ment.output：标题：2025年展望：新周期、新应用、新方向

如今，新年即将敲响。展望2025年，随着特朗普政府开启加密新时代，资本雄厚的机构也跃跃欲试。

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.

进化。近两年，Web3的基础设施建设已基本完成。无论是区块链技术还是应用生态，都已经到了相对成熟的阶段。 2025年，应用将爆发，成为下一轮牛市的主旋律。目前Web3的应用生态还比较薄弱，仅有Polymarket、Pump.fun等少数神级应用。 2025年，更多应用将诞生并快速融入主流市场。其中，AI Agent将成为新的应用风口，预测市场、博彩平台、DeFi等应用将深度融合。此外，去中心化社交、去中心化游戏、去中心化音乐等应用也将迎来一波发展。

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.

最后，从投资者的角度来看，2025年，当行业应用爆发、主流机构大规模入市时，对于投资者来说也将是机遇与挑战并存的一年。一方面，主流币的价格上涨基本是确定性事件，投资者可以继续长期持有主流币。另一方面，山寨币市场将出现大幅分化，投资者需注意盲目追高价币的风险。此外，投资者还应关注Web3的应用生态。神级应用一旦诞生，将迅速融入主流市场，为投资者带来巨大的投资机会。 产出：今年无疑是加密货币史上重要的一年。

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，加密行业成功突破了ETF和美国大选两大核心叙事，以比特币为主要杠杆。上市公司、传统金融机构甚至各国政府纷纷涌入，主流化和认可度大幅提升。随着新政府的上台，监管环境也走向了清晰、宽松的轨道。主流碰撞、路径分化、监管演变成为今年行业的主旋律。

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

纵观今年行业的主要发展，比特币无疑是核心叙事。

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和国家储备成功让比特币达到10万美元，正式宣告比特币已经超越了加密货币的内涵，成为全球强大的抗通胀资产。价值存储得到认可，BTC开始逐步从数字黄金走向超主权货币，标志着这场从中本聪开始的宏大金融实验取得了阶段性胜利。另一方面，今年比特币生态系统有所扩大。虽然铭文、符文甚至L2都处于从热到死的冰火状态，但比特币多元化的生态系统已经初步形成。 BTCFi、NFT、游戏、社交等应用不断发展。比特币 DeFi TVL 从年初的 3 亿美元飙升至 67.55 亿美元，全年增长超过 20 倍。其中Babylon已成为比特币链上最大的协议。截至12月20日，Babylon的TVL已达到55.64亿美元，占总量的82.37%。广泛的 BTCFI 今年表现甚至更好。比特币现货ETF份额飙升，入选纳斯达克100的MicroStrategy被众多效仿，这些都体现了比特币在Cefi领域的压倒性成功。

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.

回到公链领域，今年的领头羊以太坊过得并不好。与其他表现不佳的资产相比，价值捕获和用户活跃度都有所下降，叙事性也大不如前。以太坊正在遭受“价值论”的困扰。虽然已经形成共识的 Defi 复兴口号响亮，但除了重新质押掀起的 TVL 嵌套娃娃热潮外，似乎只有 Aave 拿走了一切，实际投入明显不足。然而年底衍生品黑马Hyperliquid的出现，不仅彻底改变了CEX的半条命，也吹响了DeFi逆袭的号角。另一方面，Dencun升级后，以太坊Layer 2加速内循环，持续蚕食主网份额，让市场掀起了对以太坊机制的大讨论，质疑声层出不穷。溪流。就连Base的快速增长，也让市场有传言称，以太坊的未来就是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的强势崛起与之形成鲜明对比。从TVL来看，以太坊在公链中的市场份额从今年年初的58.38%下降到了55.59%，而Solana则从年初的无人一跃而起。