PANews reported on January 1 that Dragonfly Managing Partner Haseeb Qureshi released a forecast for cryptocurrency in 2025, which is divided into six parts: L1s/L2s, token issuance, stablecoins, regulation, AI agents, and crypto x AI.

1. L1/L2

The distinction between L1 and L2 is disappearing. Users can no longer perceive the difference between L1 and L2. Despite the strength of SVM and Move, EVM's market share will actually grow in 2025. Solana will force more blockchains to optimize for low latency.

2. Token Release

The era of massive airdrops where everyone is doing it through a points program is over and we are moving towards a dual track world.

Track 1: If a project has a clear metric, like an exchange or lending protocol, they will distribute tokens based purely on points.

Track 2: Projects without clear indicators (such as L1 and L2) will turn to crowdfunding. They may conduct small-scale airdrops to reward social contributions, but most tokens will be distributed through crowdfunding.

Memecoins will continue to steal market share from “AI agent” coins.

3. Stablecoins

Stablecoin usage will surge, especially among small and medium-sized businesses. Not just trading and speculation, real businesses will start using on-chain dollars for instant settlement. Banks are expected to announce stablecoins by the end of 2025. They don't want to be left behind. But especially with Lutnick as Secretary of Commerce, Tether will remain number one. Expect Ethena Labs to attract more capital, especially as Treasury yields continue to fall over the coming year.

4. Regulation

The US passed stablecoin legislation while broader market infrastructure reforms (FIT21) were delayed. Stablecoin adoption is accelerating while Wall Street adoption, asset tokenization, and other TradFi integrations will lag behind. Under Trump, Fortune 100 companies will be more willing to offer cryptocurrencies to consumers, with tech companies and startups showing a higher appetite for risk.

5. AI Agents

The AI agent craze may last until 2025. But it will eventually die down.

6. Practical cryptocurrency combined with AI

AI will have an impact on cryptocurrencies, but cryptocurrencies will also have an impact on AI; truly autonomous agents will pay each other with cryptocurrencies. Once there are loose stablecoin regulations, you will start to see even large companies running AI agents use stablecoins for agent-to-agent payments, as they are easier to start than bank accounts; you will also see more and larger-scale decentralized training and inference experiments.