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Ethereum 2025: The Achievement of Infrastructure and the Growing Pains of Narrative

The value of long-termism: Paying for the "Bitcoin operating system" and the "last mile"

These ETFs are not individually approved by the SEC through strict scrutiny, but rather take advantage of a new "general listing standard" and a little-known "8(a) clause" fast track, which almost automatically comes into effect with the tacit approval of the regulatory agency.

The approval of the Solana ETF is not an endpoint, but the starting gun for a new era.

Ten years from now, when we look back at the history of cryptocurrency, this current phase will be referred to as the "Toy World Era."

In the short term, there may be few legislative catalysts supporting the rise in the valuation of crypto assets, but there remains optimism about the crypto outlook in the coming months.

After the passage of the GENIUS Act, Ethena Labs quickly partnered with the U.S. federal crypto bank Anchorage Digital to launch the first GENIUS-compliant, federally regulated stablecoin USDtb, bringing compliant stablecoins to retail investors in the United States.

AC candidly revealed the development bottlenecks of DeFi in his eyes, the challenges faced by the Ethereum ecosystem, and the harsh realities that builders must confront in this realm where idealism coexists with profit-seeking behavior.

The importance of DeFi to the core business of traditional finance has become prominent, as traditional finance has shifted from skepticism to recognition, believing it will bring systematic improvements.

In the world of cryptocurrency, persistence is the ultimate key to victory.