ment.output：標題：2025年展望：新周期、新應用、新方向

如今，新年即將敲響。展望2025年，隨著川普政府開啟加密新時代，資本雄厚的機構也躍躍欲試。

evolution. In the past two years, the infrastructure construction of Web3 has basically been completed. Whether it is blockchain technology or application ecology, it has reached a relatively mature stage. In 2025, the application will explode and become the main theme of the next round of bull market. At present, the application ecology of Web3 is still relatively weak, and there are only a few god-level applications such as Polymarket and Pump.fun. In 2025, more applications will be born and quickly integrated into the mainstream market. Among them, AI Agent will become a new application outlet, and applications such as prediction markets, gambling platforms, and DeFi will be deeply integrated. In addition, applications such as decentralized social networking, decentralized games, and decentralized music will also usher in a wave of development.

進化。近兩年，Web3的基礎建設已基本完成。無論是區塊鏈技術還是應用生態，都已經到了相對成熟的階段。 2025年，應用將爆發，成為下一輪牛市的主旋律。目前Web3的應用生態還比較薄弱，僅有Polymarket、Pump.fun等少數神級應用。 2025年，更多應用將誕生並快速融入主流市場。其中，AI Agent將成為新的應用風口，預測市場、博弈平台、DeFi等應用將深度整合。此外，去中心化社交、去中心化遊戲、去中心化音樂等應用程式也將迎來一波發展。

Finally, from the perspective of investors, in 2025, when the industry application explodes and the mainstream institutions enter the market on a large scale, it will also be a year of opportunities and challenges for investors. On the one hand, the price increases of mainstream coins are basically a certainty event, and investors can continue to hold mainstream coins for the long term. On the other hand, the altcoin market will differentiate sharply, and investors need to pay attention to the risks of blindly chasing high-priced coins. In addition, investors should also pay attention to the application ecology of Web3. Once god-level applications are born, they will quickly integrate into the mainstream market and bring huge investment opportunities to investors.output: This year is undoubtedly an important year in the history of crypto.

最後，從投資人的角度來看，2025年，當產業應用爆發、主流機構大規模入市時，對投資人來說也將是機會與挑戰並存的一年。一方面，主流幣的價格上漲基本上是確定性事件，投資者可以繼續長期持有主流幣。另一方面，山寨幣市場將大幅分化，投資人需注意盲目追高價幣的風險。此外，投資人也應關注Web3的應用生態。神級應用程式一旦誕生，將迅速融入主流市場，為投資人帶來巨大的投資機會。

This year, the crypto industry has successfully broken through the two core narratives of ETF and the US election, with Bitcoin as the main leverage. Listed companies, traditional financial institutions and even national governments have flocked in, and mainstreaming and recognition have increased significantly. The regulatory environment has also moved towards a clear and relaxed path with the coming of the new government. Mainstream collisions, path differentiation and regulatory evolution have become the main themes of the industry this year.

今年，加密產業成功突破了ETF和美國大選兩大核心敘事，以比特幣為主要槓桿。上市公司、傳統金融機構甚至各國政府紛紛湧入，主流化和認可度大幅提升。隨著新政府的上台，監管環境也走向了清晰、寬鬆的軌道。主流碰撞、路徑分化、監管演變成為今年產業的主旋律。

Looking at the major developments in the industry this year, Bitcoin is undoubtedly the core narrative.

縱觀今年產業的主要發展，比特幣無疑是核心敘事。

ETF and national reserves have successfully allowed Bitcoin to reach $100,000, officially declaring that Bitcoin has surpassed the connotation of cryptocurrency and has become a strong anti-inflation asset in the world. The value storage has been recognized, and BTC has begun to gradually move from digital gold to super-sovereign currency, marking the staged victory of this grand financial experiment that began with Satoshi Nakamoto. On the other hand, the Bitcoin ecosystem has been expanded this year. Although inscriptions, runes and even L2 are in a state of ice and fire from hot to dead, Bitcoin's diversified ecosystem has been initially formed. BTCFi, NFT, games, social and other applications continue to develop. Bitcoin DeFi TVL has soared from $300 million at the beginning of the year to $6.755 billion, an increase of more than 20 times throughout the year. Among them, Babylon has become the largest protocol on the Bitcoin chain. As of December 20, Babylon's TVL has reached $5.564 billion, accounting for 82.37% of the total. The broad BTCFI has performed even better this year. The share of Bitcoin spot ETFs has soared, and MicroStrategy, which was selected into the Nasdaq 100, has been imitated by many, all of which reflect the overwhelming success of Bitcoin in the Cefi field.

ETF和國家儲備成功讓比特幣達到10萬美元，正式宣告比特幣已經超越了加密貨幣的內涵，成為全球強大的抗通膨資產。價值儲存得到認可，BTC開始逐步從數位黃金走向超主權貨幣，標誌著這場從中本聰開始的宏大金融實驗取得了階段性勝利。另一方面，今年比特幣生態系統則有所擴大。雖然銘文、符文甚至L2都處於從熱到死的冰火狀態，但比特幣多元化的生態系統已經初步形成。 BTCFi、NFT、遊戲、社交等應用程式不斷發展。比特幣 DeFi TVL 從年初的 3 億美元飆升至 67.55 億美元，全年成長超過 20 倍。其中Babylon已成為比特幣鏈上最大的協議。截至12月20日，Babylon的TVL已達55.64億美元，佔總量的82.37%。廣義的 BTCFI 今年表現甚至更好。比特幣現貨ETF份額飆升，入選納斯達克100的MicroStrategy受到許多模仿，這些都體現了比特幣在Cefi領域的壓倒性成功。

Back to the public chain field, Ethereum, the leader this year, is not having such a good time. Compared with other assets that perform poorly, value capture and user activity have declined, and the narrative is not as good as before. Ethereum is suffering from the "theory of value". Although the slogan of Defi revival, which has already formed a consensus, is loud, except for the TVL nesting doll craze set off by re-staking, it seems that only Aave has taken it all, and the actual investment is obviously insufficient. However, the emergence of Hyperliquid, a dark horse in derivatives at the end of the year, not only revolutionized half of CEX's life, but also sounded the clarion call for DeFi to counterattack. On the other hand, after the upgrade of Dencun, Ethereum Layer 2 accelerated its internal circulation and continued to eat up the main network share, so that the market has set off a big discussion on the Ethereum mechanism, and doubts have emerged in an endless stream. Even the rapid growth of Base has made the market have rumors that the future of Ethereum is Coinbase.

回到公鏈領域，今年的領頭羊以太坊過得併不好。與其他表現不佳的資產相比，價值捕獲和用戶活躍度都有所下降，敘事性也大不如前。以太坊正遭受「價值論」的困擾。雖然已經形成共識的 Defi 復興口號響亮，但除了重新質押掀起的 TVL 嵌套娃娃熱潮外，似乎只有 Aave 拿走了一切，實際投入明顯不足。然而年底衍生品黑馬Hyperliquid的出現，不僅徹底改變了CEX的半條命，也吹響了DeFi逆襲的號角。另一方面，Dencun升級後，以太坊Layer 2加速內循環，持續蠶食主網份額，讓市場掀起了對以太坊機制的大討論，質疑聲層出不窮。就連Base的快速成長，也讓市場有傳言稱，以太坊的未來就是Coinbase。

The strong rise of Solana is in sharp contrast. From the perspective of TVL, Ethereum's market share in the public chain has dropped from 58.38% at the beginning of this year to 55.59%, while Solana has jumped from no such person at the beginning of

Solana的強勢崛起與之形成鮮明對比。從TVL來看，以太坊在公鏈中的市佔率從今年年初的58.38%下降到了55.59%，而Solana則從年初的無人一躍而起。