Explanation and Acknowledgments

This article is a summary and analysis of "Gary Yang: Crypto's Second Growth Curve," written by Gary Yang. The original text provides a profound and forward-looking exploration of the historic transition of the Crypto market from the first growth curve to the second. We aim to distill and interpret the core insights of the original article to help readers better understand the future trends of the Crypto market. We extend our sincere thanks to Gary Yang and the original author for providing such insightful analysis.

If there are any inaccuracies in the citation or interpretation, or if there are copyright issues, please let us know immediately. We will remove and adjust the relevant content without delay.

In 2025, the wheels of history rolled over the global financial landscape, leaving a deep mark.

Trump's return, like a storm, swept through the intersection of traditional finance (TradFi) and Crypto. This is a historic upheaval destined to be recorded in the annals of history, a game of power, wealth, and belief.

The world of Crypto was once a utopia filled with idealism. From the birth of Bitcoin to the rise of Ethereum, from the DeFi frenzy to the NFT craze, the growth of the first curve was like an epic saga, writing countless wealth myths and legends of belief.

However, all glory must face the test. As the bubble of narrative consensus gradually dissipates and the shadow of zero-sum games looms over the market, it seems that the first curve of Crypto has reached its end.

But the tide of history never stops because of the end of a chapter.

The end of the first curve is precisely the beginning of the second curve. This is a new era, an era centered on Real Yield and Real World Application. Crypto is no longer just a narrative in the air but begins to take root in the soil of the real world and deeply integrate with the global financial system.

In this upheaval, some see crisis, while others see opportunity. Regardless, the future of Crypto is no longer a simple technological experiment but a reshaping of the global economic landscape.

Guided by Gary Yang's profound insights, this article will explore how the second growth curve of Crypto can begin amidst this historic turning point. Let us step into this epic journey and witness the transformation of Crypto from belief to application, from narrative to reality.

In 2025, the Crypto market has shifted from a positive-sum game to a zero-sum game, even teetering on the edge of a negative-sum game.

This transformation not only marks the end of the first growth curve of Crypto but also reveals the intense competition and survival pressures among market participants.

As Gary Yang said, the Crypto market is like a Texas hold'em poker table. If you don't know who you're here to take advantage of, then you're the one being taken advantage of.

The zero-sum nature of the Crypto market did not happen overnight.

Since the approval of ETFs in 2024, the competition for BTC Reserve has escalated from individuals and institutions to the national level. However, net outflows have offset a large portion of net inflows, gradually eroding the growth dividends of the first curve. The market has shifted from a狂欢 of incremental funds to a scramble for existing funds, with zero-sum games becoming the main theme.

In this game, the seven giants at the table gradually emerge:

• Exchanges: As the core hubs of the market, exchanges respond to industry risks by raising barriers to entry and charging higher fees.

• Financial Institutions: Including lending protocols and custodians, they seek new profit models amidst the turmoil.

• Market Makers: Amidst declining market liquidity, the role of market makers becomes increasingly important, but they also face higher risks.

• Projects: Originally intended to serve whales and VCs, projects are now forced to compete with them due to changes in the game's rules.

• Whales: As the main providers of market funds, the behavior of whales directly affects market trends.

• VCs: The dilemma of high valuation financing and low liquidity makes VCs an awkward role in the zero-sum game.

• Retail Investors: As the ultimate takers in the market, retail investors are often in the most disadvantaged position in a zero-sum game.

The essence of zero-sum games is the reallocation of resources, not the creation of new value.

In this process, relationships among market participants become increasingly strained. The game between exchanges and projects, and the opposition between VCs and retail investors, all contribute to the deterioration of the market ecosystem.

Gary Yang's "poker table theory" presented at Token2049 in Singapore vividly depicts this scene: when incremental funds disappear, the scramble for existing funds becomes a deadly game.

Zero-sum games not only change the logic of market operations but also profoundly affect the future direction of Crypto.

With the disappearance of the first curve's dividends, market participants are forced to seek new growth points. This process is the key to Crypto's transition from narrative consensus to real-world application. The end of zero-sum games may be the abyss of negative-sum games, but it could also be the beginning of the second curve's explosion.

The first growth curve of Crypto, like an epic saga, has written countless wealth myths and legends of belief. However, as all great narratives eventually reach their climax and conclusion, the first curve's growth has also shown signs of fatigue, reaching the end of its strength.

The first curve of Crypto is essentially a process of evangelizing faith and consensus.

From the birth of Bitcoin to the rise of Ethereum, from the DeFi frenzy to the NFT craze, Crypto has built a global consensus through narratives, driving profound changes in production relations.

This power of narrative consensus has enabled Crypto to move from the margins to the mainstream in just a few decades, becoming an indispensable part of the global financial system.

However, behind the glory of narrative consensus lies an undeniable limitation. The first curve of Crypto relies too much on the spread of narratives and the accumulation of consensus, lacking real economic value support.

As Gary Yang said, the growth of the first curve is like a "castle in the air," magnificent but not sustainable.

In 2025, with the rise of Trumpcoin, the first curve of Crypto reached the peak of narrative consensus.

The rise of Trumpcoin, which reached the peak of narrative consensus, has its market value based on the foundation of Crypto's several cycles of value expectation built through narratives. It became the pinnacle of meme and narrative consensus monetization.

However, the peak often signifies the end. The frenzy of Trumpcoin is not only a summary of the first curve but also marks the limit of narrative consensus.

In this cycle, whether it is DePIN, RWA, BTCFi, or AI Agent, DeSci, ZK, without real yield and real application, it is difficult to continue to rely on the beta dividend to talk about development. Trump's victory has already been the last extension of the narrative consensus at the end of its strength.

The essence of Trumpcoin is precisely the end of the first growth curve of Crypto.

The end of the first curve is not the end of Crypto but the beginning of a new era.

Just as the tide of history never stops because of the end of a chapter, the growth of Crypto is brewing the second curve—a new era centered on Real Yield and Real World Application.

At this turning point, Crypto needs to shift from the narrative consensus in the air to taking root in the soil of the real world. Only by creating real economic value can Crypto cross the chasm and move towards the explosion of the second curve.

After reaching the peak of narrative consensus, the first growth curve of Crypto gradually slides into the abyss of negative-sum games.

In this process, VC coins (venture capital coins) have become the concentrated embodiment of market contradictions. The dilemma of high valuation and low liquidity not only exposes the fragility of VC coins but also draws the curtain on the end of the first curve.

The rise of VC coins was once an important driving force in the Crypto market. With the injection of venture capital, many projects were able to start and develop rapidly. However, as the market matures, the drawbacks of VC coins have gradually emerged.

The contradiction between high valuation financing and low liquidity is an inescapable dilemma for VC coins.

The high valuation of VC coins is often based on narrative consensus. Projects attract venture capital by painting grand visions and future potential.

However, this valuation lacks real economic value support and becomes unsustainable once market sentiment shifts. Meanwhile, the low liquidity of VC coins further exacerbates market fragility. A large number of chips concentrated in the hands of a few investors makes market prices susceptible to manipulation, with retail investors becoming the ultimate takers.

As the market shifts from zero-sum to negative-sum games, the dilemma of VC coins becomes increasingly evident. The essence of negative-sum games is the overall loss of market participants, not the reallocation of resources. In this process, VC coins have become the focal point of market contradictions.

The rise of meme coins provides the last frenzy for the end of the first curve. Meme coins, in a disruptive manner, have shattered the high valuation bubble of VC coins, revealing the fragility of narrative consensus.

As Gary Yang said, the essence of meme coins is a rebellion against VC coins and a redefinition of market rules. However, this rebellion also marks the end of the first curve.

Negative-sum games not only end the glory of VC coins but also profoundly affect the future direction of the Crypto market.

With the disappearance of the first curve's dividends, market participants are forced to seek new growth points. This process is the key to Crypto's transition from narrative consensus to real-world application.

The end of negative-sum games may be the abyss of the market, but it could also be the beginning of the second curve's explosion.

In 2025, the growth of Crypto is shifting from the narrative consensus in the air to taking root in the soil of the real world.

Real Yield Assets (RYA) and Real World Applications (RWA) have become the core driving forces of Crypto's second growth curve, while the rise of PayFi marks the outbreak of this trend in emerging markets.

The first curve of Crypto relied on the spread of narrative consensus but lacked real economic value support.

As the market matures, RYA and RWA have gradually become new growth engines. RYA emphasizes creating real yields through Crypto tools, rather than merely relying on market sentiment fluctuations. RWA focuses on applying Crypto technology to real-world economic activities, such as payments, finance, and asset trading.

The emergence of this trend marks Crypto's transition from "castle in the air" to "implementation on the ground."

For example, DeFi projects are attracting users by offering real lending yields, while RWA projects tokenize real assets like real estate and artworks through blockchain technology, enabling them to circulate and trade globally. This transformation not only injects new vitality into Crypto but also wins a broader user base for it.

The rise of PayFi is an important sign of Crypto's second growth curve.

At the beginning of 2025, the usage of PayFi products in Nigeria had exceeded 50% in the field of Crypto payments and finance, becoming a model for the financial revolution in emerging markets. Due to the large number of people who could not pass the KYC verification of the traditional financial system, PayFi provided convenient financial services for these users through Crypto tools.

The success of PayFi is not accidental. As Robin Li said in 2014, the simultaneous occurrence of China's basic industries and the Internet revolution drove the rapid development of Internet finance.

Today, regions such as Africa, South Asia, Southeast Asia, the Middle East, and South America are undergoing similar transformations. Logistics, trade, production, and financial settlement companies in these regions are being forced to adapt to the demand for Crypto tools and quickly become involved in this global financial revolution.

The trend of RYA/RWA and the rise of PayFi have not only changed the financial landscape of emerging markets but also had a profound impact on the global Crypto market.

Enterprises and financial institutions in countries such as the US, China, and Russia are gradually incorporating Crypto tools into their business systems to meet the challenges and opportunities brought by globalization.

For example, data from Africa and India shows that the application of Crypto in the fields of payment and finance has far exceeded that of traditional fiat currency. This trend not only provides empirical support for the second growth curve of Crypto but also points the way for the transformation of the global financial system.

The trend of RYA/RWA and the rise of PayFi mark the beginning of Crypto's second growth curve.

This trend not only injects new vitality into Crypto but also provides new possibilities for the transformation of the global financial system. As Gary Yang said, the future of Crypto is no longer a simple technological experiment but a reshaping of the global economic landscape.

The growth of Crypto is at a historic turning point.

The end of the first curve marks the limit of narrative consensus, while the beginning of the second curve means that Crypto will shift from idealism in the air to real-world implementation.

This process of crossing the chasm is not only a technological advancement but also an inevitable result of the deep integration of Crypto with the global financial system.

The first curve of Crypto relied on the spread of narrative consensus but lacked real economic value support. This model attracted a large number of users and capital in the early stage, but as the market matures, its limitations have gradually emerged. Users began to question the real value of Crypto, and regulatory agencies also severely criticized the disorderly development of the market.

The core challenge in crossing the chasm is how to transform Crypto from "faith-driven" to "value-driven."

This requires not only technological innovation but also deep integration with the real economy. As Gary Yang said, the future of Crypto lies in Real Yield and Real World Application.

Only by creating real economic value can Crypto win a broader user base and regulatory recognition.

Real Yield is one of the core driving forces of Crypto's second growth curve.

Unlike the first curve, which relied on market sentiment fluctuations, Real Yield emphasizes creating real returns through Crypto tools. For example, DeFi projects offer stable returns to users through lending and liquidity mining services, while staking mechanisms provide long-term rewards for holders by locking tokens.

The rise of Real Yield not only injects new vitality into Crypto but also wins a broader user base for it. Users no longer hold Crypto merely out of faith but because it can bring real economic value. This shift marks the transformation of Crypto from a "speculative tool" to a "value tool."

Real World Application (RWA) is another core driving force of Crypto's second growth curve.

RWA focuses on applying Crypto technology to real-world economic activities, such as payments, finance, and asset trading. For example, blockchain technology is used to tokenize real assets like real estate and artworks, enabling them to circulate and trade globally. Meanwhile, Crypto payment tools are rapidly popularizing in emerging markets in Africa and South Asia, providing convenient payment means for users who cannot access traditional financial services.

The breakthroughs in RWA not only inject new application scenarios into Crypto but also win a broader user base for it. Crypto is no longer just a toy for tech enthusiasts but an indispensable part of the global financial system.

The transformation of Crypto from narrative consensus to real implementation is not only a technological advancement but also an inevitable result of the transformation of the global financial system. With the rise of Real Yield and Real World Application, Crypto is crossing the chasm and moving towards the explosion of the second growth curve.

This process of crossing the chasm not only injects new vitality into Crypto but also provides new possibilities for the transformation of the global financial system.

As Gary Yang said, the future of Crypto is no longer a simple technological experiment but a reshaping of the global economic landscape.

In 2025, the growth of Crypto faces not only technological and market challenges but also the complex game of the global regulatory environment.

With Trump's return, the US regulatory attitude towards Crypto has shifted from relatively relaxed to stringent. In contrast, regions such as Singapore and Hong Kong are trying to attract Crypto capital through loose policies. This global regulatory divergence not only brings uncertainty to the Crypto market but also provides new opportunities for the growth of the second curve.

Trump's return marks a shift in the US regulatory attitude towards Crypto from relatively relaxed to stringent.

In 2025, the US Department of the Treasury and the SEC (Securities and Exchange Commission) increased scrutiny of the Crypto market, requiring exchanges, projects, and investors to strictly comply with KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations. While this strong regulatory policy curbed the disorderly development of the market to some extent, it also had a negative impact on Crypto innovation and liquidity.

For example, the stricter US regulation of stablecoins has led many stablecoin projects to migrate to other regions.

Meanwhile, the tightening of US Crypto tax policies has also led many investors and institutions to transfer their assets to regions with more relaxed regulations. This regulatory pressure not only weakened the US's dominant position in the global Crypto market but also provided opportunities for other regions to rise.

Unlike the US, Singapore and Hong Kong adopted more relaxed Crypto regulatory policies in 2025, trying to attract Crypto capital and technical talents to become hubs of the global Crypto market.

The Monetary Authority of Singapore (MAS) launched a "sandbox regulation" mechanism to provide a flexible testing environment for Crypto projects. This policy not only attracted a large number of Crypto companies and capital but also laid the foundation for Singapore to become a global Crypto center.

Meanwhile, Hong Kong relaxed the licensing requirements for Crypto exchanges, attracting a large number of international capital and project teams. This loose policy not only provided new growth space for the Crypto market but also created conditions for the outbreak of the second curve. For example, Crypto payment and financial projects in Singapore and Hong Kong are rapidly popularizing, becoming an important driving force for the financial revolution in emerging markets.

The global divergence of Crypto regulation not only brings uncertainty to the market but also provides new opportunities for the growth of the second curve.

With the implementation of strong regulatory policies in the US, a large amount of Crypto capital and technical talents began to migrate to regions such as Singapore and Hong Kong. This flow of capital and technology not only brought new economic growth points to these regions but also provided possibilities for the reshaping of the global Crypto market landscape.

For example, Crypto payment projects in Africa and Southeast Asia are rapidly popularizing through cooperation with Singapore and Hong Kong. This global cooperation not only injects new vitality into Crypto but also provides new possibilities for the transformation of the global financial system.

The growth of Crypto is at the crossroads of compliance. The global regulatory divergence not only brings challenges to the market but also provides new opportunities for the growth of the second curve.

As Gary Yang said, the future of Crypto depends not only on technological and market progress but also on the game and balance of the global regulatory environment.

Explanation and Acknowledgments

This article is a summary and analysis of "Gary Yang: Crypto's Second Growth Curve," written by Gary Yang. The original text provides a profound and forward-looking exploration of the historic transition of the Crypto market from the first growth curve to the second. We aim to distill and interpret the core insights of the original article to help readers better understand the future trends of the Crypto market. We extend our sincere thanks to Gary Yang and the original author for providing such insightful analysis.

If there are any inaccuracies in the citation or interpretation, or if there are copyright issues, please let us know immediately. We will remove and adjust the relevant content without delay.

In 2025, the wheels of history rolled over the global financial landscape, leaving a deep mark.

Trump's return, like a storm, swept through the intersection of traditional finance (TradFi) and Crypto. This is a historic upheaval destined to be recorded in the annals of history, a game of power, wealth, and belief.

The world of Crypto was once a utopia filled with idealism. From the birth of Bitcoin to the rise of Ethereum, from the DeFi frenzy to the NFT craze, the growth of the first curve was like an epic saga, writing countless wealth myths and legends of belief.

However, all glory must face the test. As the bubble of narrative consensus gradually dissipates and the shadow of zero-sum games looms over the market, it seems that the first curve of Crypto has reached its end.

But the tide of history never stops because of the end of a chapter.

The end of the first curve is precisely the beginning of the second curve. This is a new era, an era centered on Real Yield and Real World Application. Crypto is no longer just a narrative in the air but begins to take root in the soil of the real world and deeply integrate with the global financial system.

In this upheaval, some see crisis, while others see opportunity. Regardless, the future of Crypto is no longer a simple technological experiment but a reshaping of the global economic landscape.

Guided by Gary Yang's profound insights, this article will explore how the second growth curve of Crypto can begin amidst this historic turning point. Let us step into this epic journey and witness the transformation of Crypto from belief to application, from narrative to reality.

In 2025, the Crypto market has shifted from a positive-sum game to a zero-sum game, even teetering on the edge of a negative-sum game.

This transformation not only marks the end of the first growth curve of Crypto but also reveals the intense competition and survival pressures among market participants.

As Gary Yang said, the Crypto market is like a Texas hold'em poker table. If you don't know who you're here to take advantage of, then you're the one being taken advantage of.

The zero-sum nature of the Crypto market did not happen overnight.

Since the approval of ETFs in 2024, the competition for BTC Reserve has escalated from individuals and institutions to the national level. However, net outflows have offset a large portion of net inflows, gradually eroding the growth dividends of the first curve. The market has shifted from a狂欢 of incremental funds to a scramble for existing funds, with zero-sum games becoming the main theme.

In this game, the seven giants at the table gradually emerge:

• Exchanges: As the core hubs of the market, exchanges respond to industry risks by raising barriers to entry and charging higher fees.

• Financial Institutions: Including lending protocols and custodians, they seek new profit models amidst the turmoil.

• Market Makers: Amidst declining market liquidity, the role of market makers becomes increasingly important, but they also face higher risks.

• Projects: Originally intended to serve whales and VCs, projects are now forced to compete with them due to changes in the game's rules.

• Whales: As the main providers of market funds, the behavior of whales directly affects market trends.

• VCs: The dilemma of high valuation financing and low liquidity makes VCs an awkward role in the zero-sum game.

• Retail Investors: As the ultimate takers in the market, retail investors are often in the most disadvantaged position in a zero-sum game.

The essence of zero-sum games is the reallocation of resources, not the creation of new value.

In this process, relationships among market participants become increasingly strained. The game between exchanges and projects, and the opposition between VCs and retail investors, all contribute to the deterioration of the market ecosystem.

Gary Yang's "poker table theory" presented at Token2049 in Singapore vividly depicts this scene: when incremental funds disappear, the scramble for existing funds becomes a deadly game.

Zero-sum games not only change the logic of market operations but also profoundly affect the future direction of Crypto.

With the disappearance of the first curve's dividends, market participants are forced to seek new growth points. This process is the key to Crypto's transition from narrative consensus to real-world application. The end of zero-sum games may be the abyss of negative-sum games, but it could also be the beginning of the second curve's explosion.

The first growth curve of Crypto, like an epic saga, has written countless wealth myths and legends of belief. However, as all great narratives eventually reach their climax and conclusion, the first curve's growth has also shown signs of fatigue, reaching the end of its strength.

The first curve of Crypto is essentially a process of evangelizing faith and consensus.

From the birth of Bitcoin to the rise of Ethereum, from the DeFi frenzy to the NFT craze, Crypto has built a global consensus through narratives, driving profound changes in production relations.

This power of narrative consensus has enabled Crypto to move from the margins to the mainstream in just a few decades, becoming an indispensable part of the global financial system.

However, behind the glory of narrative consensus lies an undeniable limitation. The first curve of Crypto relies too much on the spread of narratives and the accumulation of consensus, lacking real economic value support.

As Gary Yang said, the growth of the first curve is like a "castle in the air," magnificent but not sustainable.

In 2025, with the rise of Trumpcoin, the first curve of Crypto reached the peak of narrative consensus.

The rise of Trumpcoin, which reached the peak of narrative consensus, has its market value based on the foundation of Crypto's several cycles of value expectation built through narratives. It became the pinnacle of meme and narrative consensus monetization.

However, the peak often signifies the end. The frenzy of Trumpcoin is not only a summary of the first curve but also marks the limit of narrative consensus.

In this cycle, whether it is DePIN, RWA, BTCFi, or AI Agent, DeSci, ZK, without real yield and real application, it is difficult to continue to rely on the beta dividend to talk about development. Trump's victory has already been the last extension of the narrative consensus at the end of its strength.

The essence of Trumpcoin is precisely the end of the first growth curve of Crypto.

The end of the first curve is not the end of Crypto but the beginning of a new era.

Just as the tide of history never stops because of the end of a chapter, the growth of Crypto is brewing the second curve—a new era centered on Real Yield and Real World Application.

At this turning point, Crypto needs to shift from the narrative consensus in the air to taking root in the soil of the real world. Only by creating real economic value can Crypto cross the chasm and move towards the explosion of the second curve.

After reaching the peak of narrative consensus, the first growth curve of Crypto gradually slides into the abyss of negative-sum games.

In this process, VC coins (venture capital coins) have become the concentrated embodiment of market contradictions. The dilemma of high valuation and low liquidity not only exposes the fragility of VC coins but also draws the curtain on the end of the first curve.

The rise of VC coins was once an important driving force in the Crypto market. With the injection of venture capital, many projects were able to start and develop rapidly. However, as the market matures, the drawbacks of VC coins have gradually emerged.

The contradiction between high valuation financing and low liquidity is an inescapable dilemma for VC coins.

The high valuation of VC coins is often based on narrative consensus. Projects attract venture capital by painting grand visions and future potential.

However, this valuation lacks real economic value support and becomes unsustainable once market sentiment shifts. Meanwhile, the low liquidity of VC coins further exacerbates market fragility. A large number of chips concentrated in the hands of a few investors makes market prices susceptible to manipulation, with retail investors becoming the ultimate takers.

As the market shifts from zero-sum to negative-sum games, the dilemma of VC coins becomes increasingly evident. The essence of negative-sum games is the overall loss of market participants, not the reallocation of resources. In this process, VC coins have become the focal point of market contradictions.

The rise of meme coins provides the last frenzy for the end of the first curve. Meme coins, in a disruptive manner, have shattered the high valuation bubble of VC coins, revealing the fragility of narrative consensus.

As Gary Yang said, the essence of meme coins is a rebellion against VC coins and a redefinition of market rules. However, this rebellion also marks the end of the first curve.

Negative-sum games not only end the glory of VC coins but also profoundly affect the future direction of the Crypto market.

With the disappearance of the first curve's dividends, market participants are forced to seek new growth points. This process is the key to Crypto's transition from narrative consensus to real-world application.

The end of negative-sum games may be the abyss of the market, but it could also be the beginning of the second curve's explosion.

In 2025, the growth of Crypto is shifting from the narrative consensus in the air to taking root in the soil of the real world.

Real Yield Assets (RYA) and Real World Applications (RWA) have become the core driving forces of Crypto's second growth curve, while the rise of PayFi marks the outbreak of this trend in emerging markets.

The first curve of Crypto relied on the spread of narrative consensus but lacked real economic value support.

As the market matures, RYA and RWA have gradually become new growth engines. RYA emphasizes creating real yields through Crypto tools, rather than merely relying on market sentiment fluctuations. RWA focuses on applying Crypto technology to real-world economic activities, such as payments, finance, and asset trading.

The emergence of this trend marks Crypto's transition from "castle in the air" to "implementation on the ground."

For example, DeFi projects are attracting users by offering real lending yields, while RWA projects tokenize real assets like real estate and artworks through blockchain technology, enabling them to circulate and trade globally. This transformation not only injects new vitality into Crypto but also wins a broader user base for it.

The rise of PayFi is an important sign of Crypto's second growth curve.

At the beginning of 2025, the usage of PayFi products in Nigeria had exceeded 50% in the field of Crypto payments and finance, becoming a model for the financial revolution in emerging markets. Due to the large number of people who could not pass the KYC verification of the traditional financial system, PayFi provided convenient financial services for these users through Crypto tools.

The success of PayFi is not accidental. As Robin Li said in 2014, the simultaneous occurrence of China's basic industries and the Internet revolution drove the rapid development of Internet finance.

Today, regions such as Africa, South Asia, Southeast Asia, the Middle East, and South America are undergoing similar transformations. Logistics, trade, production, and financial settlement companies in these regions are being forced to adapt to the demand for Crypto tools and quickly become involved in this global financial revolution.

The trend of RYA/RWA and the rise of PayFi have not only changed the financial landscape of emerging markets but also had a profound impact on the global Crypto market.

Enterprises and financial institutions in countries such as the US, China, and Russia are gradually incorporating Crypto tools into their business systems to meet the challenges and opportunities brought by globalization.

For example, data from Africa and India shows that the application of Crypto in the fields of payment and finance has far exceeded that of traditional fiat currency. This trend not only provides empirical support for the second growth curve of Crypto but also points the way for the transformation of the global financial system.

The trend of RYA/RWA and the rise of PayFi mark the beginning of Crypto's second growth curve.

This trend not only injects new vitality into Crypto but also provides new possibilities for the transformation of the global financial system. As Gary Yang said, the future of Crypto is no longer a simple technological experiment but a reshaping of the global economic landscape.

The growth of Crypto is at a historic turning point.

The end of the first curve marks the limit of narrative consensus, while the beginning of the second curve means that Crypto will shift from idealism in the air to real-world implementation.

This process of crossing the chasm is not only a technological advancement but also an inevitable result of the deep integration of Crypto with the global financial system.

The first curve of Crypto relied on the spread of narrative consensus but lacked real economic value support. This model attracted a large number of users and capital in the early stage, but as the market matures, its limitations have gradually emerged. Users began to question the real value of Crypto, and regulatory agencies also severely criticized the disorderly development of the market.

The core challenge in crossing the chasm is how to transform Crypto from "faith-driven" to "value-driven."

This requires not only technological innovation but also deep integration with the real economy. As Gary Yang said, the future of Crypto lies in Real Yield and Real World Application.

Only by creating real economic value can Crypto win a broader user base and regulatory recognition.

Real Yield is one of the core driving forces of Crypto's second growth curve.

Unlike the first curve, which relied on market sentiment fluctuations, Real Yield emphasizes creating real returns through Crypto tools. For example, DeFi projects offer stable returns to users through lending and liquidity mining services, while staking mechanisms provide long-term rewards for holders by locking tokens.

The rise of Real Yield not only injects new vitality into Crypto but also wins a broader user base for it. Users no longer hold Crypto merely out of faith but because it can bring real economic value. This shift marks the transformation of Crypto from a "speculative tool" to a "value tool."

Real World Application (RWA) is another core driving force of Crypto's second growth curve.

RWA focuses on applying Crypto technology to real-world economic activities, such as payments, finance, and asset trading. For example, blockchain technology is used to tokenize real assets like real estate and artworks, enabling them to circulate and trade globally. Meanwhile, Crypto payment tools are rapidly popularizing in emerging markets in Africa and South Asia, providing convenient payment means for users who cannot access traditional financial services.

The breakthroughs in RWA not only inject new application scenarios into Crypto but also win a broader user base for it. Crypto is no longer just a toy for tech enthusiasts but an indispensable part of the global financial system.

The transformation of Crypto from narrative consensus to real implementation is not only a technological advancement but also an inevitable result of the transformation of the global financial system. With the rise of Real Yield and Real World Application, Crypto is crossing the chasm and moving towards the explosion of the second growth curve.

This process of crossing the chasm not only injects new vitality into Crypto but also provides new possibilities for the transformation of the global financial system.

As Gary Yang said, the future of Crypto is no longer a simple technological experiment but a reshaping of the global economic landscape.

In 2025, the growth of Crypto faces not only technological and market challenges but also the complex game of the global regulatory environment.

With Trump's return, the US regulatory attitude towards Crypto has shifted from relatively relaxed to stringent. In contrast, regions such as Singapore and Hong Kong are trying to attract Crypto capital through loose policies. This global regulatory divergence not only brings uncertainty to the Crypto market but also provides new opportunities for the growth of the second curve.

Trump's return marks a shift in the US regulatory attitude towards Crypto from relatively relaxed to stringent.

In 2025, the US Department of the Treasury and the SEC (Securities and Exchange Commission) increased scrutiny of the Crypto market, requiring exchanges, projects, and investors to strictly comply with KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations. While this strong regulatory policy curbed the disorderly development of the market to some extent, it also had a negative impact on Crypto innovation and liquidity.

For example, the stricter US regulation of stablecoins has led many stablecoin projects to migrate to other regions.

Meanwhile, the tightening of US Crypto tax policies has also led many investors and institutions to transfer their assets to regions with more relaxed regulations. This regulatory pressure not only weakened the US's dominant position in the global Crypto market but also provided opportunities for other regions to rise.

Unlike the US, Singapore and Hong Kong adopted more relaxed Crypto regulatory policies in 2025, trying to attract Crypto capital and technical talents to become hubs of the global Crypto market.

The Monetary Authority of Singapore (MAS) launched a "sandbox regulation" mechanism to provide a flexible testing environment for Crypto projects. This policy not only attracted a large number of Crypto companies and capital but also laid the foundation for Singapore to become a global Crypto center.

Meanwhile, Hong Kong relaxed the licensing requirements for Crypto exchanges, attracting a large number of international capital and project teams. This loose policy not only provided new growth space for the Crypto market but also created conditions for the outbreak of the second curve. For example, Crypto payment and financial projects in Singapore and Hong Kong are rapidly popularizing, becoming an important driving force for the financial revolution in emerging markets.

The global divergence of Crypto regulation not only brings uncertainty to the market but also provides new opportunities for the growth of the second curve.

With the implementation of strong regulatory policies in the US, a large amount of Crypto capital and technical talents began to migrate to regions such as Singapore and Hong Kong. This flow of capital and technology not only brought new economic growth points to these regions but also provided possibilities for the reshaping of the global Crypto market landscape.

For example, Crypto payment projects in Africa and Southeast Asia are rapidly popularizing through cooperation with Singapore and Hong Kong. This global cooperation not only injects new vitality into Crypto but also provides new possibilities for the transformation of the global financial system.

The growth of Crypto is at the crossroads of compliance. The global regulatory divergence not only brings challenges to the market but also provides new opportunities for the growth of the second curve.

As Gary Yang said, the future of Crypto depends not only on technological and market progress but also on the game and balance of the global regulatory environment.