The Korean version of Hashed's annual report, "Protocol Economy: Hashed 2026," has been released. The report's core message is that starting around 2026, digital assets will no longer be "objects to buy when they rise and sell when they fall," but will begin to become a part of the actual, functioning economy. Stablecoins are already being used as payment and settlement infrastructure, and AI agents are gradually emerging as agents that make decisions and trade on behalf of humans. Privacy infrastructure is no longer an option; it's becoming a fundamental requirement for institutions to handle digital assets. This isn't a matter of direction, but rather a shift already observed here and there. Therefore, Hashed is also focusing on where "real-world on-chain work" is being created, such as issuing real assets, tokenized private credit, corporate finance operations, and inter-institutional settlements. As autonomous systems combining AI and on-chain technologies proliferate, we believe that the teams that will ultimately remain will not be those who are good at talking, but those who can create user, usage, and sustainable revenue structures. Now, rather than talking about the "next cycle," it seems more important to see where the structure has already begun to turn. Editorial credit: @simonkim_nft, @danpark012, @subinium