The Next Chapter of Public Chain Landscape: A New Perspective on Web3 Driven by Stablecoins and RWA

1. Overview of Mainstream Public Chains

1.1 Review of Mainstream Public Chains: Who They Are, What Their "Core Competencies" Are, and How They Grew

To understand the future landscape of public chains, we must first look back at the "giants" that defined the past and present. Each of them has captured market opportunities at different times with their unique "core competencies," collectively shaping today's Web3 world.

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

As the source of value for all crypto assets, Bitcoin's core positioning has always been as a decentralized store of value (SoV) and a final settlement network. Its limited scripting capability (Script) is a deliberate design choice aimed at maximizing the network's security and stability, which also determines that DeFi is not its main battlefield. Although its programmability has been expanded through methods like the Lightning Network and Taproot activation, most of its on-chain financial activities are "overflowing" to other smart contract chains in forms like wBTC. The industry's statistics on total value locked (TVL) generally do not include it in the mainstream DeFi competitive landscape, with major smart contract chains long dominating the TVL rankings.

【Chart 1.1: Overview of TVL in Mainstream Smart Contract Chains】

(Source: DeFiLlama)

Ethereum (2015--): The Absolute Core of the DeFi World

Ethereum is indisputably the king of general-purpose smart contract platforms and the "progenitor" of the DeFi ecosystem, often referred to as the "world computer." From the ICO frenzy in 2017 to the "DeFi Summer" in 2020, and the historic "The Merge" consensus transition in 2022, Ethereum has always been the hub of innovation and capital in the Web3 world. Even facing intense competition from L2 ecosystems and high-performance L1s in 2024-2025, its TVL share remains the highest across the network, making it the "asset pricing center" of the crypto world.

【Chart 1.2: Historical TVL Trend of Ethereum】

(Source: DeFiLlama)

BNB Chain / BSC (2020--): The Inclusive Pioneer with EVM Compatibility

BNB Chain (formerly BSC) rapidly rose in the spring and summer of 2021 due to its low Gas fees, complete EVM compatibility, and close ties to the Binance ecosystem. It significantly lowered the participation threshold for new users and projects, becoming the first stop for "yield farmers" and long-tail assets, with its TVL market share peaking near 20% in May 2021. However, as multi-chain ecosystems like Solana, Terra (before its collapse), and Avalanche flourished, its traffic and capital gradually diverted, stabilizing its market share.

Solana (2020--): The "Transaction Hotspot King" Winning with Performance

Solana took a different path—winning with extreme performance. Its high throughput (TPS) and low transaction costs make it very friendly to high-frequency trading, DEX, and meme coins, which have high performance requirements. This advantage began to explode in the second half of 2023. According to research firm Kaiko, during 2024, Solana's on-chain DEX daily trading volume briefly surpassed Ethereum multiple times. Messari further confirmed this trend in its "State of Solana Q4 2024" report, noting that Solana's TVL soared by 486% in that quarter, reaching $8.6 billion. Entering 2025, according to CoinGecko, Solana's on-chain trading share reached an astonishing 52% in January. Although Ethereum regained the monthly crown in March due to its deep liquidity, Solana solidified its position as the "transaction hotspot king."

【Chart 1.3: DEX Trading Volume Share of Major Public Chains in Q1 2025】

(Source: CoinGecko 2025 Q1 Crypto Industry Report)

Tron (2018--): The "Stablecoin Settlement King"

Outside the noisy competition of DeFi and meme coins, Tron quietly occupies a crucial ecological niche: stablecoins, particularly the global retail and cross-border settlement network of USDT. With its extremely low transfer fees, Tron has become the preferred mainstay for small stablecoin payments and remittances worldwide. According to CoinDesk Data, by the first half of 2025, the monthly stablecoin transfer volume on the Tron network had stabilized above $600 billion, with over 60% of transactions below $1,000, fully reflecting its dominance in the retail payment sector.

Other Representatives: New Forces and L2 Ecosystems

• New Generation Public Chains: Represented by Aptos, Sui, Sei, etc., also focusing on high-performance narratives, their ecosystem TVL began to grow rapidly in 2025, entering a "germination phase."
• Ethereum L2: Layer 2 solutions like Arbitrum, Optimism, and Base, as a core strategy for Ethereum's scalability, have taken on a large number of transactions and TVL, forming a continuous tug-of-war with Solana in terms of "transaction activity."

1.2 How the "Mainstream Position" of Public Chains Changes: A Composite Perspective of TVL + Trading Volume

A single TVL metric is no longer sufficient to comprehensively measure the health of a public chain ecosystem. Especially after the DeFi Summer of 2020, with the explosion of multi-chain ecosystems, TVL (Total Value Locked) as a measure of "capital weight" and on-chain trading volume as a measure of "usage intensity" together form a dual-track perspective for observing the competitive landscape of public chains. This section will focus on the dynamic changes in the mainstream positions of public chains after 2020 through these two core indicators.

【Chart 1.4: Overview of Changes in Mainstream Public Chain Rankings (Q1 2023 - Q2 2025)**

A. Milestones (2017--2022): Several Waves that Established the Landscape

• 2017--2019: Establishment of Ethereum Standards. Ethereum became the core platform for the explosion of ICOs and early DeFi protocols, effectively establishing the technical standards and ecological paradigm for smart contract public chains.
• 2020: DeFi Summer. Core applications within the Ethereum ecosystem, such as lending (Compound, Aave) and trading (Uniswap), experienced explosive growth, and the concept of TVL became widely recognized. According to DappRadar data, the total industry TVL reached $189 billion in 2021, a year-on-year increase of 767%, with Ethereum long occupying an absolute dominant position.
• 2021: The Year of Multi-Chain and the Highlight of BSC. BNB Chain (BSC) successfully captured the massive long-tail assets and user demand overflowing from Ethereum due to its low fees and EVM compatibility, with its TVL market share peaking near 20% mid-year. By the end of the year, Terra, with its algorithmic stablecoin UST and Anchor protocol's nearly 20% savings annual interest rate, surpassed BSC in TVL, becoming the second-largest public chain at the time, showcasing the capital narrative's ability to attract funds.
• 2022: Restructuring the Landscape. Ethereum successfully completed "The Merge" consensus transition, officially entering the PoS era. In the market void left by Terra's collapse, Tron rapidly rose due to its massive stablecoin settlement volume, with Messari reporting its value settlement volume remained the second largest across the network that year.

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

Entering 2023, the focus of public chain competition became increasingly clear: while Ethereum's TVL throne is hard to shake, the competition for "second/third place" is exceptionally fierce; at the same time, in terms of "usage intensity," Solana has launched a strong challenge, weakening Ethereum's absolute advantage.

• Mid-2023 - 2024 (Rotation Period): In terms of TVL, Tron and BNB Chain alternately occupied the second and third positions, while Solana began a strong recovery after experiencing a low point. In terms of trading volume, Solana has repeatedly surpassed Ethereum on a daily/monthly basis. For instance, on May 10, 2024, its daily DEX trading volume reached $1.3 billion, slightly higher than Ethereum's $1.29 billion, achieving a daily "overtake."

• Q4 2024 (Solana's Explosive Period): This was the period of the most dramatic changes in the landscape. Messari pointed out that Solana's TVL soared to about $8.6 billion in that quarter, surpassing Tron in November to become the second-largest TVL public chain. The trading volume was even more astonishing; according to data cited by Binance Square, Solana's daily DEX trading volume reached nearly $3.98 billion in that quarter, exceeding the combined total of Ethereum ($1.71 billion) and Base ($1.21 billion).

• First Half of 2025 (Tug-of-War Phenomenon): Solana's trading heat continues, but Ethereum demonstrates its ecological resilience. According to CoinGecko, although Solana captured 52% of the on-chain trading share in January, Ethereum regained the lead in March with a monthly DEX trading volume of $63 billion—this was the first time since September 2024.

• Parallel Trends (Tron): Beyond the fierce competition in TVL and DEX trading volume, Tron's position as a "payment settlement chain" continues to solidify. By the first half of 2025, its monthly stablecoin transfer volume remained stable above $600 billion, becoming one of the de facto standard chains for global retail and cross-border stablecoin payments.

Key Takeaways:

• Capital Weight (TVL): ETH was almost always first, with the second place in Q4 2024--2025 more often rotating among Solana/Tron/BSC;
• Usage Intensity (Trading Volume/DEX): Solana has overtaken Ethereum in multiple time windows, significantly enhancing its dominance in "activity and availability";
• Payment Settlement (Stablecoins): Tron excels in global retail/cross-border stablecoin transfers, becoming the infrastructure for "payment orientation."
• Key Data and Case Supplement:
• Solana's Trading Volume Explosion: In Q4 2024, Solana's daily DEX trading volume peaked at about $3.98 billion, surpassing the total of Ethereum ($1.71 billion) and Base ($1.21 billion). For the entire year, according to Coinspeaker, Solana's average monthly DEX trading volume reached about $258 billion, far exceeding Ethereum's $86 billion.
• Brief Overtake: As early as May 10, 2024, Solana's daily DEX trading volume reached $1.3 billion, slightly higher than Ethereum's $1.29 billion, achieving a daily "overtake."
• Tron's Stablecoin Ledger Main Stage: By the first half of 2025, Tron's monthly stablecoin transfer volume consistently exceeded $600 billion, solidifying its position as the core ledger for global stablecoin circulation.

Driving Analysis: Why Do Rankings Change Over Time?

The competition in the public chain space superficially appears to be a contest of technology and data, but behind it lies a multidimensional comprehensive game of user experience, scenario positioning, capital narratives, and ecological vitality.

A. User Experience Drives Traffic

Network performance and transaction costs are the most intuitive feelings for users and the most direct driving force for traffic migration. Solana's challenge to Ethereum in trading heat is largely due to its transaction fee of about $0.00025, which greatly satisfies the needs of high-frequency trading and meme coin cycle users. Similarly, BSC's early rise and Tron's success in stablecoin payments are both inseparable from their low-cost trading experience.

B. Differentiated Scenario Positioning

As the market matures, general-purpose public chains begin to differentiate into specific advantageous areas, forming differentiated user mindsets:

• Ethereum: The "financial center" and "cultural layer" of DeFi and NFTs, expanding its versatile positioning through the L2 ecosystem.
• Solana: The "performance engine" for high-frequency trading and meme coin cycles, focusing on scenarios with extreme speed and cost requirements.
• Tron: The "global payment network" for stablecoins, building a strong moat in small, high-frequency cross-border payments and retail settlements.

C. Capital Orientation and "Explosive Narratives"

Capital and users always chase the most attractive stories. In 2021, BSC captured a 20% TVL share at its peak due to the "everyone can participate" narrative of long-tail assets. That year, Terra attracted massive funds and topped TVL with the "Anchor 20% yield" explosive narrative, but its subsequent collapse left a deep lesson for the market. From 2024 to 2025, Solana successfully drove its trading heat curve with the narrative of "high-performance carrying meme hotspots."

D. Ecological Vitality and Head Application Adhesion

The long-term value of a public chain is ultimately determined by the quality and vitality of its ecological applications. Ethereum's moat consists of a series of well-tested DeFi infrastructures like Uniswap, Aave, and Lido. Solana's traffic is more driven by emerging, smoother DEXs and aggregators like Jupiter and Raydium. Although Tron's ecosystem is not as rich as the first two, its massive stablecoin liquidity pool itself constitutes the strongest application scenario, attracting all demand related to stablecoin settlements.

E. Data Transparency Provides Traceability for Competition

The rise of third-party data and research platforms like Messari, DeFiLlama, and CoinGecko has made competition between public chains unprecedentedly transparent. Core metrics such as TVL, trading volume, and active addresses are quantified and tracked in real-time, providing communities and users with decision-making tools to judge the strengths and weaknesses of each chain, which in turn intensifies the "involution" of public chains in data performance.

1.3 Common Formula for Successful Public Chains

By reviewing the rise and fall of the aforementioned mainstream public chains, we can find that although their "explosive narratives" differ, those that can stand out in fierce competition and stabilize their mainstream positions often follow a common "formula."

1. Low Fees + High Throughput: The Hard Prerequisite for Trading Activity

In the era of multi-chain competition, network performance and transaction costs are fundamental prerequisites for users to "vote with their feet."

The astonishing explosion of Solana's DEX trading volume in multiple time windows in 2024-2025 directly confirms this. When a network can provide a sufficiently low (almost zero-cost) and efficient (second-level confirmation) trading experience, it possesses the hard conditions to accommodate the highest frequency, most speculative, and most vibrant trading demands (such as meme coin trading).

2. Clear "Main Battlefield" Mindset: Differentiated Positioning

As the market matures, general-purpose public chains that attempt to be "all-encompassing" find it difficult to compete with highly focused "specialized" public chains without absolute first-mover advantages. Successful public chains often have an extremely clear and deeply ingrained differentiated positioning.

• Ethereum: The value sediment layer of general smart contracts and the L2 ecosystem.
• Solana: A high-frequency trading chain driven by extreme performance.
• Tron: The global stablecoin settlement chain.

3. Strong Ecological Hooks: High Proportion of Leading Applications

The prosperity of a public chain relies on its ability to continuously attract and lock in users through leading "hook" applications. These applications not only contribute a large portion of on-chain activity but also form the ecological moat.

【Chart 1.5: Distribution of DEX Trading Volume in the Solana Ecosystem】

(Source: Messari "State of Solana Q4 2024" Report)

Ethereum's Uniswap, Aave, and Lido are the cornerstones of its massive TVL; Solana's rise heavily relies on the efficient integration and traffic distribution of DEX aggregators like Jupiter. Messari's report indicates that Jupiter alone accounted for about 38% of Solana's ecosystem's spot DEX trading volume in Q4 2024.

4. Resonance of Narratives and Capital in "Time Windows"

The accumulation of technology and ecology is the foundation, but igniting the market often requires a powerful "narrative" to attract capital and user resonance within specific time windows.

【Chart 1.6: Changes in Public Chain TVL Market Share in 2021**

(Source: DeFiLlama)

In 2021, BSC's narrative of "low fees and long-tail assets" rapidly raised its market share to nearly 20%; by the end of the year, Terra attracted massive funds with the extreme narrative of "Anchor 20% yield," but quickly collapsed due to overheated narratives, revealing risks. From 2024 to 2025, Solana successfully seized the narrative window of "high-performance trading + meme," while Ethereum demonstrated stronger resilience during market hot-switching with its steady narrative of "deep liquidity and diversified applications."

5. Institutional Research and Transparent Data as Endorsements

In the current crypto market, competition among public chains is no longer a simple comparison of community volume. Third-party research institutions and data platforms represented by Messari, Kaiko, CoinGecko, and DeFiLlama provide institutionalized, traceable competitive benchmarks through continuously updated chain-level research reports and open-source data panels.

【Chart 1.7: DeFiLlama Public Chain TVL Rankings**

(Source: DeFiLlama)

The data from these platforms has become a core decision-making tool for projects, institutions, and deep users to judge the strengths and weaknesses of chain ecosystems and identify "ranking changes," which in turn encourages public chains to pay more attention to real on-chain data performance.

2. Why Hot Stablecoins and RWA Are "Absent" on Traditional Public Chains

In the first part, we observed that the competition among mainstream public chains mainly revolves around the TVL of DeFi and on-chain trading heat. However, since 2023, the narrative focus of Web3 has quietly shifted. The payment applications of stablecoins and the tokenization of RWA (real-world assets) are becoming the core engines driving the industry into the next stage. But when we examine the existing public chain infrastructure, we find that they were not adequately prepared to accommodate these two major waves from the outset, leading to a noticeable "infrastructure absence" phenomenon.

2.1 Overview of Currently Hot Stablecoins and RWA and Their Trends and Role in Promoting Web3

Stablecoins (represented by USDT, USDC) and RWA (tokenization of real-world assets, such as real estate and bonds) are not new concepts, but they have shown unprecedented growth momentum recently, fundamentally because they address the key issues of Web3's mainstream adoption: value anchoring and asset expansion.

Why Are Stablecoins and RWA Major Trends?

• Stablecoins serve as the "dollar" of the crypto world, providing a reliable value scale and trading medium for a highly volatile market. RWA, by bringing large-scale traditional assets onto the chain, fundamentally broadens the asset categories and market depth of Web3. Data shows that by 2023, the global stablecoin market cap has exceeded $180 billion, while according to a Consensys report, the locked value of RWA-related DeFi protocols has also surpassed $7 billion during the same period.

【Chart 2.1: Global Stablecoin Total Market Cap and TVL Growth Trend**

(Source: The Block Data)

【Chart 2.2: Total Trading Volume of Gold-Backed Stablecoins**

(Source: The Block Data)

Role in Promoting Web3

• The combination of these two trends is driving Web3 from a purely endogenous digital asset game to a broader financial ecosystem capable of interacting with the real world. The proliferation of stablecoins has significantly reduced the cost and time of cross-border payments, while RWA has paved the way for applications closer to traditional finance, such as asset securitization and decentralized lending, collectively accelerating the mainstreaming of blockchain technology and expanding user scale.

2.2 Deficiencies of Mainstream Public Chains Regarding Stablecoins and RWA

Although existing public chains are powerful, they are generally designed as "general-purpose" chains and have not been natively optimized for scenarios requiring high frequency, high compliance, and high privacy, such as stablecoin payments and RWA. This has exposed the following five core deficiencies when facing the new waves:

2.2.1 Scalability and Performance Bottlenecks

Large-scale payments and asset transactions require networks to have extremely high processing capabilities and very low costs. First, the average transaction confirmation time for traditional public chains like Ethereum mainnet is about 15 seconds, which can extend to several minutes during network congestion, failing to meet the immediacy requirements of payment scenarios. Second, high and unstable Gas fees are another major obstacle; during the market peaks of 2021-2022, network congestion often caused Gas fees to exceed 200 Gwei, making the cost of a single stablecoin transfer over $50, which is unacceptable for small payments and high-frequency trading scenarios. Finally, according to Etherscan data, Ethereum's daily transaction volume stabilized at about 1.2 million in 2023, nearing its theoretical TPS limit, indicating that its network capacity is basically saturated and unable to support the massive transaction demands brought by large-scale stablecoin and RWA applications in the future.

2.2.2 Insufficient Cross-Chain Interoperability

The value transfer of stablecoins and RWA inevitably involves a multi-chain environment, but the current cross-chain bridge infrastructure remains a hotspot for security risks. The 2021 Poly Network cross-chain bridge hack, which resulted in losses exceeding $600 million, exposed the vulnerability of cross-chain asset security. At the same time, multi-chain ecosystems have also led to severe asset fragmentation issues, where users often need to perform cumbersome operations across at least 3-5 different chains, resulting in poor experiences and significantly increasing the risk of user attrition. According to Chainalysis data, losses caused by cross-chain bridge scams and security incidents accounted for over 50% of all DeFi security incidents in 2023, severely undermining user confidence in conducting large asset cross-chain transactions.

2.2.3 Difficulties in Compliance and Regulatory Adaptation

Stablecoins and RWA are closely tied to real-world assets and inevitably face strict financial regulations. Regulatory agencies like the SEC have strengthened oversight of stablecoin issuers in 2023, requiring them to meet KYC/AML compliance. However, most existing public chains lack native on-chain identity verification modules, forcing project parties to rely on piecemeal, poorly experienced third-party solutions to achieve compliance, resulting in high compliance costs. As the International Monetary Fund (IMF) pointed out, the compliance of RWA on-chain is one of the main obstacles to its large-scale application.

【Chart 2.3: Schematic Diagram of the "Pieced Together" Architecture for Achieving Asset Compliance on Traditional Public Chains**

(Source: Self-made by the author)

2.2.4 Data Privacy and Security Needs

The completely open and transparent transaction data of traditional public chains poses a significant barrier for business and financial scenarios requiring privacy protection, as no real-world enterprise is willing to make its complete supply chain payment records or sensitive information involving RWA asset portfolios public. Market demand is driving technological change; according to Gartner's predictions, within the next three years, 75% of blockchain applications will need to introduce privacy protection technologies to meet corporate compliance needs. Although existing public chains can integrate privacy technologies like zero-knowledge proofs (zk-SNARKs), these typically exist as independent L2 or application-layer solutions, facing performance and usability bottlenecks, and exacerbating ecological fragmentation.

2.2.5 Incomplete Asset On-Chain Processes and Infrastructure

The tokenization of RWA is not just a technical issue; it also involves a series of complex off-chain processes such as asset proof, credit endorsement, legal confirmation, custody, and auditing, while the industry currently lacks unified and efficient standards and infrastructure. For example, in the current DeFi landscape, the proportion of RWA-related smart contracts is less than 5%, clearly indicating that the relevant infrastructure is still in a very early germination stage. ConsenSys's report also clearly states that one of the biggest challenges facing the RWA market in 2024 is the inadequate construction of on-chain asset custody and compliance auditing mechanisms. Existing public chains, as purely technical platforms, have not provided native tools or frameworks to address these "off-chain" challenges.

3. How BenFen Public Chain Can Fill the Infrastructure Gap for Stablecoins and RWA

In the second part, we analyzed the multiple shortcomings of traditional general-purpose public chains in terms of performance, security, compliance, and usability when facing the new waves of stablecoin payments and RWA (real-world assets) in Web3. These shortcomings cannot be simply remedied by technical iterations but stem from the underlying design "genes" not being born for such scenarios.

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

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

For high-value stablecoins and RWA assets representing real-world rights, the security of smart contracts is an insurmountable bottom line. The massive losses of funds due to contract vulnerabilities on traditional public chains (like Ethereum) have repeatedly proven this point. From day one, BenFen has prioritized security, with its core decision being the choice of 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, and its core "resource type" system treats digital assets (like tokens) as a special type, prohibiting the arbitrary duplication of assets (to prevent inflation vulnerabilities) or accidental destruction (to prevent asset loss) at the language level. This means that the Move language is fundamentally immune to a series of fatal vulnerabilities commonly found in Solidity contracts, such as integer overflow and reentrancy attacks. Additionally, its modular smart contract design facilitates developers in building and auditing complex financial logic, making it very suitable for the complex business needs 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 chains, especially complex RWA structures, involves cumbersome processes and high technical barriers, which is a significant obstacle to their large-scale development. To address this pain point, BenFen provides a standardized tool for "one-click issuance," encapsulating complex on-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 unifying the asset issuance standards through built-in official coin core modules. Project parties or institutions do not need to engage in complex smart contract coding; they can simply fill in the core parameters of the asset (such as name, symbol, total supply, etc.) through a configuration interface to complete compliant and transparent on-chain asset issuance. This not only greatly improves the efficiency of asset on-chain processes but also provides native support for the entire lifecycle management of assets (issuance, transfer, redemption, etc.), laying the foundation for rapid ecological expansion.

【Chart 3.1: Stablecoin Creation Process Diagram**

(Source: BenFen Public Chain White Paper)

3.3 Supporting a Multi-Currency Stablecoin and Multi-Asset Coexistence Ecosystem

To address the over-centralization of dollar stablecoins and the limitations of a single currency, BenFen natively supports a multi-currency stablecoin system at the protocol level. This system uses the core stablecoin BUSD (1:1 pegged to mainstream dollar stablecoins through cross-chain bridges) as a reserve and exchange medium, obtaining real-time foreign exchange prices through on-chain native oracle services, thereby supporting the efficient and low-cost issuance and circulation of stablecoins pegged to different national fiat currencies (such as BJPY, BEUR, etc.) within the ecosystem.

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

【Chart 3.2: Stablecoin Circulation Diagram within the BenFen Ecosystem**

(Source: BenFen Public Chain White Paper)

3.4 Stablecoins Directly Pay Gas Fees, Optimizing User Experience

Traditional public chains require users to hold their native tokens (like ETH) to perform any on-chain operations, creating significant friction and barriers for new users. As the first public chain to natively support stablecoin payments for gas fees, BenFen fundamentally resolves this issue.

Users can directly use mainstream stablecoins like BUSD to pay gas fees for any transaction within the BenFen ecosystem, without needing 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, even allowing project parties to directly sponsor gas fees for users through transaction sponsorship features. This makes the user payment experience more aligned with real-world habits, significantly enhancing the usability of stablecoins in payment scenarios and is a key step toward bringing Web3 applications into the mainstream.

3.5 Compliance and Privacy Support of BenFen Public Chain

BenFen directly addresses the rigid compliance and privacy needs of stablecoins and RWA through natively integrated functional modules.

• Native Compliance Framework: In response to the KYC/AML compliance requirements for assets like RWA, the BenFen ecosystem has built-in the BenFen KYC on-chain identity verification system. This system adopts W3C's DID and VC standards, allowing project parties to verify investor identities at the protocol level, achieving standardized and efficient compliance processes while ensuring that users' KYC information is controlled by the users themselves.

• Native Privacy Support: To protect sensitive information for assets like RWA, BenFen supports privacy accounts and privacy payments at the virtual machine level. Once assets are deposited into a privacy account, their actual balance is hidden on-chain. Payments made between two privacy accounts only reveal an encrypted interaction record to the outside, without disclosing the specific amount. This provides the necessary privacy protection for large-scale compliant commercial applications on-chain.

3.6 Ecological Outlook: A Bridge Connecting Traditional Finance and Web3

In summary, BenFen is not a simple copy or performance iteration of existing public chains but systematically addresses the core shortcomings of traditional public chains in accommodating stablecoin and RWA businesses through a series of native, dedicated infrastructures. By providing a "safer (Move language), easier to use (stablecoin gas, one-click issuance), and more compliant (native KYC/privacy)" infrastructure, BenFen aims to build a complete ecosystem for stablecoins and RWA that connects traditional finance and Web3.

Its ultimate goal is to open up the circulation channels between on-chain and off-chain assets, assisting trillions of traditional financial assets in completing digitization and securitization, and bringing in quality partners and institutions to jointly create a win-win financial ecosystem that truly serves the value transfer of the real world.

4. Conclusion

The development of public chains is at a new historical turning point. If the core of the competition in the last cycle was the Lego-style combination of "general-purpose" DeFi protocols, then the traffic in the next three years will belong to those specialized infrastructures that can truly connect the real world and accommodate large-scale payments and compliant assets.

This report analyzes that while traditional public chains like Ethereum have deep foundations, they struggle to natively support the core needs of stablecoin payments and RWA in terms of performance, cost, compliance, and privacy, exhibiting a clear "infrastructure absence."

BenFen has emerged in this structural gap. It is not another general chain attempting to compete in all areas but has tailored a complete, efficient, and reliable underlying infrastructure for the explosion of PayFi and RWA through a series of focused designs—such as asset security brought by the Move language, low barriers brought by one-click issuance, an ultimate user experience brought by stablecoin gas, and native compliance and privacy modules.

We believe that the next chapter of public chains will be written by those platforms that can truly serve the real economy and reduce friction in value transfer. BenFen, with its clear positioning and specialized tech stack, is already prepared for this.