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2025 Retrospective and 2026 Outlook
2025 will be a dramatic and watershed year for the public blockchain sector in the crypto world. If 2024 was a "carnival night" in which various new public blockchains competed for attention with high expectations of airdrops and grand narratives, then 2025 will be the "wake-up call" after the carnival.
PANews Crypto Year-End Review: A Visual Guide to Asset Returns from 2015 to 2025!
When BTC is no longer the default "best solution of the year," crypto is transforming from a high-growth asset into a risky asset that is repeatedly compared and rigorously priced.
IOSG founder: Bitcoin has undergone a historic major reshuffle; bullish on the first half of 2026.
Key developments to watch in 2026 include: progress on market structure legislation, the possibility of expanding strategic Bitcoin reserves, and policy continuity after the midterm elections.
Messari 2026 Crypto Trends Report Highlights: From the Monetary Narrative to "Disruptive Factors"
2026 will be a pivotal year for cryptocurrencies as they shift from "speculative" to "system-level integration".
Looking Back at 2025: The Top 10 Most Influential Figures in the Crypto Industry
A look back at the key figures in the crypto industry in 2025: Trump becomes the first "crypto president" to push for regulation, SEC Chairman Atkins shifts to pro-crypto policies, Vitalik leads Ethereum upgrades, Saylor goes on a Bitcoin buying spree, and Tether CEO Ardoino expands global business.
The main theme of the crypto derivatives market in 2025 is the shift from highly leveraged retail speculation to repricing driven by the parallel evolution of institutional capital, compliant infrastructure, and on-chain technology.
For more related content, please visit the special topic— Seeing Through the Fog: 2025 Retrospective and 2026 Outlook
Macro perspective
What has become of the once-dominant metaverse?
Compared to other metaverse paths, the metaverse ecosystem that integrates cryptocurrencies and NFTs carries a heavier historical burden.
Don't waste a single loss: the Sisyphus lesson of the crypto market.
One of the greatest pains in life is witnessing months or even years of hard work go down the drain overnight.
Stablecoins are merely a "catfish" for banks, not a "terminator."
This article offers a fresh perspective on stablecoins from a banking standpoint. They may not be a threat, but rather a catalyst that forces the financial system to reinvent itself.
The trillion-dollar stablecoin war: Binance decides to rejoin the fray.
Stablecoins have transformed from a secondary role in cryptocurrencies into a critical infrastructure of the global financial system.
With the Bank of Japan issuing increasingly hawkish signals, where will risk assets go?
The Bank of Japan raised interest rates by 25 basis points to 0.75%, a new high since 1995, marking the end of the era of ultra-loose monetary policy. Markets reacted calmly, with inflation data supporting the rate hike, potentially marking a turning point in global risk asset liquidity.
The Transformation of the US Crypto Industry One Year After the Trump Administration Took Office
Given this, what kind of changes does the United States actually want to implement?
AI Craze
Six major AI paradigm shifts in 2025: From RLVR training and Vibe Coding to Nano Banana
AI expert Andrej Karpathy reviewed six major paradigm shifts in the AI field by 2025, including the wildly popular Google Nano banana and Vibe Coding, which is accessible to everyone.
Lighthouses guide the way, torches vie for sovereignty: a hidden war over the distribution of AI.
You will find that artificial intelligence is simultaneously presenting two distinct yet intertwined forms. One is like a "lighthouse" hanging high on the coast, and the other is like a "torch" held in your hand.
A $3 trillion gamble and global diffusion: The bipolar narrative of AI in 2026
Capital expenditure on AI infrastructure is projected to reach $3 trillion, with less than 20% currently deployed.
Everyone has heard the saying that the difference between people is sometimes greater than the difference between people and dogs. But this saying came about before the current wave of AI.
Reinforcement Learning: A Paradigm Shift in Decentralized AI Networks
The real opportunity for reinforcement learning × Web3 lies not in replicating a decentralized version of OpenAI, but in rewriting "intelligent production relations".
Web3 Matters
With the rapid evolution of quantum computing technology, the assertion that cracking Bitcoin is now merely an "engineering challenge" has sparked debate within the community. Meanwhile, many crypto projects are proactively exploring and deploying solutions to defend against quantum attacks.
The US "kill line" shatters dreams; the encrypted "kill line" reduces everything to zero.
The heated discussion surrounding the "kill line" marks a moment when the American Dream shatters, and should also be a moment when the crypto dream awakens.
Aave is facing a governance crisis: a dispute over front-end fee distribution has sparked a power struggle between the DAO and the development team, exposing the core contradiction between DeFi decentralization and commercial interests. Token prices have fallen and whale have left the market, testing the protocol's path to maturity.
Snowball's 20x return in 2 days: A meme coin experiment that prevents developers from absconding.
How did Snowball generate a market capitalization of tens of millions using "automatic market making"?
Telegram condones it, Tether remains silent: the biggest black market frenzy in history.
Once, online black markets hid in the shadows of the Dark Web. Now, they have moved to public platforms like Telegram, where they have amassed a historic amount of illicit wealth.
The estimated sale price of the "Pikachu illustrator" artwork is between $7 million and $12 million, potentially setting a new price benchmark for Pokémon collectibles.
An entrepreneur's account: From beginning to end, why I stopped developing Web3 payments.
When I finally made the decision to stop working on Web3 payments, I didn't feel a strong sense of "ending." It was more like an exploration had finally reached a point where it was time to stop.
Trip.com, the overseas version of Ctrip, is quietly entering the stablecoin payment market.
In this bubble of incentives, who will pay for the false prosperity of Lighters?
How much of this airdrop frenzy represents genuine growth, and how much is merely a fleeting illusion fueled by a bubble? Does the Perp DEX sector truly possess sustainable value?
Key Information
Vitalik predicts that bug-free code will be available in the 2030s.
HashKey Capital's fourth fund completes $250 million in initial funding round.
Hong Kong police: 15 arrested in 1 billion yen cryptocurrency exchange robbery case.
Nano Labs founder: Bitcoin bear market bottoms often appear around Christmas.
