The blockchain industry really needs innovation.

While the global capital markets soared in 2025, the blockchain industry was mired in a lack of innovation, with no breakthrough development in four years from DeFi to now. (Synopsis: Why does Bitcoin repeatedly hit new highs in this bull market, but altcoins frequently hit new lows? (Background added: The “truth” of crypto pessimism: revenue dilemma rather than lack of innovation) On October 29, 2025, Huida became the first company in human history to exceed $5 trillion in market capitalization. On the same day, the Dutch auction of a certain cryptocurrency project just ended, and the opening broke, with an average loss of 10% per participant. This is the truest portrayal of 2025. On the one hand, Huida rushed from 4 trillion to 5 trillion in three months, and its market capitalization exceeded that of the world's cryptocurrencies combined; On the other side, the entire industry in the currency circle is bleak, Bitcoin $120,000 is the only highlight, altcoins fell below the level after the FTX crash 3 years ago, and the trading volume plummeted 32% year-on-year. A friend recently said: “This year's speculation in terms of yield is completely inferior to my mother's speculation in A shares.” It sounds like a joke, but this is the most real situation in the cryptocurrency world in 2025. When more than 440 A-shares doubled in the first three quarters, Hong Kong stocks rose by an average of 38% on the first day of new stocks, gold rose by more than 50%, and U.S. Meme stocks doubled at every turn, but people in the currency circle lost with blue noses and swollen faces. The whole world is rising 2025 is a rare “year of Rui”. Almost all capital markets are rising. A shares ushered in the main upward wave once in a decade. Because of the concept of AI, the stock price of Shangwei New Material on the Science and Technology Innovation Board rose by 1278% from July 9 to October 24, becoming the first 10-fold stock of A shares in 2025. In just 16 trading days, Shangwei New Materials recorded 11 20% limit increases, and its market value soared from 3 billion yuan to 37.1 billion yuan. Such a speed of wealth creation is extremely rare in the history of A-shares. The performance of Hong Kong stocks is also impressive. The Hang Seng Index rose nearly 29% during the year, Alibaba shares doubled and Tencent rose more than 50%. What is even more eye-catching is that Hong Kong stocks hit new markets. As of July, 52 companies have landed on Hong Kong stocks in 2025, with a first-day break-through rate of only 23%, and an average first-day increase of about 38%. Yingen Biotech rose as high as 116.7% on the first day, Yisou Technology rose 91.72% on the first day, Mao Geping and Laofang Gold rose 76.51% and 72.84% respectively on the first day. Some people say that “this year to make a new profit, top others to speculate for half a year”, it is not an exaggeration. Gold's rise is even more impressive. The international gold price rose from $2,590 at the beginning of the year to $4,100 at the end of October, an increase of more than 50%. This could be the biggest year for gold prices since 1979. The S&P Global Gold Mine Index soared 129%, and Zijin Mining's market value exceeded trillions. Not to mention U.S. stocks. Huida, Microsoft, and Meta all hit record highs. Even Meme shares allow retail investors to make money. OpenDoor is up 2,000% in three months, and Beyond Meat is up 1,100% in days. These companies, once abandoned by Wall Street, have been revived by retail investors. And what about the coin circle? Bitcoin did hit an all-time high of $120,000, but that number means nothing to most people. Altcoins fell below the level after the FTX crash, new projects broke at the open, and Shan Mao Studio switched to Hong Kong stocks to play new, and the trading volume in Q3 2025 fell by 32% year-on-year. Blockchain or not the tech industry? AI is a global theme, and the leader is, of course, the $5 trillion market cap of Huida, which is more than the global cryptocurrency market combined, more than the combined stock markets of the United Kingdom, France and Germany, and close to the total value of the Indian stock market. Behind this figure are real technical barriers and business value. The world's large model training is inseparable from Huida's chips, and OpenAI, Google, and Meta are its customers. Autonomous driving, robotics, and AI applications need computing power support in every link. This is tangible income, real money profit. In the third quarter of 2025, Huida's revenue reached $35 billion, up 94% year-over-year, and its net profit margin exceeded 50%. And what about the coin circle? The currency circle has speculated on AI, but it is only speculated, the so-called blockchain + AI, but there is currently no application that can really make people see “this awesome”, and the AI tools used in the industry have nothing to do with blockchain. Not to mention the fake projects that issue coins under the banner of AI. There is even a supporting process, what valuation to finance how much, and then find who can go on which platform, find who to finance a round of KOL round, and finally where to exit, end the next one. The blockchain industry should be a technology industry, Bitcoin is the leader of the technology sector, but now it is completely impossible to see technology, it is all finance. Looking back, every bull market has been driven by clear technological breakthroughs. In 2017, ICOs and smart contract platforms exploded. Ethereum proves that blockchain is not just a currency, but can also host applications. Although most ICO projects ended up going to zero, this round did drive the development of public chain infrastructure. The concept of smart contracts proposed by Vitalik Buterin has allowed countless developers to see the possibilities of blockchain. In 2020~2021, the double explosion of DeFi and NFTs. Uniswap redefines the trading platform with an automated market maker mechanism, Aave and Compound decentralize lending, and Curve optimizes stablecoin trading. At one point, the total value locked in by these agreements exceeded $200 billion. NFTs have given new forms of expression to digital ownership, from artwork to game props, from domain names to identity authentication. Both tracks are native innovations in the cryptocurrency circle, and both solve real problems. In 2024, the market will start telling the story of AI, and we can still try to do some AI infrastructure, but only for a year. In 2025, we start earning points. Of course, there are many objective reasons that lead to insufficient liquidity on the surface, but the essence is still the lack of innovation and the inflated market value. From token financing to DeFi, the cryptocurrency circle took three years. It's been another four years since DeFi. But in the past four years, there has not been a single native innovation in the cryptocurrency circle that can match DeFi. While traditional capital markets find new growth logic in AI, energy, and manufacturing, blockchain remains stuck in a self-circulating context. Huida is working on next-generation chips, Tesla is advancing autonomous driving, and OpenAI is training more powerful models. The blockchain is swiping points. This is the biggest sadness of blockchain in 2025. Related reports Hong Kong Securities and Futures Commission Draws a New Frontier of Web3: Starting from Compliance, Moving to Innovation The Rise of the Curatorial Money-Making Model: Inventory of Four Innovative Projects to Monetize “Taste” After Bitcoin reaches a new high, how to quickly explain cryptocurrency investment to those around you? “The blockchain industry really needs to innovate” This article was first published in BlockTempo's “Dynamic Trend - The Most Influential Blockchain News Media”.