Transparency has long been a vague, subjective, and difficult-to-quantify concept, but this situation is changing. The higher the market transparency, the more it is friendly to protecting the interests of ordinary users and investors, thereby eliminating "junk" projects from the market.

The main theme of the cryptocurrency derivatives market in 2025 is the repricing that shifts from high-leverage retail speculation to the parallel evolution of institutional capital, compliant infrastructure, and on-chain technology.

Capital has become picky, selectively choosing top assets.

Curve DAO governance has entered the era of capital dominance.

In the prosperous logic woven by points, VC, and airdrops, Perp DEX seems to be trapped in an illusion of self-sufficiency.

Written by: Yangz, Techub News Jingle bells, jingle bells, jingle all the way... Yes, when this familiar holiday music rings out in the streets, the New Year for foreigners has arrived, and the countdown to 2025 has begun. If I had to summarize this extraordinary year in the crypto space with one word, the first thing that comes to mind is: "ups and downs"; as for which narratives left a deep impression on me, what comes to mind is: under the guidance of Strategy, DAT transitioned from a carnival to silence.

As both the token price and the protocol's locked value have shrunk by more than half, the executive compensation expenses account for nearly a quarter of the total expenditure, raising concerns within the community.

1. On-chain funds: $54.3M flowed into Ethereum today; $24.0M flowed out of Arbitrum 2. Maximum price fluctuation: $MINIDOGE, $SENTIS 3. Top news: Uniswap Foundation's financial report shows the team is "highly paid but low-performing," facing criticism from the community

Recently, it has become popular online to rank everything from "夯" to "拉", as if everything can be ranked this way. As a practitioner in the Web3 industry, my perception of 2025 can be summed up in two words: "Acceleration." After experiencing major global events like "Trump's cryptocurrency," "tariff wars," "the Genius Act," and "1011," it feels like after Trump took office, the entire capital market and the crypto world have been pressed on the acceleration button. The events that will happen in 2025 will equal the total of what has happened in the past 2-3 years. Meanwhile, as a content creator, I have almost maintained a stable output of one in-depth article every month...

In the credit value chain of DeFi, the entity that truly captures the most value is not the treasury or the asset issuer, but the lending protocol itself—the lending layer remains the most solid and undervalued moat.

The next year is crucial for cryptocurrency legislation, with the core issue being whether lawmakers can pass a comprehensive digital asset regulatory bill before the midterm elections.

Feng Shui has become the last psychological defense line.

DeFi has not collapsed, but why has it already lost its appeal?