The cryptocurrency industry in 2025 has experienced significant turmoil, with numerous high-profile projects shutting down amid a broader market contraction. Data from RootData indicates a wave of bankruptcies, not triggered by a singular event, but by a collapse in business logic under extreme pressure. Notable GameFi projects like COMBO, Nyan Heroes, and Ember Sword have ceased operations, while NFT platforms such as Royal, RECUR, and X2Y2 have exited the market. Even projects backed by top-tier venture capital firms like a16z and Polychain have not been immune to this crisis. The GameFi sector saw its market size plummet from $237.5 billion to $90.3 billion, a decline of over 60%, as unsustainable token economic models led to user attrition. The NFT market also suffered, with valuations dropping from $92 billion to $25 billion, a 72% decrease, due to a lack of practical utility. Meanwhile, the DeFi sector experienced a 20% decline in total value locked, exacerbated by frequent security breaches and diminishing returns. Despite these challenges, the industry is undergoing a necessary paradigm shift towards value restoration. The core advantages of cryptocurrency, such as global capital flow and low transaction costs, are being recognized as essential. Stablecoins and decentralized finance are emerging as promising areas, with stablecoin supply exceeding $3 trillion. The focus is shifting towards real-world applications, such as internet-based capital markets and decentralized science, which could redefine the financial ecosystem.