DWF Ventures summarized that the crypto industry accelerated its evolution amidst volatility in 2025. On the one hand, it experienced the Meme coin frenzy, extreme liquidation events, and security risk exposure; on the other hand, it witnessed the implementation of regulatory frameworks, continuous inflow of institutional funds, and rapid improvement of infrastructure. The year showed a clear institutionalization trend: clear regulations for stablecoins, the expansion of the Digital Asset Vault (DAT) model, and accelerated deployment by traditional financial institutions drove significant growth in stablecoin scale, RWA tokenization, and on-chain derivatives. At the same time, on-chain payments, launch platforms, public chain competition, and AI-related infrastructure continued to develop.