In 2025, the future of blockchain, DeFi, and cryptocurrency faces unprecedented challenges and opportunities. In 2024, Crypto experienced an unusual 'bull market'; despite the lows, it developed positively overall. Key directions to watch in 2025 include: AI Development: The complexity of chain abstraction projects affects user experience, and AI browser agents like Google's Project Mariner and OpenAI's products will drive the development of AI wallets, decentralized computing power, and decentralized data projects. Stablecoins: The stablecoin market is highly competitive, with fiat-backed stablecoins and algorithmic stablecoins each having their own development directions, and fully decentralized stablecoin protocols may emerge in the future. Payments: The compliance of stablecoins is driving the development of the payment sector, with public chains like Solana becoming the infrastructure for payment applications, and the PayFi concept proposing new models for instant settlement and buy now, pay later. Dex: The fragmentation issue of Layer 2 is prompting on-chain order book Dex to become mainstream, with matching algorithms and Gas solutions being key challenges. Asset Issuance: Asset issuance remains the main theme, with new trends like AI Meme platforms and DeSci driving industry progress.