Post #1942

11 Themes of 2025: 1. Institutions became the marginal buyer of crypto. 2. RWAs graduated from narrative to asset class. 3. Stablecoins became both the killer app and the systemic weak point. 4. L2s consolidated into a winner-takes-most structure. 5. Prediction markets moved from toy to financial infrastructure. 6. AI × Crypto shifted from hype narrative to working infrastructure. 7. Launchpads industrialized into Internet Capital Markets. 8. High-FDV, low-float tokens proved structurally uninvestable. 9. InfoFi boomed, inflated, then collapsed. 10. Consumer crypto came back — through neobanks, not Web3 apps. 11. Regulatory normalization arrived globally. Full article here.