transfer volume remained above USD 600 billion, cementing its role as the de facto global standard chain for retail and cross-border stablecoin payments [7, 8].

Key Takeaways:

• Capital Weight (TVL): Ethereum held the 1st position almost throughout; from Q4 2024 to 2025, the 2nd spot rotated among Solana, Tron, and BSC.
• Usage Intensity (Trading Volume / DEX): Solana frequently overtook Ethereum in specific periods, significantly strengthening its leadership in “activity and usability.”
• Settlement (Stablecoins): Tron has become the backbone of global retail and cross-border stablecoin payments, solidifying its position as “payment-oriented” infrastructure.

Key Data and Case Highlights

• Solana’s Trading Surge: In Q4 2024, Solana’s peak daily DEX trading volume reached about USD 3.98 billion, exceeding the combined total of Ethereum (USD 1.71 billion) and Base (USD 1.21 billion)[13]. Across the year, Solana's average monthly DEX volume hit ~USD 258 billion, far surpassing Ethereum's USD 86 billion, according to Coinspeaker [14].
• Short-Term Flippening: As early as May 10, 2024, Solana’s daily DEX volume reached USD 1.3 billion, slightly higher than Ethereum’s USD 1.29 billion, achieving a daily “overtaking” [12].
• Tron’s Stablecoin Ledger: By H1 2025, Tron’s monthly stablecoin transfer volume consistently exceeded USD 600 billion, solidifying its role as the core ledger for global stablecoin circulation [8].

Behind the Shifts: Why Did Rankings Change Over Time?

Competition among public chains may appear to be a battle with technology and data. Still, beneath the surface, it is a multidimensional contest of user experience, market positioning, capital narratives, and ecosystem vitality.

A. User Experience as a Traffic Driver Network performance and transaction costs are the most direct user touchpoints and the strongest drivers of traffic migration. Solana’s ability to challenge Ethereum in transaction activity is mainly due to its ultra-low fees (around USD 0.00025 per transaction), which cater perfectly to high-frequency traders and meme coin users [16]. Similarly, BSC's early rise and Tron’s success in stablecoin payments were also rooted in low-cost transactions.

B. Differentiated Market Positioning As the market matures, general-purpose blockchains are increasingly specializing, shaping distinct user perceptions:

• Ethereum: The “financial hub” for DeFi and the “cultural layer” for NFTs, extending its universal positioning via the L2 ecosystem.
• Solana: The “performance engine” for high-frequency trading and meme coin cycles, excelling in speed- and cost-sensitive scenarios.
• Tron: The “global payment network” for stablecoins, with a strong moat in small, high-frequency cross-border and retail payments.

C. Capital Narratives and “Flashpoint Stories” Capital and users flock to the most compelling stories. In 2021, BSC rode on the “everyone can participate” long-tail asset craze and occupied a 20% TVL share at its peak. In the same year, Terra drew massive inflows with Anchor Protocol’s 20% APY as its “blockbuster story”, attracting a considerable amount of funds in a short period of time and topping 2nd place in TVL. The subsequent collapse also left a profound lesson for the market. In 2024–2025, Solana’s narrative of being the “high-performance chain powering meme cycles” successfully drove its trading volume surge.

D. Ecosystem Vitality and Flagship Applications The long-term value of a blockchain ultimately depends on the quality and dynamism of its ecosystem. Ethereum’s moat is built on enduring DeFi infrastructure such as Uniswap, Aave, and Lido. Solana’s traffic, meanwhile, has been powered by newer, smoother DEXs and aggregators such as Jupiter and Raydium. Tron’s ecosystem is less diverse, but its massive stablecoin pool itself constitutes a core use case, drawing all payment-related demand.

E. Data Transparency Reinforcing Competition The rise of third-party platforms like Messari, DeFiLlama, and CoinGecko has made blockchain competition more transparent than ever. Core indicators such as TVL, trading volume, and active addresses are tracked in real time. This not only provides the community and users with decision-making tools to judge the strengths and weaknesses of each chain, but also, in turn, intensifies the “intra-industry competition” in data performance among public chains.

1.3 The “Common Recipe” for Successful Public Chains

By reviewing the rise and fall of the above-mentioned mainstream public chains, we can find that although their “breakthrough stories” are not the same, those public chains that can stand out in fierce competition and maintain their mainstream positions often follow a common “formula” behind their success.

1.Low Fees + High Throughput: The Hard Prerequisite for Trading Activity In the era of multi-chain competition, network performance and transaction costs are the fundamental determinants of users ‘voting with their feet.’ Solana’s astonishing DEX transaction volume spikes across multiple periods in 2024–2025 directly validate this principle [4, 6, 12]. When a network can offer sufficiently low-cost (near-zero) and efficient (second-level confirmation) transactions, it inherently meets the hard requirements to capture the highest-frequency, most speculative, and most vibrant trading demand (e.g., Meme coin trading).

2.Clear “Main Battlefield” Mindset: Differentiated Positioning As the market matures, general-purpose chains attempting to “cover everything” struggle to compete without an absolute first-mover advantage against highly focused, specialized chains. Successful chains usually have a crystal-clear, deeply ingrained differentiation:

• Ethereum: The value-accumulation layer of general-purpose smart contracts and the L2 ecosystem.
• Solana: A high-frequency trading chain driven by ultimate performance [4].
• Tron: The global stablecoin settlement chain [7].

3.Strong Ecosystem Hooks: High Concentration of Leading Applications A thriving public chain relies on “hook” applications that consistently attract and retain users. These applications not only contribute to the bulk of on-chain activity but also constitute the moat of the ecosystem.

Ethereum’s “DeFi backbone” applications, such as Uniswap, Aave, and Lido, form the foundation of its massive TVL. Solana’s rise, however, heavily relies on DEX aggregators like Jupiter for efficient integration and traffic distribution. Messari reports that Jupiter alone accounted for approximately 38% of Solana’s spot DEX volume in Q4 2024 [5].

4.Narrative & Capital “Resonance Windows” Technological and ecosystem accumulation form the base, but market breakthroughs often require a strong “narrative” to attract capital and user resonance in a specific time window.

In 2021, BSC leveraged the narrative of “low fees + long-tail assets” to rapidly grow its market share to nearly 20% [3]. By the end of the same year, Terra capitalized on the extreme narrative of "Anchor 20% yield" to attract massive funds in a short period. Still, the overheated narrative led to a swift collapse, exposing risk [10]. In 2024–2025, Solana successfully captured the “high-performance trading + Meme” narrative window, while Ethereum demonstrated stronger resilience amid shifting market hotspots through its stable narrative of deep liquidity and diversified applications [6, 15].

5.Institutional Research & Transparent Data Endorsement In today‘s crypto market, public chain competition is no longer merely a battle of community voice. Third-party research institutions and data platforms such as Messari, Kaiko, CoinGecko, and DeFiLlama provide continuously updated on-chain research reports and open-source dashboards, offering the market institutionalized and traceable benchmarks for competition.

These platforms’ data have become core decision-making tools for projects, institutions, and sophisticated users to evaluate chain ecosystems and identify ranking changes, which in turn pushes chains to pay more attention to actual on-chain data performance.

II. Why Popular Stablecoins and RWAs Are “Absent” on Traditional Public Chains

In the first part, we observed that mainstream public chain competition has mainly revolved around DeFi TVL and on-chain transaction activity. However, since 2023, the narrative focus of Web3 has been quietly shifting. The payment applications of stablecoins and the tokenization of RWAs (Real-World Assets) are becoming the core engines driving the industry into its next phase. Yet, when we examine existing public chain infrastructures, it becomes clear that they were not originally designed to accommodate these two major trends, resulting in a notable phenomenon of “infrastructure absence.”

2.1 A Brief Introduction to the Currently Popular Stablecoins and RWA, Their Major Trends and the Driving Force of Web3

Stablecoins (e.g., USDT, USDC) and RWAs (tokenized real-world assets such as real estate or bonds) are not entirely new concepts, but they have recently demonstrated unprecedented growth momentum. This is fundamentally because they address key issues for Web3’s mainstream adoption: value anchoring and asset expansion.

Why are stablecoins and RWAs a major trend?

• Stablecoins serve as the “dollar” of the crypto world, providing a reliable unit of value and medium of exchange in highly volatile markets. RWAs introduce large-scale traditional assets onto-chain, fundamentally broadening Web3’s asset classes and market depth. Data shows that as of 2023, the global stablecoin market cap exceeded $180 billion, while RWA-related DeFi protocol TVL surpassed $7 billion according to Consensys [17].

The Driving Force of Web3

• The combination of these trends is pushing Web3 from a purely endogenous digital asset ecosystem to a broader financial system that interacts with the real world. Stablecoins’ popularity reduces cross-border payment costs and delays, while RWAs pave the way for applications like asset securitization and decentralized lending, accelerating blockchain mainstream adoption and user growth.

2.2 Limitations of Mainstream Public Chains for Stablecoins and RWAs

Although existing public chains are powerful, they are generally designed as “general-purpose” platforms and lack native optimization for high-frequency, high-compliance, and privacy-sensitive scenarios such as stablecoin payments and RWA applications. This exposes five core shortcomings when faced with these new waves:

2.2.1 Scalability and Performance Bottlenecks

Large-scale payments and asset transactions require high throughput and minimal cost. Ethereum and other traditional public chains have an average transaction confirmation time of about 15 seconds, which can extend to several minutes during congestion, failing to meet instant payment requirements. High and volatile gas fees present another major barrier. During the 2021–2022 market peak, network congestion repeatedly drove gas fees above 200 Gwei, making single stablecoin transfers cost over $50 — unacceptable for small or high-frequency payments [18]. Finally, according to Etherscan, in 2023, Ethereum's daily transaction volume stabilized around 1.2 million, approaching its theoretical TPS limit, indicating network saturation that cannot support the expected surge in stablecoin and RWA transactions.

2.2.2 Insufficient Cross-Chain Interoperability

The value flow of stablecoins and RWAs inevitably involves multi-chain environments, yet cross-chain bridges remain a high-risk area. The 2021 Poly Network hack, which resulted in over $600 million in losses, highlighted the vulnerability of cross-chain assets [19]. At the same time, multi-chain ecosystems also cause severe asset fragmentation, requiring users to operate across 3–5 chains, leading to poor experience and increased user churn. Chainalysis reports that in 2023, losses due to cross-chain scams and security incidents accounted for over 50% of all DeFi security incidents, undermining confidence in large-scale cross-chain asset transfers [20].

2.2.3 Compliance and Regulatory Challenges

Stablecoins and RWAs are tightly connected to real-world assets and face strict regulatory scrutiny. In 2023, regulators such as the SEC strengthened oversight of stablecoin issuers, requiring KYC/AML compliance [21]. However, most existing chains lack native on-chain identity verification modules, forcing projects to rely on patchwork third-party solutions with poor user experience, raising compliance costs. As the International Monetary Fund (IMF) has pointed out, the compliance of RWA on the chain is one of the main obstacles restricting its large-scale application.

2.2.4 Data Privacy and Security Requirements

Traditional public chains are fully transparent, which poses a challenge for privacy-sensitive commercial and financial scenarios. No enterprise wants to expose complete supply chain payments or sensitive RWA asset portfolios. Gartner predicts that within the next three years, 75% of blockchain applications will require privacy-enhancing technologies for enterprise compliance [22]. While existing chains can integrate privacy solutions like zk-SNARKs, these are usually separate L2 or application-layer implementations, facing performance and usability bottlenecks and further fragmenting the ecosystem.

2.2.5 Incomplete Asset-Onboarding Processes and Infrastructure

The tokenization of RWA is not merely a technical issue; it also involves a series of complex off-chain processes such as asset proof, credit endorsement, legal rights confirmation, custody, and auditing. Currently, the industry lacks unified and efficient standards and infrastructure. Take the current DeFi as an example. The proportion of RWA-related smart contracts is less than 5%, indicating that the related infrastructure is still in a very early and nascent stage. ConsenSys’s report also clearly points out that one of the biggest challenges facing the RWA market in 2024 is the incomplete construction of on-chain asset custody and compliance audit mechanisms [17]. Existing public chains, as pure technical platforms, do not provide native tools or frameworks to address these "off-chain" challenges.

III. How BenFen Public Chain Fills the Infrastructure Gap for Stablecoins and RWAs

In the second part, we analyzed the multiple shortcomings of traditional general-purpose public chains when dealing with stablecoin payments and RWA (Real-World Assets) in the new wave of Web3. These shortcomings cannot be simply remedied through technical iterations; instead, they stem from the “genetic” nature of their underlying design, which was not specifically tailored for such scenarios.

This section will elaborate in detail on how BenFen, as a new generation of high-performance stablecoin public chain, systematically fills these gaps through a series of native and specialized infrastructure designs, aiming to become the core platform for the next round of value growth on Web3.

3.1 Move Language — A Secure and Flexible Foundation for Smart Contract Development

For high-value stablecoins and RWA assets representing real-world rights, the security of smart contracts is an unbreakable bottom line. Massive losses of funds due to contract vulnerabilities on traditional public chains (such as Ethereum) have repeatedly proven this point. BenFen prioritized security from the very beginning and its core decision was to choose the Move language as the sole smart contract development language.

The Move language was designed by the Meta (formerly Facebook) team for the Diem project. Its core “Resource Type” system treats digital assets (such as Tokens) as a special type, prohibiting the accidental duplication of assets (to prevent the issue of excessive issuance) or accidental destruction (to prevent asset loss) at the language level. This means that the Move language fundamentally immunizes itself from a series of fatal vulnerabilities commonly found in Solidity contracts, such as integer overflow, re-entry attacks, etc. Additionally, its modular smart contract design makes it convenient for developers to build and audit complex financial logic, making it highly suitable for the complex business requirements of stablecoins and RWA. By adopting the Move language, BenFen significantly reduces the security risks and development costs for developers when issuing and managing high-value assets.

3.2 One-Click Issuance of Stablecoins and RWA Assets

Issuing assets on traditional public blockchains, especially complex RWA, involves cumbersome processes and high technical requirements, which are significant obstacles to their large-scale development. To address this issue, BenFen provides a standardized tool called “one-click issuance”, which encapsulates complex off-chain operations into a simple front-end interface.

This feature is based on BenFen’s advanced object-centric model, treating each token as an independent “object”, and using the built-in official coin core module to unify the standards for asset issuance. Projectors or institutions do not need to perform complex smart contract coding. They only need to fill in the core parameters (such as name, symbol, total amount, etc.) of the asset through the configuration interface to complete compliant and transparent on-chain asset issuance. This not only significantly improves the efficiency of asset listing but also provides native support for the entire lifecycle management of assets (issuance, transfer, redemption, etc.), laying the foundation for the rapid expansion of the ecosystem.

3.3 Support for Multi-Stablecoin and Multi-Asset Coexistence Ecosystems

To address the excessive centralization and limitations of a single currency in stablecoins, BenFen has implemented a native multi-currency stablecoin system at the protocol level. This system uses the core stablecoin BUSD (which is 1:1 pegged to mainstream dollar stablecoins through a cross-chain bridge) as the reserve and exchange medium. It obtains real-time foreign exchange prices through the native exchange rate oracle on the blockchain, thereby enabling the efficient and low-cost issuance and circulation of stablecoins denominated in different national currencies (such as BJPY, BEUR, etc.) in the ecosystem.

This multi-currency coexistence mechanism not only meets the localized payment and settlement needs in different regions around the world (such as cross-border e-commerce, local payments), but also allows for more complex cross-asset interactions and transactions, providing necessary underlying support for diversified financial scenarios such as consumer payments, lending, and wealth management, and helping to build a more inclusive global financial network.

3.4 Paying Gas Fees Directly with Stablecoins for Improved UX

Traditional public blockchains require users to hold their native tokens (such as ETH) to perform any on-chain operations, which creates significant friction and obstacles for new users. BenFen, as the first public chain to natively support stablecoins for paying gas fees, has fundamentally solved this problem.

In the BenFen ecosystem, users can directly use mainstream stablecoins like BUSD to pay gas fees for any transactions, without having to pre-purchase and hold the volatile native token BFC. This mechanism separates the “transaction initiator” from the “gas fee payer” at the protocol level. It even allows project developers to directly pay gas fees for users through the sponsored transaction function. This makes the payment experience of users closer to real-world habits, significantly enhancing the usability of stablecoins in payment scenarios, and is a crucial step in promoting Web3 applications to become mainstream.

3.5 Compliance and Privacy Support on BenFen

Through its native integrated functional modules, BenFen directly addressed the rigid requirements for stablecoins and RWA in terms of compliance and privacy.

• Native compliance framework: For the compliance requirements of assets like RWA regarding KYC/AML, the BenFen ecosystem has built a BenFen KYC on-chain identity authentication system. This system adopts the W3C’s DID and VC standards, allowing project owners to verify the identities of investors at the protocol level, achieving standardization and high efficiency in the compliance process, while ensuring that the users themselves sovereignly control their KYC information.
• Native privacy support: For the protection of sensitive information of assets like RWA, BenFen supports private accounts and private payments at the virtual machine level. After users’ assets are deposited into a private account, their actual balance is hidden on the chain. Payments between two private accounts only show an encrypted interaction record to the outside world, and the specific amount cannot be known. This provides the necessary privacy protection for large-scale compliance commercial applications on the blockchain.

3.6 Ecosystem Outlook: Building a Bridge Between Traditional Finance and Web3

In summary, BenFen is not a mere replication or performance upgrade of existing public chains, but rather a systematic solution to the core shortcomings traditional public chains face in supporting stablecoin and RWA businesses — achieved through a set of native, dedicated infrastructures. By providing infrastructure that is more secure (Move language), more user-friendly (stablecoin-as-gas, one-click issuance), and more compliant (native KYC/privacy), BenFen is committed to building a complete stablecoin and RWA ecosystem that bridges traditional finance and Web3.

Its ultimate goal is to unlock circulation channels between on-chain and off-chain assets, enabling the digitization and securitization of trillions of dollars in traditional financial assets, while bringing in high-quality partners and institutions to co-create a multi-party win-win financial ecosystem that truly serves real-world value exchange.

IV. Conclusion

The development of public blockchains now stands at a new historical inflection point. If the last cycle’s competition centered on the Lego-like composability of “general-purpose” DeFi protocols, then the next three years of user adoption will belong to “specialized” infrastructures — those capable of truly connecting to the real world and supporting large-scale payments and compliant assets.

This report highlights that while Ethereum and other traditional public chains have deep foundations, they face apparent “infrastructure gaps”: their performance, costs, compliance readiness, and privacy guarantees remain insufficient to support the core requirements of stablecoin payments and RWA natively.

BenFen has emerged precisely to address this structural gap. It is not yet another general-purpose chain competing across all verticals, but rather a purpose-built infrastructure. Through a series of focused design choices — such as asset security enabled by the Move language, one-click issuance lowering adoption barriers, stablecoin-based gas payments for superior user experience, and native compliance and privacy modules — BenFen delivers a comprehensive, efficient, and trustworthy base layer for the coming wave of PayFi and RWA adoption.

We believe that the next chapter of public blockchains will be written by platforms that truly serve the real economy and reduce the frictions of value transfer. With its precise positioning and specialized tech stack, BenFen is well-prepared to lead in this new era.

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Disclaimer

This report is provided for informational purposes only and does not constitute investment, legal, accounting, or tax advice, nor does it constitute an offer to sell or a solicitation of an offer to purchase any tokens or securities.

The information contained herein has been obtained from publicly available sources and interviews. While Bixin Ventures and the BenFen team strive to ensure accuracy and reliability, no representation or warranty, express or implied, is made as to the accuracy or completeness of such information. The views, analyses, and forecasts expressed in this report represent the author’s judgment as of the date of publication and are subject to change without notice.

This report may contain forward-looking statements, which are subject to risks, uncertainties, and assumptions that could cause actual outcomes to differ materially. The cryptocurrency market is highly volatile and risky, and past performance should not be relied upon as an indicator of future results.

Under no circumstances shall the authors or the publishing institutions of this report be liable for any loss or damage arising from the use of any content contained herein. Investors should conduct their own independent due diligence and consult with qualified financial advisors before making any investment decisions.