SmartContractPlumber

In 2025, BNB Chain quietly completed an ecosystem transformation. On the surface, this is just a story of traditional financial institutions gradually entering, but the deeper changes are far beyond expectations — it is evolving into an open platform that can accommodate retail traffic, institutional funds, and project innovation simultaneously.
The formation of this coexistence pattern is not accidental. From different perspectives, we can see how BNB Chain, through a philosophy of compatibility and inclusiveness, has carved out a unique path in the fiercely competitive blockchain arena.
Data speaks: BNB Chain's 2025 overview
From a purely numerical perspective, BNB Chain delivered an impressive report card in 2025:
- Over 700 million independent addresses, more than 4 million daily active users
- Daily transaction volume reaching 31 million at peak times
- Ecosystem TVL increased by 40.5% annually

Market sentiment indicators show that Bitcoin prices are strong, recently reaching a high of $90.57K and continuing to rise. Expectations of new US policies have boosted investor confidence, but the meme coin craze has also triggered risks, reminding investors to be cautious in facing volatility.

AI art in the style of Hayao Miyazaki has quickly gained popularity on social media due to the breakthrough of OpenAI's GPT-4o technology, attracting a large number of creative professionals to participate. At the same time, the related Ghiblification meme coin's market capitalization has surged. Although the trend has drawn attention, there are also issues such as licensing and risks, and whether it can continue in the future remains to be seen.

At the end of last year, the cryptocurrency market experienced a significant super settlement day amid intense Bitcoin volatility, with Deribit Exchange's $28.5 billion options settlement becoming the focus. Market attention on the "maximum pain point price" and risk positioning increased, with traders opting for flexible rollover strategies, demonstrating sensitivity to future trends. Options strategies have become a key tool for analyzing market dynamics, influencing the price movements of assets such as Bitcoin.

The Korea Financial Services Commission is developing cryptocurrency trading regulations targeting listed companies and professional investors, signaling a policy shift from prohibition to regulation. Companies can invest up to 5% of their capital in the top 20 cryptocurrencies by market value by 2025, aiming to balance market opportunities and financial risks. The upcoming Digital Asset Basic Act will further clarify the regulatory framework and inject liquidity into the crypto market.

As the bills in your pocket gradually depreciate and purchasing power continues to decline, you might be wondering: is there an asset that, like gold in history, can provide a solid foundation for the monetary system while preventing inflation caused by arbitrary government issuance? The concept of the Bitcoin Standard is an aggressive answer to this question. But before exploring the feasibility of the Bitcoin Standard, we need to understand the role of scarce assets in the economy and why a well-designed monetary system is crucial for social welfare.
The Dilemma of Fiat Currency: Why We Need Scarce Assets
In our era, the global economy is driven by government-issued paper money. But this system is not an inherent truth. In 1971, U.S. President Richard Nixon announced the end of the Bretton Woods system, completely abandoning the practice of tying the dollar to gold. Since then, the currencies issued by various governments are no longer backed by any physical commodity, and their value depends entirely on supply and demand.

Hyperliquid has introduced a portfolio margin system aimed at improving capital efficiency and solving the redundant collateral problem in traditional full-position mode. The system centrally manages spot and perpetual contract accounts, effectively releasing redundant collateral, increasing leverage capacity, and attracting institutional users. However, this efficiency improvement also comes with potential risks of liquidation and market volatility amplification, which must be approached with caution.

Over the past six months, the development speed of institutional-grade RWA tokenization has been remarkable. The market size has approached the $20 billion mark, and this is not a speculative bubble but a large-scale deployment of real institutional capital on the chain. In the primary market, traditional finance is beginning to seriously examine the feasibility of blockchain as an infrastructure.
Currently, five major protocols are shaping the RWA ecosystem in the primary market: Rayls Labs, Ondo Finance, Centrifuge, Canton Network, and Polymesh. Interestingly, they are not competing for the same clients but are each targeting different core demands of institutions—banks require privacy, asset management firms pursue efficiency, and Wall Street demands compliance infrastructure. This differentiated competitive landscape, in turn, accelerates the adoption of RWA infrastructure in the primary market.
Primary Market Invisible Growth: $197 billion

BitMine Immersion recently increased its holdings by 138,452 ETH, demonstrating confidence in market recovery and asset tokenization. The company's ETH holdings reach 3.86 million, with a total value of approximately $11.5 billion. In addition to ETH, BitMine holds Bitcoin, Worldcoin, and $1 billion in cash, with total assets amounting to $13.2 billion. Tom Lee emphasized in a speech in Dubai that the trend of asset tokenization could become a key demand source in the future, and BitMine is actively positioning itself in Ethereum to embrace this wave.

The anxiety faced by the Ethereum community stems from deep disagreements over technical choices, especially in balancing architecture and decentralization. Many critics believe Ethereum is progressing slowly, but in fact, these decisions are based on long-term system resilience. Ethereum's core focus is not on achieving maximum performance, but on ensuring trustworthiness and decentralization under adverse conditions. This emphasis on "alignment" highlights both mutual benefit within the community and its resistance to censorship, ensuring the system cannot be paralyzed by external pressures. Despite disagreements, the growth in staking demonstrates trust in Ethereum's value system, reflecting the effectiveness of its steadfast system philosophy in the market.

The Korean cryptocurrency market is experiencing a major policy shift, as the Financial Services Commission plans to lift the ban on corporate participation that has been in place since 2017, allowing listed companies and professional investors to participate legally. This move will significantly change the market landscape and is expected to bring hundreds of billions of dollars in capital inflows, but the market will still need to observe whether institutional funds will flood into the crypto space on a large scale, successfully turning policy benefits into actual vitality.

The political drama triggered by the US debt ceiling issue is frequent, and the resulting risk of debt default poses a potential threat to financial markets. Default could lead to economic collapse, rising borrowing costs, and accelerate the de-dollarization trend, prompting investors to turn to decentralized assets like Bitcoin. This situation exposes the fragility of the financial system and sparks in-depth reflection on the restructuring of the global financial order.

Lighter's TGE has concluded, and the focus in the perpetual contract DEX space has shifted to the next batch of token issuance projects. According to data from DefiLlama over the past 30 days, a group of derivative contract platforms that have not yet launched token issuance are accumulating significant on-chain trading volume, with many projects already demonstrating considerable trading activity. For early movers, understanding the actual performance of these platforms is far more important than simply following the narrative.
This article reviews the top 23 Perp DEX projects by trading volume that have not yet issued tokens, categorized by development stage and features, to help you find truly suitable contract trading opportunities.
First Tier: Top 10 Players by Trading Volume
These projects have a 30-day trading volume of over $10 billion, making them the most competitive participants in this track.
EdgeX is based on StarkEx (Ethereum L2

The US Bitcoin spot ETF market has recently seen record capital inflows, with institutional investors re-entering the market, indicating a renewed confidence in cryptocurrencies. Twelve ETFs absorbed a net inflow of $753.7 million in a single day, with Fidelity and Bitwise performing notably well. Economic data shows CPI retreating, which has boosted demand for risk assets. The market responded positively, with cryptocurrency prices rising across the board, indicating sustained structural positive momentum.

The relationship between Bitcoin's price movements and M2 and the US Dollar Index is far more complex than simple correlation with rises and falls. In the medium to long term, Bitcoin is strongly correlated with M2, but in the short term, the influence is weak and time lag must be considered. M2 impacts slowly, while the US Dollar Index reacts quickly, and correlations can break down when market conditions change. It is recommended to adopt a dynamic monitoring framework to comprehensively assess Bitcoin price trends.

Powell's speech at the Jackson Hole Annual Meeting marked the Federal Reserve's shift from defending against inflation to focusing on employment, paving the way for future monetary policy adjustments. He pointed out the "peculiar balance" in the labor market and the necessity of rate cuts, emphasizing that cheap policies should balance inflation and employment. The Federal Reserve's policy framework has been adjusted to reflect strategies for addressing modern economic challenges, emphasizing data dependence and flexibility.

Korea's financial group Mirae Asset Group has officially negotiated the acquisition of the cryptocurrency exchange Korbit, with a transaction amount ranging from 100 billion to 140 billion Korean won (approximately $70 million to $100 million). Mirae Consulting will lead the negotiations, and this acquisition reflects the trend of traditional financial institutions accelerating their entry into the crypto market.

Hong Kong Financial Services and the Treasury Bureau Deputy Secretary Chen Hao-lian announced that the government is studying the legal regulatory framework for tokenized bonds, marking Hong Kong's bond market's entry into the digital asset era. The Financial Services Bureau and the Hong Kong Monetary Authority are advancing multiple digital currency innovations, which are expected to strengthen Hong Kong's position as an Asian hub for tokenized assets.

Recently, analysts have been predicting Bitcoin's trend based on the experience of the 2022 bear market, but the market has undergone fundamental changes. The current macro environment, investor structure, and supply-side conditions are all very different from 2022, making such comparisons no longer applicable. The Bitcoin market is entering an institutional era, with retail investors significantly reduced, and liquidity structures improving, reducing the risk of panic selling. Recreating the conditions of the 2022 bear market is extremely unlikely, and the current market should focus on new dynamic changes.

Thai Prime Minister Anutin Charnvirakul launched financial regulatory reforms in 2025, focusing on combating illegal capital flows and "gray funds." The new regulations mandate identity verification for cryptocurrencies and establish a national data bureau to monitor suspicious transactions, reflecting a focus on financial security, ensuring regional stability, and potentially setting an example for Southeast Asian countries.