Weโre excited to share our 2025 State of Crypto report.
This yearโs story: the maturation of the crypto industry โ with growing institutional adoption, the rise of stablecoins, better infrastructure, new consumer experiences, and long-awaited regulatory clarity.
Read the full report โ https://t.co/P3gzQphOEx
Here are the biggest trends of 2025โฆ
A few months ago, I shared my perspective on the market share competition between DEXs and CEXs, predicting a reversal around 2028. I believed a specific catalyst would be needed to trigger this shift. Iโm now convinced that the recent system failures and opaque liquidation mechanisms at several major CEXs will serve as exactly that catalyst.
On October 9-10, the crypto market experienced its largest liquidation event in history. Within the vicious cycle created by excessive leverage, cascading liquidations, and evaporated liquidity, some exchanges exhausted their insurance funds and triggered ADL (Auto-Deleveraging)โforce-closing even profitable positions.
Meanwhile, @aave successfully protected approximately $4.5 billion in positions by switching from single exchange price feeds to redemption-value-based oracles. @HyperliquidX earned significant trust by maintaining uninterrupted operations and transparently disclosing their liquidation logic.
What emerged starkly from this crisis was a tale of two infrastructures. CEXs suffered server crashes, opaque operations, and plummeting credibility. On-chain protocols, by contrast, proved their stability and transparency under extreme stress.
The real insight here isnโt just about technologyโitโs about trust architecture. When billions are at stake during black swan events, transparency becomes survival. The question isnโt whether decentralized alternatives can replace centralized exchanges, but how quickly traders will demand it after experiencing firsthand the risks of opacity.
This painful market event has illuminated precisely where our industry must evolve. And I believe these centralized exchange failures will accelerate the migration toward decentralized alternatives far sooner than anyoneโincluding myselfโpreviously anticipated. The catalyst I predicted for 2028 may have already arrived in 2025.
"The NASDAQ is not traded 24 hours a day, 7 days a week
Solana never sleeps
That value prop of 24/7 stock trading has opened the eyes of every public company
It's just a better product" - @afkehaya
Wall Street closed for the weekend.
Before the bell rings Monday AM, 60-80 million trades will have been executed on @Solana.
Thatโs 24/7 capital markets.
@capitalmarkets@solana I wrote a short article, "WHY SOLANA, Putting NASDAQ on-chain"
The article outline is as follow.
1. Solana and Memecoins
2. Memecoins and Capital Markets
3. Solana and Internet Capital Markets (ICM)
@solana@capitalmarkets
https://t.co/XToEQBNlBj
All entries must be submitted by October 18th 2025.
Both Report Highlights and the Marketing Plan must be complete to be considered.
Winners will be notified and announced towards the end of October.
Full details here.
https://t.co/BqO277sd9G
@KyleSamani@theallinpod I wrote a short article, "WHY SOLANA, Putting NASDAQ on-chain"
The article outline is as follow.
1. Solana and Memecoins
2. Memecoins and Capital Markets
3. Solana and Internet Capital Markets (ICM)
https://t.co/XToEQBNlBj
1/ Internet Capital Markets are the most important idea Iโve ever encountered as an investor. I had the privilege of sharing this vision at the @theallinpod Summit in LA. Hereโs a quick summary. (full video at the end).