What are the main factors that determine the rise and fall of native tokens of public chains like $ETH / $SOL / $TRX, besides market buying and selling power?

—— Issuance and Destruction Status 👾

In the bull market of last November, I compiled relevant data for the three networks. More than half a year later, let's see how the situation is now that the Memecoin craze has subsided and the overall market is bearish.

🔹 Issuance Comparison

Ethereum: Total supply of 120 million, with an increase of 575,897 ETH (approximately $1.445 billion) in the past year, an issuance rate of 0.47%

Solana: Total supply of 602 million, with an increase of 24,824,185 SOL (approximately $3.7 billion) in the past year, an issuance rate of 4.12%

Tron: Total supply of 94.85 billion, with a decrease of -1,469,321,597 TRX (approximately $420 million) in the past year, an issuance rate of -1.55%

Simple Conclusion: TRX is the only one of the three networks to achieve negative growth, followed by ETH. The one with the most issuance is actually Solana, which is touted as the Ethereum killer.

🔸 Destruction Comparison

Ethereum: A total of 252,674 ETH (approximately $633 million) were destroyed in the past year, with an average daily destruction of 692 ETH

Solana: A total of 2,255,649 SOL (approximately $337 million) were destroyed in the past year. It reached a peak of destruction in the past year in 2025.01, with a destruction rate as high as 23.25%, which coincided with the Meme craze.

Tron: A total of 3,356,105,824 TRX (approximately $958 million) were destroyed in the past year, of which TRC20-USDT contributed nearly 96.8% of the TRX burning ratio. The peak is significantly different from the previous two networks, occurring in 2024.08.

Simple Conclusion: From a time perspective, Ethereum and Solana are clearly affected by the overall market and Meme trends. The destruction peaks are concentrated in 2024.11 - 2025.01. Although Tron also made attempts on Meme, USDT is still the "main force of destruction", showing a clear off-peak situation; From the perspective of destruction amount, Tron still has the best destruction performance among the three public chains.

🔹 Price Increase and Decrease Comparison

ETH: Increased by 32.36% in the past year

SOL: Increased by 8.47% in the past year

TRX: Increased by 151.69% in the past year

In summary, based solely on the "issuance and destruction" data, the performance ranking of the three public chains is actually Tron > Ethereum > Solana, which is relatively counter-intuitive. This is most likely related to the positioning of the public chain and the main application scenarios: Ethereum's narrative in this round is LRT and DeFi. When the market is bearish and on-chain transactions sharply decrease, destruction will inevitably be affected; Solana has become a veritable Meme chain, and the data peaked due to Meme, and it will naturally become embarrassing under the BSC counterattack trend; Tron seems to always be able to "be beautiful alone" due to the consensus mechanism and USDT business, maintaining stable destruction and clearly reflected in the price performance.