#DeFi生态发展 After watching the VC reviews of 2025, one detail kept making me think repeatedly. Stablecoins and prediction markets have become the biggest winners, which actually reflects an important signal: the market is gradually shifting from speculation back to practicality.

The explosion of stablecoins is particularly noteworthy. Tether has become one of the most profitable companies per capita, which sounds impressive, but what does it fundamentally indicate? It shows that true value lies in providing users with basic financial tools, not in hype or speculative concepts. We often see people chasing hot projects, only to see them fade away after a downturn, while stablecoins quietly accumulate users and profitability — this contrast is very profound.

Prediction markets are the same. Kalshi and Polymarket have shed doubts of "volume boosting" and "gambling," and the $2 billion investment from Intercontinental Exchange proves what genuine mechanism innovation looks like. Behind this is recognition from traditional financial institutions, not retail FOMO.

What I want to remind everyone is what this trend means for our investment mindset: the tracks that can truly survive long-term are often those that solve real problems, have cash flow, and are recognized by mainstream institutions. Not projects chasing trends, storytelling, or relying on fundraising to survive. Look at Do Kwon’s 15-year prison sentence, and the SEC’s systemic failures — these all tell us that good stories will eventually fade, and only safety and practicality can withstand cycles.

When allocating, it’s better to ask yourself more: what real needs does this project solve? Is there a sustainable profit model? Is there endorsement from mainstream institutions? Only then can our positions truly give us peace of mind.