[Hashed: Crypto to Enter the 'Application and Real Economy Connection' Phase by 2026] Crypto venture capital firm Hashed released 'The Protocol Economy: 2026 Thesis,' stating that by 2025, the crypto industry will transition from 'storytelling' to 'execution,' with real users, transaction volume, and revenue becoming the core benchmarks. 2026 will mark the year of application explosion and connection to the real economy: AI will reshape Web3 development and interaction, privacy will become the biggest structural issue; stablecoins will upgrade to serve as corporate working capital infrastructure, RWA will be the first to achieve large-scale application, on-chain private credit and sustainable yield markets will rise, and ETH/BTC will remain the core indicators of the risk cycle.