到2025年，比特币将成为提供商的重点。

在当今的问题中，来自Redstone Oracles的MarcinKaímierczak打破了为什么2025年对于Defi和链融资而言至关重要的一年。

Recent security breaches have rocked the crypto space, highlighting the fact that security will continue to need to be a key focus for providers.

最近的安全违规行为震撼了加密货币空间，强调了安全将继续成为提供商的重点的事实。

In today’s issue, Marcin Kaźmierczak from Redstone Oracles breaks down why 2025 will be a critical year for DeFi and on-chain finance.

在当今的问题中，来自Redstone Oracles的MarcinKaímierczak打破了为什么2025年对于Defi和链融资而言至关重要的一年。

Then, Kevin Tam looks at the institutional adoption of bitcoin as seen from the recent 13-F filings and highlights key positions in Ask and Expert.

然后，凯文·塔姆（Kevin Tam）从最近的13-F文件中可以看出比特币的机构采用，并突出了Ask和专家中的关键立场。

-Sarah Morton

- 萨拉·莫顿（Sarah Morton）

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DeFi Renaissance - Why 2025 Will Be The Year of Decentralized And On-Chain Finance?

Defi Renaissance-为什么2025年将是分散和链融资的一年？

The recent hack of ByBit for nearly 401.000 ETH, valued at about $1.5 billion at that time, exposed that security will play a tremendous role in further crypto adoption. Can institutions expand on-chain after such an incident? Undoubtedly. It’s a matter of gradual adoption alongside ensuring top-notch security procedures.

当时近401.000 ETH的BYBIT黑客攻击价值约为15亿美元，揭示了安全性将在进一步的加密采用中发挥巨大作用。发生此类事件后，机构可以扩大链接吗？无疑。这是逐步采用的问题，并确保一流的安全程序。

Growing Adoption of Yield-Bearing Assets: Staking, Liquid Staking, Restaking and Liquid Restaking

越来越多的承重资产的采用：放入，液体浸泡，重新恢复和液体恢复

In traditional finance, yield-generating assets are typically seen as stronger long-term investments than non-productive ones since they provide investors with ongoing cash flow and income. This perspective helps explain why some investors prefer ether over bitcoin. Ether is seen as more “productive” because it powers a network supporting a wide range of decentralized applications, benefiting from network effects. Beyond that, ether can be staked to earn consistent yield, aligning well with traditional valuation methods that prioritize ongoing dividends. The rising interest in staking, especially in the context of yield-generating assets, is evident in the growth of liquid staking, which enables frictionless and capital-efficient staking. This trend accelerated further in 2024 with the emergence of liquid restaking — for instance, ether.fi, a leading liquid restaking platform, saw explosive growth last year, with over $8 billion worth of ether staked through its rails.

在传统金融中，产生产量的资产通常被认为是长期投资比非生产性投资更强大，因为它们为投资者提供了持续的现金流量和收入。这种观点有助于解释为什么有些投资者比比特币更喜欢以太币。 Ether被视为更“富有成效”，因为它为网络效应受益的网络提供了支持广泛的分散应用程序的动力。除此之外，可以将以太固化为一致的收益率，与将持续股息确定优先级的传统评估方法保持一致。在造成资产的产生资产的背景下，对积累的兴趣不断上升，这在液体含量的增长中显而易见，这可以使摩擦和资本效率高效的均匀占有。随着液体重新生产的出现，这种趋势在2024年进一步加速了，例如，领先的液体重新恢复平台Ether.fi去年看到了爆炸性的增长，其价值超过80亿美元的以太币在其轨道上固定。

Source: DeFi Llama, Total Value Locked in Ether.Fi

资料来源：Defi Llama，锁定在Ether.fi中的总价值

The total amount of staked ether is expected to grow and play a significant role in DeFi. Around one-third of all ETH — or $90 billion — is staked, with further inflows anticipated from traditional financial institutions exploring staking. As staking becomes more accessible through FinTech applications, some investors may transition from custodial to non-custodial solutions as they gain a deeper understanding of blockchain technology.

预计将固定醚的总量在Defi中增长并发挥重要作用。大约有三分之一的ETH（或900亿美元）被存放，并从传统的金融机构探索Stage的传统金融机构预期进一步流入。随着通过金融科技应用程序变得更加易于使用，一些投资者可能会从保管方向转变为非监护解决方案，因为他们对区块链技术有了更深入的了解。

Stablecoin Growth

Stablecoin的生长

Global demand for U.S. dollar exposure is immense, and stablecoins are the most efficient way to meet it. Stablecoins like USDC expand access to dollar-denominated wealth preservation and streamline value exchange. In 2024, venture capital investments have flowed into stablecoin projects, and we anticipate further development in this space. Regulatory frameworks like the EU’s MiCA have provided more explicit guidelines, further legitimizing stablecoins and likely driving higher adoption next year. Additionally, stablecoins are being integrated into traditional financial systems. For example, Visa has begun using USDC on networks like Solana to facilitate faster and more efficient payments. Additionally, PayPal entered the market with PUSD, and Stripe made one of crypto’s most significant acquisitions by purchasing Bridge to expand its stablecoin operations. In 2024, the total stablecoin market capitalization reached an all-time high, exceeding $200 billion dollars, and continuing to set new records in 2025.

全球对美元敞口的需求是巨大的，稳定的是满足它的最有效方法。像USDC这样的Stablecoins扩展了以美元计价的财富保存和简化价值交换的访问权限。 2024年，风险投资投入到Stablecoin项目中，我们预计该领域会有进一步的发展。诸如欧盟云母之类的监管框架提供了更明确的准则，进一步使稳定剂合法化，并可能在明年推动更高的采用。此外，稳定币正在整合到传统的金融系统中。例如，Visa已开始在Solana等网络上使用USDC来促进更快，更有效的付款。此外，PayPal通过PUSD进入市场，Stripe通过购买桥梁扩大其稳定运营的桥梁，成为了加密货币最重要的收购之一。 2024年，Stablecoin的总市值达到了历史最高水平，超过了2000亿美元，并在2025年继续创造新的记录。

Source: DeFi Llama, Total Stablecoins Market Cap

资料来源：Defi Llama，总稳定市值

Enhanced Interoperability and User-Friendly Non-Custodial Solutions

增强的互操作性和用户友好的非环境解决方案

A key challenge in DeFi is moving funds across networks to access different investments. By 2025, significant progress is anticipated toward eliminating the necessity of bridging funds by introducing a "one-click solution." This development should simplify the process for new DeFi users, likely attracting more participants to the space. Additionally, wallet providers are expected to improve the security of on-chain finance and streamline the onboarding process by eliminating cumbersome crypto-native setups. This shift, driven by innovations like the Account Abstraction movement, aims to make crypto more accessible and user-friendly for accessing on-chain finance. Currently, the irreversible nature of transactions and the prevalence of sophisticated scams deter many new users. However, improved security features should encourage more individuals to engage with decentralized finance.

DEFI的一个主要挑战是将资金跨越网络访问不同的投资。到2025年，预计通过引入“一键式解决方案”来消除弥合资金的必要性将取得重大进展。这种开发应该简化新的Defi用户的过程，可能会吸引更多参与者进入该空间。此外，钱包提供商有望通过消除繁琐的加密本地设置来提高链融资的安全性并简化入职过程。这一转变是由诸如Account Accort Arights Orgions之类的创新驱动的，旨在使加密货币更容易访问和用户友好，以访问链融资。当前，交易的不可逆转性和复杂骗局的普遍性阻止了许多新用户。但是，改进的安全功能应鼓励更多的人参与分散的金融。

Bitcoin Reaching $100K

比特币达到$ 10万美元

While simply holding bitcoin on its native network isn’t inherently linked to on-chain finance, we’re witnessing a growing integration of bitcoin with decentralized financial ecosystems. For example, roughly 0.5% of bitcoin’s total supply through staking protocol Babylon is now locked to secure Proof-of-Stake (POS) chains. The increased acceptance of bitcoin by large banks and some governments is anticipated to create trickle-down effects, changing the public’s perception of digital currencies.

虽然简单地将比特币放在其本地网络上并不与链融资固有地联系在一起，但我们目睹了比特币与分散金融生态系统的越来越多的一体化。例如，现在，通过放入协议巴比伦，比特币总供应量的0.5％现在被锁定以确保股份证明（POS）连锁店。预计大型银行和一些政府对比特币对比特币的接受程度不断增加，从而改变了公众对数字货币的看法。

This shift will reduce the association of crypto with speculative

这种转变将减少加密与投机的关联