In 2021, the cryptocurrency market was filled with the fervent calls of "DeFi," "NFT," and "yield farming," as countless investors chased the dream of the next hundredfold coin. Memecoins spread like wildfire but quickly extinguished. Just four years later, the industry's search keywords have quietly shifted to "stablecoins," "compliance," and "cross-border payment." The market capitalization of Bitcoin has rebounded from about 39% in 2022 to 59.3% in 2025, with funds accelerating towards leading assets.
This transformation is not a retreat but a sign that the Web3 industry has truly entered a phase of internalized growth. As speculative bubbles gradually fade and market sentiment becomes more rational, a new industry norm known as "BenFen" is taking shape.
The Web3 industry is undergoing a profound shift in rhythm. The early narrative-driven and speculative model is fading, with stability and sustainability becoming the new keywords.
Mainstream coins like Bitcoin and Ethereum have reaffirmed their dominance, while long-tail altcoins and Memecoins occasionally create ripples but show overall weak growth. For example, the Memecoin craze sparked by Pepe in the second quarter of 2023 saw Pepecoin's market cap soar to about $1.5 billion by the end of 2024, but it quickly fell back below $700 million thereafter.
Market funds are rapidly concentrating towards the top, sending a clear signal: speculative projects are increasingly difficult to sustain long-term, and value investing is returning to the mainstream. The logic of VC investment has also undergone a significant shift. In 2022, industry venture capital fundraising peaked, but it suddenly shrank in 2023. As we enter 2024-2025, funds are warming up, but the focus is clearly different. Investors now prefer platforms with solid team backgrounds, functioning MVPs (Minimum Viable Products), and cash flow models, rather than early experimental projects driven by narratives.
The trend of "BenFen" in the Web3 industry is driven by profound factors. The evolution of the policy environment is shaping new industry boundaries.
The U.S. GENIUS Act, the EU's MiCA, and Hong Kong's stablecoin licensing system, while differing in details, share a clear consensus: to protect investors, enhance transparency, and open channels for compliant funds to enter. The U.S. "Stablecoin Innovation and Protection Act" (GENIUS Act) requires stablecoin issuers to be 100% backed by highly liquid assets and mandates monthly public disclosure of reserve composition.
The EU's "Markets in Crypto-Assets Regulation" (MiCA) stipulates that crypto asset service providers must obtain licenses and meet capital requirements, bearing legal responsibility for client asset losses.
The shift in capital market preferences is also driving this trend. In the face of a focus and shrinkage of primary market investment opportunities, industrial capital is turning its attention to secondary and public market opportunities. Traditional VCs are becoming increasingly cautious about investing in early crypto projects, while large institutional funds are beginning to position themselves by investing in publicly traded crypto assets. Crypto investment firm Pantera recently invested $300 million specifically in companies adopting the "Digital Asset Treasury" (DAT) model, betting that these publicly listed companies incorporating crypto assets into their financial reports will yield better returns than direct holdings or ETFs.
Changes in user demand are also significant. In 2021, users chased wealth myths and excitement—high-yield DeFi pools, NFT breakout myths, and GameFi overnight riches. By 2025, this demand has quietly shifted towards "fundamental functions": the convenience of payments, the security of assets, and the certainty of compliance.
As the Web3 industry enters the "BenFen" era, stablecoins are becoming one of the core pillars of the new order. According to Artemis data, the global monthly settlement amount of stablecoins is expected to reach about $5.1 trillion by December 2024, three times that of the same period in 2023 and 22 times that of 2021. VanEck states that the current daily settlement scale of stablecoins has reached around $100 billion, gradually approaching the scale of traditional cross-border payment networks like SWIFT.
The structure of on-chain transactions is also changing, with stablecoin trading volume accounting for 50%-75% of total on-chain trading volume, becoming the most important asset class on-chain.
The integration of traditional finance and the crypto world will further accelerate. By the second quarter of 2025, over 100 publicly listed companies globally hold Bitcoin on their balance sheets, collectively owning about 1 million BTC (approximately 4.7% of Bitcoin's total supply, valued at about $110 billion). In terms of Ethereum, 11 institutions collectively hold nearly 2.98 million ETH (about 2.5% of Ethereum's supply, valued at about $13.8 billion).
These data indicate that traditional funds are accelerating their entry into the crypto asset market through ETFs and financial allocations by publicly listed companies.
The integration of Web3 and artificial intelligence may give rise to a new economic form. Zhao Changpeng mentioned at the 2025 Hong Kong University Crypto Finance Forum that interactions between AI Agents require high-frequency, small-value payments, which traditional finance cannot meet. Digital currencies can achieve "instant settlement, zero fees" through blockchain, perfectly matching the payment needs of AI. In the future, everyone may have hundreds of AI Agents, and the interactions between these Agents will generate massive transactions, potentially exceeding current volumes by more than 1,000 times.
The regulatory framework is becoming increasingly clear, with the U.S., EU, and Asia introducing digital asset regulatory laws, clearing obstacles for institutional funds to enter on a large scale. Traditional publicly listed companies are also beginning to incorporate Bitcoin and Ethereum into their balance sheets, with over 100 companies collectively holding about 1 million Bitcoins.
Numerous crypto asset treasury companies have emerged on Wall Street, raising billions of dollars and attracting legendary investors like Stan Druckenmiller, Bill Miller, and ARK Funds. These companies no longer rely solely on concept premiums but price based on balance sheets and cash flows.
Web3 is no longer a paradise for speculators but a fertile ground for builders. It no longer pursues a flashy appearance but focuses on practical foundations—just as the BenFen public chain advocates: "Not chasing trends, but solidifying the fundamentals."
Related: Bitcoin (BTC) ignores new "OG" whale sell-offs, price rises to $113,000
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
