Abstract:Clarifying the evolution mechanism of the blockchain industrial ecosystem is of great significance for the rational allocation of resources and the effective integration of innovative elements. From the perspective of value co-creation theory, this study has constructed a blockchain industry ecosystem including the value center layer, value service layer and value fusion layer. Through the analysis of the system evolution process, using the Haken model, and taking 233 listed companies in the A-share blockchain sector as samples, this study empirically explores the evolution mechanism of the blockchain industry ecosystem in China, The results show that: (1) R&D investment of enterprises representing technological innovation is the order parameter of the evolution and development of China""s blockchain industrial ecosystem; (2) The market driving force for the evolution and development of China""s blockchain industry is insufficient. Enterprise R&D investment can promote the order of China""s blockchain industry ecosystem, while the impact of government subsidies on the evolution and development of the industry is decreasing; (3) There is a synergy between enterprise R&D investment and government subsidies, and the synergy between the two will help promote the good and orderly evolution of the blockchain industrial ecosystem.