New users can now start their on-chain exploration more easily than ever before.

Author: Alana Levin

Compiled by: Deep Tide TechFlow

Note: Images in the text have been translated for sections with more text. For more details, you can view the full report.

I am very excited to release my "2025 Crypto Trends Report"!

The report depicts the growth of the crypto industry as three intertwined S-curve stories: asset creation, asset accumulation, and asset utilization.

From this perspective, the report predicts the future direction of the industry based on five key thematic areas: macroeconomics, stablecoins, centralized exchanges, on-chain activity, and frontier markets.

Our position on each curve helps identify remaining startup opportunities and foreseeable favorable development trends.

From a macro perspective, the scale of major crypto assets continues to expand. Despite the number of tokens in the market reaching new highs, the value concentration of the top ten crypto assets has remained remarkably stable.

Asset accumulation is a self-reinforcing cycle: the more people hold a certain asset, the faster its value grows, making it more likely to benefit from the "Lindy Effect" (the longer something exists, the greater the likelihood it will continue to exist in the future).

This trend is particularly evident among the top five crypto assets—very few new assets have entered this tier in recent years.

However, there is one asset class not included in the above charts: stablecoins.

New stablecoins are emerging at a record pace.

The first $10 billion in supply took over 80 months, the second $10 billion took over 40 months. Now, we expect the third $10 billion in supply to be achieved in less than 12 months.

Creation → Accumulation + Utilization

Stablecoins are being widely used in various products and scenarios, including payments, lending protocols, exchanges, and even as a wealth storage tool.

The utilization of stablecoins remains a huge opportunity for startups.

We are beginning to see some early signs of productization, such as yield products, lending, consumer payments, and receiving/accepting payments, but this is just the beginning!

In the future, the productization direction of stablecoins will also include credit systems, privacy transactions, fund coordination, "buy now, pay later" (BNPL), and more fields.

The next section will focus on centralized exchanges (CEXs):

Centralized exchanges have greatly benefited from the tailwind trend of "accumulation." As more people wish to buy, sell, and hold crypto assets, they often choose centralized exchanges, which has brought them trillions of dollars in trading volume.

Exchanges are complex businesses. Companies like @Coinbase have built strong business lines around users' secondary needs, such as custody services, staking services, and yield products.

Many new ways to utilize crypto assets will be built directly on-chain but may achieve strong distribution capabilities through centralized exchanges (like @Coinbase, @RobinhoodApp, and @krakenfx).

So, why will the future of asset utilization be built on-chain?

On-chain activity is a breeding ground for innovation. Every step of the asset lifecycle can be experimented with on-chain, while these steps in traditional finance are often constrained by restrictions and permissions.

Moreover, new users can now start their on-chain exploration more easily than ever before—this means anyone, regardless of location or age, can begin to create, accumulate, and utilize crypto assets.

Regarding creation: The number of new tokens being created is one of the fastest-growing charts in the crypto space.

As a result, total trading volume has surged, and the development of decentralized exchanges (DEXs) continues. DEX's market share growth in the first six months of 2025 has surpassed the total from 2021-2023.

Another area where early signs of asset utilization can be observed is on-chain lending. Assets in lending protocols (like @Morpho) have grown more than fivefold in recent years and continue to grow!

@Morpho is also a great example of the emerging trend of "building on-chain, distributing and utilizing globally."

It is worth noting that the S-curve of asset creation still has room for development. So, where can we find such opportunities? Of course, on-chain!

An important new category of tokens is those created by institutions. Tokenized Treasuries are among the first representatives of many emerging examples.

Similarly, we are also beginning to see experimental explorations of on-chain equity. Many designs are being tested, which may form a diverse spectrum of tokenized equity products in the future.

Ultimately, the term "RWA" (Real World Assets) will expand to cover a broader range of product types and tokenization methods than today. These new assets will not only have intrinsic value but will also catalyze a new round of asset accumulation and utilization demand.

The final part of the report focuses on frontier markets, predicting that the market will become a typical case demonstrating how to transform products into platforms through crypto technology.

The ability of crypto technology to transform products into platforms is not new. We have already witnessed this in perpetual contracts (like @HyperliquidX) and lending protocols (like @Morpho).

So, if you are thinking about where to explore the future, why not start your on-chain journey! :)

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。