Recently, the outcome of the U.S. presidential election, along with broader economic expectations, has driven a sharp upward surge in Bitcoin, leading to a strong recovery in the entire cryptocurrency market. The crypto industry, which has experienced many twists and turns, seems to have successfully navigated through the storm.
The certainty of crypto assets and their increasing global acceptance are paving the way for the rapid adoption of Web3. A more favorable regulatory environment will accelerate the entry into the "golden age" of Web3. Chinese-led projects and founders are entering a new phase of development. The market has already voted with its feet; recently, both long-standing public blockchain Tron (TRX) and Binance have shown strong performance, with TRX reaching a historic market cap high.
When Bitcoin was first introduced, it went largely unnoticed due to its small scale. However, it wasn't until the "Mount Gox incident" that global regulators started paying attention. In 2017, Bitcoin's rising price and Ethereum's innovations triggered concerns about the potential threat to the existing financial system, including currency systems. This led some countries to impose stricter regulations. In 2018, the U.S. SEC began classifying certain tokens as securities, initiating years of legal challenges. Meanwhile, the EU launched the "5th Anti-Money Laundering Directive" (5AMLD). However, some exceptions exist. For instance, Japan recognized Bitcoin as a legal payment method in 2017 through the "Payment Services Act," establishing its regulatory framework.
In 2021, the U.S. passed the Infrastructure Bill, marking the first time cryptocurrency tax regulations were written into law. Countries worldwide started exploring new regulatory measures and tools like CBDCs to address the challenges posed by crypto assets. In the same year, El Salvador and other countries became early adopters of cryptocurrencies. In 2022, the European Union introduced the "Crypto Assets Market Regulation" (MiCA) to unify its regulatory standards. The collapse of FTX in the same year, caused by financial fraud by its founder SBF, raised significant regulatory concerns, leading the U.S. to accelerate its legislative process. The U.S. also made history by passing the first-ever spot crypto ETF.
Today, regulators seem to have found a balance between fostering technological innovation and managing financial risks, allowing them to respond more calmly to the challenges posed by crypto assets. The victory of Donald Trump in the presidential election may signal the U.S. officially lifting the "chains" on the crypto market. During the campaign, Trump openly declared, "We need to make sure the U.S. becomes the crypto capital of the world and the world's Bitcoin superpower."
As a product of emerging technology, crypto assets have undergone a global regulatory journey, transitioning from skepticism to vigilance and gradually toward acceptance. A clear legal framework and a supportive regulatory environment create an ideal foundation for Web3 entrepreneurs. This makes the risks for founders of crypto platforms more manageable and under control.
From Bitcoin’s vision of peer-to-peer payments to the explosion of various concepts, followed by the bubble burst, the crypto market has now returned to a more pragmatic approach. Real-world adoption and practical value have become the focus of attention.
With El Salvador’s adoption of Bitcoin as legal tender and the widespread use of stablecoins, the need for remittances, cross-border payments, and hedging tools has grown, especially in regions with weak financial infrastructure. As a unique asset class, crypto assets have entered the mainstream financial conversation. In Southeast Asian markets like Thailand and South Korea, users are increasingly using USDT-TRC20 for remittances and payments. The advantages of crypto stablecoins—short settlement times, low fees—are gradually replacing traditional banking channels.
As crypto assets enter the mainstream, they bring the vision of reshaping the financial system. An open and free payment network is being constructed. The recent surge in the "RWA" (Real World Assets) concept bridges the gap between the traditional and crypto worlds, promoting consensus-building across different sectors.
The stablecoin market, with an estimated supply of $160 billion, has become one of the most crucial areas and defense mechanisms in the crypto ecosystem. The state of the stablecoin market reveals a lot about the prosperity of various blockchain ecosystems and their adoption value.
Stablecoin Transfer Volume by Network (in Trillions)
A report on stablecoins released by Insights4vc in early November 2024 highlights that, as of October 2024, Tron (TRX), Polygon, Solana, and Ethereum lead the stablecoin activity. While Ethereum dominates in overall settlement value, it’s seeing a gradual decline in monthly transaction addresses when compared to lower-fee networks like Tron.
According to public data, the USDT-TRC20 issued on the Tron network exceeds $61.8 billion, capturing more than half of the total USDT circulating supply. This year, USDT-TRC20 has been expanding rapidly in key markets like Thailand and South Korea, resulting in an explosive increase in trading volume.
The rapid growth of USDT-TRC20 can be attributed to three main factors: the low transaction costs and high efficiency of the Tron network, widespread support across trading platforms, and the large-scale adoption of cross-border payments and fast settlement areas. As more countries accept cryptocurrency and regulatory clarity improves, USDT-TRC20’s market share is expected to continue growing, making Tron one of the most prosperous blockchains.
In Q3 2024, Tron’s protocol revenue reached $577 million, setting a new record. As one of the veteran public chains, Tron has managed to adapt quickly to market changes, seizing the industry’s core demand, and solidifying its position amid dramatic shifts in the crypto space.
Despite the strong recovery in the crypto market and Bitcoin’s new highs, many assets across different sectors have yet to return to their historic peaks. This reflects unresolved issues in the crypto industry and indicates that the overall crypto ecosystem is still in flux. Beyond Ethereum, there are still significant opportunities for innovative public chains like Tron and Solana to capture the stablecoin “core demand” in the market.
In addition to the essential stablecoin market, the crypto industry has also seen a series of ever-growing Meme trends. The original Memecoin, Dogecoin, was born from an internet "joke," but as its community grew and public figures like Elon Musk got involved, it gradually became a symbol of social currency and identity.
As a way to build decentralized crypto culture and communities, Memes have created a unique "subculture" that attracts a large number of participants. Over the years, the Meme sector has evolved, and the fusion of Meme culture with the crypto ecosystem has generated immense energy, establishing Memes as a major market segment.
Currently, Memecoins are active on blockchain ecosystems such as Ethereum, Solana, and Tron. Ethereum, with its mature ecosystem and community, is the birthplace of iconic Memes like PEPE and Shiba Inu. However, high gas fees and inefficiencies have hindered further development. Solana, offering high efficiency and low fees, has become a popular choice for new Memecoins, though its network stability and developer ecosystem are relatively weak. Tron, known for its low fees and high efficiency, has also emerged as a leading platform for Memecoins. Its ecosystem project, SunPump, has become one of the most popular Memecoin launch platforms, with its SUNDOG coin reaching a market cap of over $1 billion.
Under the leadership of Justin Sun, the Tron ecosystem has built a massive, passionate community by shaping a culture similar to that of Dogecoin. This culture has helped spread Memecoin projects and communities globally, contributing to the growth of the crypto-punk culture within the ecosystem. Tron’s strong performance in the latter half of this year can be attributed to this community-driven spirit and its active participation in Meme culture.
Elon Musk's endorsement has had a tremendous impact on both the crypto asset market and Meme culture. His views align with those of Justin Sun, as both advocate for freedom, innovation, and decentralization. They share a vision of using technology and culture to change the world.
While the US’s interest rate hikes have created liquidity issues in the crypto market, progress in the infrastructure of the crypto ecosystem is still underway, and Web3 applications have lagged in terms of real-world adoption. As a result, besides payments, there hasn't been a solid and powerful adoption driver for the industry. However, the success of Memecoins highlights that market sentiments, such as FOMO (Fear of Missing Out), are always present.
The regulatory clarity brought by the US election, along with the potential for future interest rate cuts, may reverse the current trend. As FOMO sentiment shifts to sectors outside of Memecoins, the mass adoption of Web3 applications could see a major surge.
According to a recent report by Matrixport, 7.51% of the global population is already using digital currencies, with projections indicating that this will surpass 8% by 2025. Cryptocurrencies are likely to shift from a niche market to a mainstream financial system.
Standard Chartered recently released a report predicting that the global cryptocurrency market capitalization will soar nearly fourfold within the next two years, reaching $10 trillion by the end of 2026. Currently, the total market cap of cryptocurrencies exceeds $3 trillion, signaling that there is significant room for growth. As technology and market infrastructure continue to improve, and as more users and institutions join the space, cryptocurrencies and Web3 applications will become a new mainstream.
With the regulatory “chains” on crypto assets being lifted, we are likely entering the golden age of Web3. The blockchain ecosystems that are poised to accommodate real-world applications are limited, and they will likely be concentrated on major public chains that have successfully captured essential markets, such as the stablecoin sector and Meme development. Ethereum, Solana, and Tron are at the forefront of this movement.
Among these leading public chains, Tron is the only one led by a Chinese founder.
While some Chinese-led projects have been controversial, the Chinese-speaking community plays an indispensable role in the crypto industry. Across the globe, Chinese users and developers have been key players in the development of crypto technologies and the growth of the crypto market. Tron is now one of the largest blockchain platforms globally, excelling in areas like stablecoin payment settlement and Memecoin markets, positioning itself as a leader in these niches. Tron offers Chinese users and developers an excellent platform, showcasing the strength and influence of Chinese projects in the blockchain industry.
Unfortunately, due to the "original sin" of crypto in the eyes of many, people often view the industry with scepticism. Since its inception, Tron, and especially its founder Justin Sun, have been met with criticism and controversy. Much of the focus has been on Sun's bold marketing strategies and his technical direction. However, over time, it's become clear that aggressive marketing tactics are being increasingly adopted by many in the crypto space. For example, the Solana Foundation and other projects are using similar strategies to promote Memecoins. Meanwhile, the open-source nature of crypto and continuous technological innovation have addressed accusations of copying, and with the decline of EOS, Tron is proving that its approach is the right one.
A More Accurate Picture of Justin Sun
Regarding Justin Sun, the public’s perception of him has often been inaccurate.
“Don’t just listen to what he says, but watch what he does,” has been proven true when looking at Sun’s on-chain activities. Compared to risk-takers like Sam Bankman-Fried (SBF), Sun’s approach is more measured. Despite his bold marketing, Sun has actively participated in stable and secure DeFi protocols that offer stable returns with minimal risk. This strategy allowed him to weather both bullish and bearish markets with relative ease, demonstrating a cautious yet effective approach to growth.
His involvement in various projects reflects his steady and strategic nature, showing that his path is more than just flashy marketing—it’s grounded in solid, sustainable development.
Similarly, OKCoin founder Star Xu also faced early controversies. However, in recent years, OK has focused on user experience and developed a well-regarded Web3 wallet portal. Although the exchange has faced some setbacks, it earned back users' trust by compensating them fully during unexpected events.
It’s time to remove the tinted glasses through which we view figures like Justin Sun. To truly thrive in the golden age of Web3, the Chinese-speaking community must support the Chinese entrepreneurs and developers who are actively shaping the industry. Only then can we build a stronger voice in the crypto world and secure greater benefits for Chinese crypto users.
The cryptocurrency market is experiencing a resurgence, spurred by the recent Bitcoin rally, favourable regulatory shifts, and growing global acceptance. As Web3 gains traction, the space is evolving into a more pragmatic, use-case-driven industry, with real-world adoption taking centre stage. With leading public blockchains like Tron capitalizing on stablecoin demand and expanding cross-border payments, the industry is entering a new phase where both innovation and stability are paramount. As the regulatory environment becomes clearer, particularly in the U.S., Web3 entrepreneurs now have the foundation for sustainable growth, signalling a bright future ahead.
What has caused the recent surge in Bitcoin and the crypto market?
The outcome of the U.S. presidential election and broader economic factors have contributed to increased certainty around Bitcoin and crypto assets, driving a recovery in the market.
How is Web3 being adopted globally?
Increasing regulatory clarity and growing institutional interest are paving the way for broader Web3 adoption. Crypto assets, including stablecoins, are entering mainstream financial systems.
Why is Tron (TRX) important in the current crypto market?
Tron is a leading public blockchain known for its low transaction fees and high efficiency. It has become a dominant platform for stablecoin transactions, particularly USDT-TRC20, and has seen explosive growth in markets like Southeast Asia.
How does the rise of stablecoins impact the crypto ecosystem?
Stablecoins are essential for remittances, cross-border payments, and hedging tools. Their growth reflects the increasing real-world adoption of crypto, with Tron’s USDT-TRC20 leading the charge.
What are the challenges and opportunities in the crypto space today?
While the crypto market is recovering, unresolved issues remain, and the overall ecosystem is still in flux. However, blockchain platforms like Tron, which cater to stablecoin adoption and Web3 needs, are positioned for significant growth in the coming years.
