2025年Web3全景复盘：5个趋势决定下一个10年

Group 1 - The core viewpoint of the article is that 2025 will be a year of significant structural changes in the Web3 industry, shifting from "breakthrough" to "reconstruction" [1] - Trend 1: Web3 is transitioning from a "wild growth" phase to a "strong regulation" era, where regulatory frameworks become essential for project sustainability [1][2] - Global regulations are becoming executable, quantifiable, and accountable, with different approaches in regions like Europe, Asia, and China [2][5] - The EU's MiCA regulation will fully take effect in 2025, establishing unified standards for transparency and supervision in crypto asset markets [3] - Singapore's MAS will enforce clear licensing timelines and penalties for unlicensed digital token service providers [4] - China reiterates that virtual currency-related activities are illegal, emphasizing compliance over speculation [5] Group 2 - Trend 2: Capital is no longer chasing hot narratives but is focusing on practical applications that can be implemented [11] - The overall scale of investment remains stable at around $10 billion, but the structure is changing, with larger financing rounds becoming more common [12] - Investment is increasingly directed towards "financial" Web3 applications, with trading, custody, and brokerage services being the top focus areas [13] - Stablecoins are gaining importance as foundational financial infrastructure, with a total market cap nearing $300 billion and over $4 trillion in on-chain transactions [14] - The total issuance of tokenized RWA assets is approximately $20 billion, with government bonds and money market assets making up a significant portion [19] - Mergers and acquisitions are becoming the primary exit strategy, with over 260 deals worth nearly $8.6 billion completed in 2025 [20] Group 3 - Trend 3: The narrative around Web3 technology is cooling, but infrastructure is maturing [21] - Competition among public chains and Layer 2 solutions is shifting from conceptual debates to performance and cost efficiency [22] - The focus is moving away from extreme decentralization towards optimal usability, with a need for clear governance and control mechanisms [24] Group 4 - Trend 4: Web3 is integrating with traditional finance and the real economy, moving beyond mere conceptual collaborations [22][25] - Traditional financial institutions are adopting blockchain technology for backend processes like settlement and asset registration [25] - RWA is becoming a clear vehicle for the integration of Web3 and the real economy, with more traditional financial institutions participating [26] - The real economy is selectively adopting blockchain for complex scenarios that require multiple participants and high trust costs [27] Group 5 - Trend 5: Opportunities for ordinary individuals are shifting from speculative trading to cognitive dividends [28] - Speculative trading is facing restrictions, with new opportunities arising from understanding regulations and compliance [29] - Individuals who can connect Web3 capabilities with real business needs will be in high demand [30] - The focus is on long-term perspectives and risk management, rather than short-term asset speculation [31] - Web3 is evolving into a long-term industry, providing sustainable participation opportunities for those willing to understand its structure [32]