In 2025, the crypto market experienced a period of high volatility, with many projects lacking fundamental support being quickly淘汰. Data shows that approximately 11.6 million crypto projects declared failure throughout the year, setting a new record high, with Meme coin-related tokens bearing the most significant impact, becoming the core target of market cleansing. In terms of time distribution, project failures mainly concentrated in the fourth quarter of last year. CoinGecko research analyst Shaun Paul Lee pointed out in the report that between October and December 2025, about 7.7 million tokens on GeckoTerminal ceased trading. The market plunge on October 10th was seen as a critical turning point, with over $19 billion in leveraged positions liquidated on that day, accelerating the clearing out of many high-risk projects.

ChainCatcher News: Shaun, Founder and CEO of ANT.FUN, stated at the Finternet 2025 Asian Digital Finance Summit, supported by the OSL Group, that stablecoins are expected to drive the emergence of new financial applications. He described these applications as "three-dimensional species," noting their ability to generate higher customer lifetime value (LTV) from individual users. Shaun explained that traditional super apps are "two-dimensional," primarily focused on user engagement time and device installations, with their financial monetization capabilities heavily restricted by licensing and regional limitations. In contrast, Web3's "financial super app" will be "three-dimensional": supported by stablecoins, users can seamlessly access all financial services—such as consumption, trading, wealth management, and contracts—within a single app, creating lifetime value that traditional apps cannot match. Shaun stated that this transformation...