Written by Lei, Jinse Finance
2025 is considered an important year for the crypto industry to mature and become standardized. A series of major events and technological breakthroughs will drive the market into a new stage, while having a profound impact on the global financial system. The following are eight major crypto industry events worth paying attention to in 2025, as well as their background and impact.
Trump's second term is expected to bring a new direction to U.S. financial regulation, especially in policy making at the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). The new leadership team is likely to adopt a more open and flexible regulatory attitude to promote market development.
Background
More commodity-type crypto assets will be brought under the regulatory scope: The CFTC may classify more mainstream crypto assets (such as Solana and Polygon) as commodities and clarify their regulatory framework.
Promote the expansion of the crypto derivatives market: The CFTC may accelerate the approval of more crypto futures and options transactions to provide institutional investors with a wider range of hedging tools.
Global cooperation: Promote compliance and standardization of cross-border transactions by strengthening cooperation with regulators in other countries.
Expansion of spot ETFs: Following the Bitcoin and Ethereum spot ETFs, more mainstream asset ETFs (such as Solana and Hedera) may be approved, further driving capital inflows.
Launch of the regulatory framework for stablecoins: Stablecoins may be included in the "payment tool" framework to promote the integration of mainstream payment and settlement systems.
Introduce a unified classification standard for crypto assets.
Promote smoother entry of institutional funds into the crypto market.
Impact
Improved market transparency: A clear regulatory framework will reduce market uncertainty and attract huge amounts of institutional funds to enter the market.
Industry reshuffle: Stricter compliance requirements may eliminate some small and medium-sized projects, and the market will develop in a more concentrated and mature direction.
Ethereum will usher in a number of technical upgrades in 2025, including the full implementation of Danksharding and an upgrade called "Pectra". These technical improvements will significantly enhance Ethereum's scalability and user experience.
Background
Account Abstraction (EIP-7702): Simplify user operations and support complex decentralized applications (DApp).
Zero-knowledge proof support (EIP-2537): Improve privacy and scalability.
Increase the validator staking limit (EIP-7251): Improve network efficiency and facilitate institutional participation in staking.
Data Availability Sampling (PeerDAS): Reduce Layer-2 transaction costs and promote ecological expansion.
Impact
Attract more developers and users to the Ethereum ecosystem.
Promote the further development of decentralized finance (DeFi) and NFT markets.
In 2025, the G20 is expected to complete a unified regulatory framework for global stablecoins, which will have a significant impact on the issuance, reserve requirements and cross-border payment applications of stablecoins.
Background
Financing dynamics: In 2024, financing in the stablecoin field reached US$1.86 billion, of which Stripe acquired Bridge Network for US$1.1 billion.
Traditional institutions enter the market: PayPal's PYUSD market value has exceeded $1 billion, promoting the integration of stablecoin payments and traditional payments.
Regional regulation: The EU's MiCA regulations and Hong Kong's stablecoin sandbox program will be fully implemented in 2025.
Impact
International payments are accelerating: Stablecoins will play an important role in high-inflation regions and international trade.
Market scale expansion: The market value of stablecoins is expected to exceed $400 billion, becoming the fastest growing track in the encryption field.
The combination of artificial intelligence (AI) and blockchain is leading technological innovation, especially in the fields of AI wallets, decentralized AI agents, and AI training networks. By 2025, this convergence will give rise to a number of new technologies and applications.
Background
1. Decentralized Autonomous Chatbots (DACs): Blockchain-based AI chatbots can manage assets and complete complex tasks autonomously.
2. AI Wallets: AI agents will support autonomous investment and payment functions.
3. Identity verification and privacy protection: AI technology is combined with blockchain to ensure the authenticity and privacy of interactions.
4. AI Agent: As a new generation of AI and blockchain protocols, Virtual has promoted the application of AI in the metaverse and Web3 through rapid deployment, autonomous agents and plug-and-play infrastructure, attracting extensive community participation and investment support. Eliza, as the world's first chatbot, laid the theoretical foundation for human-computer interaction and provided important inspiration and historical accumulation for the logic and functions of modern AI agents.
5. Technology giants such as Google and Apple have launched AI agent products. Decentralized AI networks (such as Fetch.ai) have become a market hotspot.
Impact
The combination of AI and blockchain helps lower the technical threshold of Web3, enhance user privacy and security, and promote the integration and development of the virtual economy and the real economy. It is expected that by 2025, it will give rise to more mainstream applications and technological breakthroughs, leading the industry to maturity.
The approval of spot Bitcoin and Ethereum ETFs has brought capital inflows and mainstream recognition to the crypto market. More assets may enter the ETF field in 2025.
Background
Capital Inflow: As of December 2024, the scale of Bitcoin ETF management has exceeded US$100 billion.
Expand to other assets: Several institutions have submitted applications for Solana ETFs, including Bitwise, VanEck, 21Shares, and Canary Capital. These applications are mainly submitted in November 2024, and the final approval deadline is expected to be in early August 2025. At the same time, institutions such as Canary Capital and Bitwise have submitted applications for spot XRP ETFs to the SEC.
Impact
Mainstream acceleration: The popularity of ETFs will enhance market liquidity and transparency.
More institutional participation: Traditional institutional funds will pour in on a large scale.
The tokenization of real-world assets (RWA) has achieved remarkable results in 2024, and the market size may further expand in 2025.
Background
Locked-in volume in 2024: The total value of the RWA market has reached 60 billion US dollars.
Main projects: Ondo Finance, Maple Finance and Centrifuge promote asset on-chain.
Stablecoin market value: As of March 2024, stablecoins, as the largest sector of RWA, have a market value of more than 150 billion US dollars.
Tokenized financial products: Institutions such as BlackRock, Franklin Templeton and Ondo Finance have launched their own tokenized financial products.
Impact
Market size breakthrough: The locked-in volume of RWA is expected to exceed 200 billion US dollars.
More asset classes: Tokenization of stocks, real estate and commodities will accelerate.
NFT (non-fungible token) is gradually transforming from the original art collection and speculative tool to a more practical on-chain tool. In 2025, with the development of blockchain technology and the expansion of the Web3 ecosystem, the potential of NFT in practical applications will be more widely explored
Background
Practicality becomes the core driver: NFT is no longer limited to collection value, but gradually integrated into practical application scenarios, such as on-chain identity (DID), in-game assets, membership and consumer rewards.
Emerging markets and cross-border cooperation: Projects such as Sofamon realize the economic value development of digital identity and on-chain wearable devices by combining NFT with the emoji market.
Technology and industry support: NFT showed higher technical flexibility in 2024 and was used to mark, transfer and evaluate digital assets and real assets.
Impact
Promote the maturity of the Web3 ecosystem: The practical application of NFT injects new vitality into the Web3 ecosystem. By integrating identity management, membership rights and cross-industry innovative applications.
Reshape the relationship between brands and consumers: The participation of traditional brands (such as IWC) shows that NFT has become an important tool for brands to redefine user experience and brand loyalty.
Promote the protection and monetization of intellectual property rights: Projects like Story Protocol show that NFT can be an important tool for intellectual property protection, especially in combating counterfeit products and empowering creators.
Accelerate the integration of on-chain and off-chain economies: Through the tokenization and evaluation capabilities of NFTs, the connection between crypto assets and the real economy will be closer, providing higher transparency and liquidity for the capital market.
Active and standardized investment market: The NFT market in 2025 will be more standardized, and NFT will no longer be a pure speculative tool, but an asset class with long-term value support.
The DeFi protocol will further develop in 2025 by enhancing capital efficiency, introducing on-chain credit, and integrating RWA.
Background
The DeFi protocol significantly promoted the improvement of capital efficiency in 2024, optimizing the capital utilization model through innovative mechanisms. Traditional DeFi protocols (such as Aave and Compound) rely on high collateralization mechanisms, resulting in low capital efficiency, while emerging protocols adopt the Protocol-Owned Liquidity (POL) model, which reduces dependence on external capital by holding liquidity pool assets or introducing lock-up mechanisms. For example, the "liquidity lock-up reward" of Balancer and Curve significantly improves liquidity stability.
The introduction of on-chain credit is an important direction for the development of DeFi in 2024. Credit is assessed through user on-chain behavior (such as transaction and repayment records), thereby reducing collateral requirements and releasing more liquidity. For example, credit scoring protocols such as Arcx and Spectral have begun to be applied to multiple lending platforms, while mainstream protocols such as Aave and Maple Finance are testing low-collateral or uncollateralized lending models, bringing new capital release paths to the DeFi field.
The integration of real-world assets (RWA) is another highlight of DeFi development in 2024, which improves capital efficiency by tokenizing traditional assets such as bonds, real estate, and accounts receivable. For example, MakerDAO has added U.S. Treasuries and corporate bonds as collateral, increasing its Dai stablecoin supply by more than 20%. In addition, Ondo Finance focuses on the tokenization of U.S. Treasuries, with a locked-in value exceeding $600 million.
Hyperliquid's innovative token standards HIP-1 and HIP-2 enhance the utility and liquidity of tokens. HIP-1 allows users to create fungible tokens that are directly linked to the on-chain spot order book, elevating tokens to specialized financial instruments. Compared with the ERC-20 standard, it ensures instant tradability and high performance, designed specifically for financial assets.
Impact
Improved capital efficiency: POL and dynamic lending rates will attract more capital inflows, pushing the total value of DeFi locked-in to exceed $300 billion in 2025.
On-chain credit reshapes lending: The popularization of on-chain credit lowers the mortgage threshold, promotes the doubling of low-collateral lending, and attracts more users and funds to participate.
RWA tokenization expands asset categories.
Accelerated compliance and institutional participation: The introduction of a compliance framework attracts institutional funds, promotes the diversified development of DeFi, and strengthens its deep integration with traditional finance.
2025 will be the year when the crypto industry moves towards maturity and diversification. These major events and trends will jointly promote the standardization, technological innovation and mainstreaming of the market, while attracting more traditional institutions and retail users to join, and accelerating the deep integration of the crypto industry with the global financial system.
Friend.Tech transferred control of its smart contracts to Ethereum's null address, locking the system in place and preventing further changes. With its token value plummeting, a revival seems unlikely, signalling a slow demise for the platform.
KikyoOceanDoge is a German cryptocurrency project combining digital assets with marine conservation by donating 5% of transaction fees to environmental groups like Oceana. The presale aims to raise $21.15 million across three stages, with plans to fund ocean preservation and develop a long-term impact in both crypto and environmental sectors.
AnaisTrump said that if he wins the November election, he will appoint Musk as the chairman of the U.S. government efficiency committee. Musk responded with a picture on Twitter over the weekend, stimulating the rise of Dogecoin.
AlexOn-chain analyst Embers monitored and found that a whale address withdrew 1,000 bitcoins from Binance, equivalent to approximately US$55.02 million.
MiyukiRevelo Intel CEO Nick Drakon resigned after being held at gunpoint and forced to transfer funds. The attackers threatened his family and demanded access to his crypto assets. Drakon suspects insider involvement but has provided no further details.
CatherineNick Drakon, CEO of Revelo Intel, resigned after being forced at gunpoint to transfer significant funds from both personal and company accounts. The attackers were well-informed about his crypto assets, and Drakon has pledged to compensate affected members while focusing on family safety and assisting in the investigation.
JoyDavid Game College’s Sabrewing programme will start in September, offering a cutting-edge AI-driven learning model for 20 GCSE students using AI tools and VR headsets for personalized education. This program combines AI's adaptive learning with human support from learning coaches to provide a balanced and tailored educational experience.
WeatherlyElon Musk may be summoned to testify before the UK Parliament about his platform, X. Labour MPs Dawn Butler and Chi Onwurah support an inquiry into how social media algorithms, including X’s, drive misinformation and profits. Is Musk following a path like Pavel Durov's?
CatherineIn 2023, cryptocurrency-related fraud surged by 45%, leading to over $5.6 billion in losses, with investment scams being the most significant contributor. The FBI highlighted that elderly individuals are particularly vulnerable, and emerging scams like those involving crypto ATMs and play-to-earn schemes are on the rise, urging increased vigilance and regulatory measures.
JoyIn August, Taiwan’s exports hit a record $43.6B, boosted by strong chip demand from the growing AI sector. Exports to the US more than doubled, while weakened demand sees China falling behind. With September forecasts positive, will Taiwan break its export record again?
Kikyo