The New Logic of Web3 Entrepreneurship under the New Global Trade Order

Deteriorating macro environment - a crisis is forming a new order

The Financial Trend Towards Chaos Era

After Trump's re-election, a series of unexpected economic policies triggered turmoil in global markets. The most shocking is the escalation of tariff policies: starting from April 2025, the U.S. will impose a 10% "baseline tariff" on all imported goods and will impose even higher "reciprocal tariffs" on China and 60 other countries. This has led to a sell-off of U.S. Treasuries, severe fluctuations in U.S. stocks, and a sharp decline in the dollar index. The global financial system seems to have entered a "chaotic era".

The post-World War II international economic system centered around the United States is facing the risk of collapse. The rise of emerging economies weakens the advantages of the United States, while U.S. debt and deficits erode the credibility of the dollar. China is approaching or surpassing the United States in several technological fields, causing anxiety among the American elite. U.S. decision-makers are beginning to contemplate the construction of a new trade and financial order to maintain global dominance.

The United States is trying to introduce stronger backing for the dollar, looking towards assets such as gold and Bitcoin. The Trump administration has undergone a significant shift in its attitude towards cryptocurrency, with some factions within the Republican Party beginning to embrace Bitcoin, viewing it as "digital gold" to hedge against the risks of the dollar.

Bitcoin and Gold: The New "Dual Anchor" for the Dollar

The United States is attempting to create a new credit foundation for the dollar with "dual asset anchoring": incorporating both traditional gold reserves and emerging Bitcoin reserves. This strategy aims to strengthen the credibility of the dollar in the new order through a combination of physical assets and digital assets.

In March 2025, the U.S. government released a series of significant measures in the cryptocurrency field: announcing the establishment of a "Strategic Bitcoin Reserve" and a "U.S. Digital Asset Reserve," holding a cryptocurrency summit to express support, and committing to push for legislation. Trump stated, "Establishing a Bitcoin reserve is like establishing a virtual Fort Knox."

The U.S. intends to use Bitcoin alongside gold as a cornerstone asset for the new financial system. Market rumors suggest that the U.S. plans to accumulate about 1 million Bitcoins, accounting for 5% of the total supply. Some state governments have already taken the initiative to approve financial funds for purchasing Bitcoin reserves. If the U.S. dollar can be partially anchored to physical gold and digital gold, namely Bitcoin, along with the establishment of a new international clearing system using blockchain technology, the U.S. is expected to gain an advantage in future global financial competition.

( Market environment pullback and "What is suitable to do in the second half"

In the past year, the global cryptocurrency market has undergone severe adjustments. In this "second half" environment, entrepreneurs should consider: what is suitable to do in the second half? The following directions hold new opportunities:

• Bitcoin ) BTC ( Ecosystem: Financial innovations, infrastructure upgrades around the Bitcoin network, and the reconstruction of real assets and payment networks based on BTC.

• Other public chain ecosystems: Innovations that return to the essence of efficiency and profitability on public chains such as Ethereum, creating sustainable decentralized finance (DeFi) applications oriented towards products.

• Real-world assets ) RWA ### and payment finance ( PayFi ): Combining on-chain technology with real assets and payment scenarios to develop a new model supported by stable cash flows.

• Cryptocurrency concept stocks: Pay attention to the rising tide of "blockchain concept stocks" in traditional capital markets, as well as the new path of stockization for Web3 startups.

(# Entrepreneurial Opportunities Around BTC: BTC Fi, BTC Infra, BTC RWA & PayFi

Around the BTC network, we see three major entrepreneurial opportunities:

• BTC Fi)Bitcoin Finance(: Creating new types of financial assets on the Bitcoin network. Recent protocols such as BRC-20 and Runes have sparked a trend of issuing token assets on the BTC mainnet. Representative projects like Bedrock and Solv focus on building decentralized financial services such as lending, trading, and derivatives on the Bitcoin network.

• BTC Infra)Bitcoin Infrastructure(: Reshaping the intelligent infrastructure on Bitcoin. One approach is to develop EVM-compatible Bitcoin sidechains or Layer 2 solutions, while another is to create solutions native to the Bitcoin protocol family. Representative projects include Unisat, Merlin, B², etc., focusing on building Layer 2 solutions and middleware tools for Bitcoin.

• BTC-Powered RWA & PayFi: Unlocking the potential of Bitcoin in real-world assets and payment sectors. Representative projects like LNFi focus on enhancing the practical application efficiency and user experience of Bitcoin in RWA and payment scenarios.

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(# Entrepreneurial opportunities around other public chains: efficiency-driven and product-oriented entrepreneurial logic

Apart from Bitcoin, other public chain fields are also nurturing new entrepreneurial logic and opportunities. Two major trends have emerged:

• Returning to the underlying logic of "making money": as long as it revolves around capital flow, there will definitely be ways to validate business models and profit paths.

• The public chain ecosystem is shifting from "volume traffic" to "volume efficiency," with product-oriented entrepreneurship on the rise: capital is more inclined to support practical projects that enhance efficiency and improve user experience.

)# Sustainable Entrepreneurial Model: Cash Flow Driven Path Selection

Creating sustainable cash flow has become a watershed for whether entrepreneurial projects can go far. Some cryptocurrency projects with realistic business models are becoming a bridge connecting Web3 and traditional capital markets.

• The DePIN track is particularly prominent. Representative projects such as PEAQ, Jambo, OORT, and Swan contribute to the essential support layer of the DePIN ecosystem through machine access, Web3 mobile devices, AI data storage, and computing power sharing.

• The AI+Crypto track demonstrates strong integration potential. Projects like Footprint focus on data analysis engines, while DeAgent.ai builds decentralized AI Agent protocols.

• RWA( Real World Assets ) are developing rapidly in that direction. Representative projects such as The PAC provide asset mapping services under a compliant framework.

• PayFi( payment finance) has become the most active sector in on-chain transactions. Projects like Aisa are combining stablecoins with AI wallets to build payment infrastructure that supports automation and real-time settlement.

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( Cryptocurrency concept stocks: Structural integration into mainstream finance

)# Classification of Cryptocurrency Concept Stocks

The wave of "crypto concept stocks" emerging in traditional capital markets is an important sign of the integration of the crypto industry with mainstream finance. These listed companies participate in the blockchain industry in various ways, which can be roughly categorized into the following types:

• Asset-driven ( BTC reserves as the core ): such as MicroStrategy, Semler Scientific, Boya Interactive, etc.

• Mining concept stocks ( in the computing power infrastructure direction ): such as Marathon Digital, CleanSpark, Riot Blockchain, etc.

• Infrastructure and solution providers: such as Canaan, Bitdeer, BitFuFu, etc.

• Exchange-type concept stocks: such as Coinbase, Bakkt, etc.

• Payment concept stocks: such as Block###, former Square###, and PayPal, etc.

The rise of crypto concept stocks has prompted more and more entrepreneurs to rethink their financing paths. Some companies are validating this path through real cases, such as Boya Interactive, Hutao Capital, Hongya Holdings, Nano Labs, and others.

(# The Stock-based Web3 Entrepreneurial Path: Coins, Stocks, and a Dual-track Approach

There are three optional paths for Web3 entrepreneurship:

• "Coin" Path ) Crypto Token Financing (: Financing and incentivizing the community through token issuance.

• "Equity" path ) equity financing and IPO (: Follow the traditional path of entrepreneurship, introduce equity investment, and focus on business implementation and revenue growth.

• "Dual-track" path ) tokens + equity in parallel ###: Balancing both crypto and traditional financing methods, leveraging their respective advantages in phases.

Regardless of the chosen path, the key is to align with the project's positioning and the external environment. Entrepreneurs should comprehensively consider the project type, profit model, regulatory environment, and the team's areas of expertise to select the most suitable financing and development route.

( Conclusion

The period of macro turbulence is both a challenge and an opportunity. The "second half" of the market tests the determination and wisdom of entrepreneurs: only teams rooted in real value and focused on long-termism can navigate through the cold winter. Driven by multiple waves such as the BTC ecosystem, the efficiency revolution in new public chains, the on-chain of real assets, cash flow-driven models, and the integration of capital markets, a new generation of blockchain entrepreneurs is facing unprecedented opportunities. Choosing the right track, running a successful business model, and effectively utilizing appropriate financing paths are essential to turning crises into opportunities, standing out in the next cycle, and truly achieving the leap from 0 to 1 in blockchain entrepreneurship.

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