We are living in an era that few understand, yet it is rapidly taking shape: the financial system, computing system, and internet order are being rewritten silently. For the first time, humanity needs to answer three questions simultaneously, and the Web3 industry is precisely where these three lines will intersect for the first time in 2025.
For the past decade, the Web3 narrative has consistently revolved around infrastructure: scaling , cross-chain , ZooKeeper , Level 2 , modularity —technology has continuously advanced, but applications, regulation, and capital have never aligned simultaneously. This year, however, for the first time, all three have converged on the same timeline: in terms of regulation, the US has completed key legislation, and stablecoins and Bitcoin have officially entered the national strategic framework. Hong Kong has made significant regulatory strides in stablecoin legislation, detailed regulations for virtual asset services, and the RWA structural pilot program; the interaction costs of mainstream public chains have dropped to below a few cents, and infrastructure performance bottlenecks no longer limit product innovation; capital has shifted from narrative-driven approaches back to real-world assets and real-world transactions.
This means that the Web3 industry has finally entered an era of structural implementation that it has never truly experienced in the past decade.
The blockchain no longer needs to prove that it can run; it needs to prove that it is worth using.
The article is divided into three main lines, which respectively discuss on-chain assets as assets, as markets, and as the development path of blockchain , as well as how they have formed deep intersections with global finance, technology and national governance systems.
Part One, "As Assets," begins with preventative interest rate cuts, US legislation, and stablecoin regulation, explaining how stablecoins, RWA, and DAT constitute a new value intermediary layer, yield anchoring layer, and fund management layer. Within this layer, USDC is being eroded by the white-label model, public blockchains are beginning to reclaim interest rate tax, and the on-chaining process of RWA and US stocks brings about a dual game of institutional and liquidity considerations. Meanwhile, on-chain payments are shifting from technology-driven to scenario-driven, exhibiting a development pattern that is regionally and path-specific. This stage is not only reflected in the adjustment of the US financial structure but is also validated in the institutional implementation in international financial centers such as Hong Kong.
Part Two, "As a Market," will discuss the evolution of market microstructure, leverage, and consumer applications. Prep DEX and prediction markets, as star projects, will explain why the blockchain market is not a "fictitious" financial tool, but rather a market machine that is being institutionalized, digitized, and automated. It will also answer a frequently overlooked question: why does increased market efficiency actually promote the maturity of the asset system?
Part Three, "Blockchain as a Technology," focuses on the underlying technology and new demands of the AI era. Blockchain is no longer marketed as "decentralization," but rather as the infrastructure for the machine economy and the native system of intelligent agents. New mechanisms such as A2A micropayments, distributed agents, and distributed training are enabling the internet to shift from "humans accessing the network" to "machines accessing the network."
This report doesn't attempt to answer the question of "whether the Web3 market will continue to grow," but rather a deeper one:
After the infrastructure era ends, where will the value of Web3 be redefined?
How will the boundaries of Web3 be reshaped within a larger, more complex, and more realistic system?
Author: K , Researcher at Web3Caff Research
Cover: Photo by Visax on Unsplash , Typography by Web3Caff Research
Word count: 43,500+ words in total
Acknowledgments: We thank DaSong, YueYue, and ShiSiJun for providing valuable industry information and insights during the interviews, which served as important references for this research.
Note: Due to length constraints, this research report is published in two parts. Please click here to access Part 1 (which includes the introduction and section 1). This is Part 2 (Part II, Part 3, and Future Outlook), the final part.
Other: Please click here to download the PDF version of this report.
Table of contents
- Introduction: From Technological Race to Value Creation, the Major Shift in Blockchain in 2025
- PART 1, As an asset
- The winds begin in the smallest things: a new cycle in the pace of infrastructure construction.
- A Major Shift in US Regulation: From Enforcement Suppression to Institutional Protection
- The BITCOIN Act: Bitcoin to be included in the national strategic reserve system
- The GENIUS Act: Establishing a Permissioned Framework for Stablecoins
- The Clarity Act : Defining Clear Boundaries for Token Attributes
- Hong Kong's market has made significant progress: moving from the "institutional development phase" to the "structural realization phase."
- With stablecoin legislation in place, Hong Kong has officially entered the "rules are enforceable" phase.
- RWA has shifted from "policy encouragement" to "structural pilots," but the pace remains cautious.
- Detailed regulation of virtual asset services leads to a "structural stratification" of the market.
- Hong Kong, China in international comparisons: Not the fastest, but perhaps the most "durable".
- Value intermediary layer: Stablecoins
- The New Internationalism of On-Chain Dollars
- Medium as Information: Native Innovation of Information/Settlement Integration
- Distribution is Power: The "Revenue Recovery" Movement in the Era of White Labeling
- Return anchoring layer: RWA (Real-World Asset)
- Differences in asset structure: Equity vs. Revenue Rights vs. Certificates
- On-chain advantages of non-equity RWA: the main battleground for efficiency improvement
- US Stocks on the Blockchain: A Divergent Trajectory Between Reality and Potential
- Fund Management: DAT ( Digital Asset Treasury )
- Narrative Shift: From On-Chain Assets to Manageable Assets
- Market Landscape: The Rise and Capital Expansion Path of DAT
- Risk Structure: Premium Dependence and Cyclical Vulnerability
- Asset Stratification: Strategic Positioning of Bitcoin, Ethereum , and Solana
- Application Circulation Layer: Payment
- Web2 payment giants: Stripe and PayPal
- Native payment gateways: Alchemy Pay and CoinsPaid
- Region-Focused Emerging Payment Networks: AEON Protocol and Gnosis Pay
- Summary: 2025 marked the first year of industrialization and implementation of on-chain finance.
- Part II, as the market
- PrepDEX, led by Hyperliquid
- CEX trust collapse, technological maturity, and restructuring of trader preferences
- By people, for people: a return to public goods and trust mechanisms.
- The Trinity: Collaborative Logic of HyperCore, HyperEVM, and HyperBFT
- The Era of the "Builder Economy" in Builder Codes
- The era of USDH's "native stablecoin"
- Regulatory Boundaries and Institutional Tensions: Hyperliquid's Current Constraints and Future Challenges
- Prediction markets, led by Polymarket
- InfoFi: How does information become a commodity?
- Polymarket, a perfect combination of timing, location, and people.
- Using "prediction markets" as an information engine, the future of integrated evolution
- Compliance Boundaries and Risk Warnings: Institutional Controversies and Practical Constraints of Prediction Markets
- The Arrival of the Post-VC and Post-Narrative Era
- The Post-VC Era: Bottom-Up Deals, Information, and Fundraising
- Post-Narrative Era: Real Economic Value Becomes a New Indicator
- PrepDEX, led by Hyperliquid
- Part 3, as blockchain
- A2A Basic Protocol: A cryptographic constitutional layer ensuring the trustworthiness of agent behavior.
- Payment, x402 protocol
- Identity, ERC -8004 Protocol
- DeAgent: An on-chain autonomous intelligent agent possessing asset and profit rights.
- From meme cultural assets to infrastructure: The evolution from ai16z to ElizaOS
- Virtuals Protocol: AI Agent Assetization and Collaborative Governance Network
- DeAI : Intelligent Supply Network Driven by Open Computing and Data Collaboration
- Bittensor: The Era of AI Mining with Proof-of-Intelligence
- Sahara AI: A Full-Stack AI Economic System
- A2A Basic Protocol: A cryptographic constitutional layer ensuring the trustworthiness of agent behavior.
- Looking ahead: Opportunities and challenges beyond 2025
- Key Points Structure Diagram
- References
Part II, as the market
The author would like to remind you that the following content is merely an objective analysis of the unique characteristics and current development status of the blockchain and Web3 industries, and does not constitute any proposal or offer. Please be aware that the issuance and participation in token investment are subject to varying degrees of regulatory requirements and restrictions in different countries and regions. In particular, issuing tokens in mainland China is suspected of constituting "illegal securities issuance," and providing token trading matching and other cryptocurrency trading-related activities are also considered "illegal financial activities" (readers in mainland China are strongly advised to read " A Summary and Key Points of Laws and Regulations Related to Blockchain and Virtual Currency in Mainland China "). Therefore, please do not make any decisions based on this information, and please strictly abide by the laws and regulations of your country or region, and do not participate in any illegal financial activities.
PrepDEX, led by Hyperliquid
CEX trust collapse, technological maturity, and restructuring of trader preferences
To understand the rise of Perp DEX (a decentralized perpetual contract trading platform) in 2025, it must be placed within the broader context of the industry: a window of opportunity shaped by the collapse of trust in centralized exchanges (CEXs), changes in the US market structure, a shift towards transparent trading systems, and the eventual maturation of on-chain technology capabilities. In other words—this was a moment destined to give birth to a Perp DEX giant, not just an isolated product success story.
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