Last year, the total amount of crypto financing reached $25 billion, marking the second-highest record since 2021. But interestingly, the flow of funds has undergone a significant change. The once-glamorous NFT and various small-cap coins have faded in popularity, replaced by three emerging sectors: prediction markets, real-world asset tokenization(RWA), and stablecoins.

Prediction markets are the most eye-catching. In recent years, Polymarket has raised $2 billion, with its valuation soaring to $9 billion, and it has now integrated deeply with Yahoo Finance. Another company called Kalshi also secured $1.3 billion in funding, with a valuation reaching $1.1 billion, and it has even been integrated into Google Search. Interestingly, these prediction markets are gradually replacing traditional polls, becoming key information sources for Google, media outlets, and financial institutions. What does this indicate? Web3 has truly broken out in this sector, attracting a large number of mainstream users to participate.

The momentum of stablecoins and financial infrastructure is also not to be underestimated. Circle and Figure have both completed funding rounds of around $1 billion, almost like a final push before going public. Kraken and Gemini are also making final preparations for IPO. Even more astonishing, payments giant Stripe has built its own L1 public chain called "Tempo," which demonstrates how much traditional financial giants value crypto infrastructure.

Looking at the RWA sector, the total scale of real-world asset tokenization has surpassed $24 billion. The attitude of venture capital firms is also shifting—they are no longer swayed by vague narratives but are instead beginning to favor projects that can generate real cash flow and are backed by tangible assets. All these changes point to the same conclusion: the crypto market is moving toward maturity.