Frankly, we share the same questions with you. We will strive to find the most reasonable explanations. Below are the main reasons we believe:

First, existing options do not always meet their needs. Today's blockchain networks still face many issues, including concerns about speed, security, and decentralization.

Moreover, most networks operate in environments with highly unstable economic models. For example, the Gas cost on Ethereum, priced in gwei, fluctuates drastically with the price of its underlying currency, ETH.

More importantly, for most enterprises, controlling infrastructure means controlling the customer funnel and the resulting data flow.

These are highly valuable derivative benefits of blockchain networks, primarily benefiting traditional enterprises. Therefore, instead of leasing infrastructure on existing L1s, they view building their own technology as an option with limitless advantages.

Of course, most existing networks cannot achieve idealized customization needs. This is a critical factor—given that enterprise-native blockchains prioritize different features than crypto-native chains: significant compliance, coupled with enhanced performance and customized economic models, far outweigh any crypto-punk utopian vision.

3. How will the future form of enterprise chains evolve?
   We don’t need to look far to realize: enterprise blockchain networks are proliferating rapidly. Thus, more such networks are expected to emerge in the future, providing customized on-chain experiences for their existing user bases by leveraging distributed systems.

As most enterprise chains are still in testnet or construction phases, we have yet to see convincing successful application cases. However, it is evident that they will not lack users—as they already possess mature, highly engaged user bases.

In the future, enterprise blockchains will likely operate hybrid ecosystems, utilizing both permissioned and permissionless systems to serve different user groups.

On one hand, enterprise chains will maintain compliance (especially in scenarios involving sensitive businesses and customers), upholding strict identity verification and regulatory standards; on the other hand, they will integrate with crypto-native public networks to seamlessly capture value from decentralized, permissionless crypto ecosystems.

Another clear trend regarding the future of enterprise blockchains is: they will become increasingly adept at providing more user-friendly solutions and applications than crypto-native networks. Crypto-native networks struggle to deliver standardized consumer experiences due to challenges such as user anonymity.

We believe that with decades of experience in the centralized world, these traditional institutions or enterprises—armed with vast experience, capital, and talent, along with well-balanced trade-offs—will ultimately deliver high-quality consumer experiences to end users.