Crypto venture capital firm Hashed has released *The Protocol Economy: 2026 Thesis*. The article suggests that 2025 will be the year crypto transitions from 'storytelling' to 'execution,' where real users, real transaction volumes, and real revenue become the core benchmarks for the industry. Stablecoins are expected to be the first infrastructure to successfully enable real-world applications. 2026 is predicted to be the year of application explosion and connection to the real economy: AI will reshape Web3 development and interaction methods, privacy will emerge as the biggest structural challenge after scalability, stablecoins will evolve from payment tools to enterprise operational capital infrastructure, RWA will achieve large-scale adoption first, on-chain private credit and sustainable yield markets will rise, and ETH/BTC will remain the key indicators of risk cycles. https://www.(wublock123.com)/index.php?m=content&c=index&a=show&catid=6&id=53832