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

The macro environment is deteriorating - a crisis is forming a new order.

The financial world is beginning to enter a chaotic era.

After Trump re-entered the White House, a series of economic policies triggered turmoil in global markets. The most shocking was the escalation of tariff policies: starting from April 2025, the United States will impose a 10% "baseline tariff" on imported goods and higher "reciprocal tariffs" on China and 60 other countries. This led to a sell-off of U.S. treasuries, severe fluctuations in U.S. stocks, and a sharp decline in the dollar index. Although new tariffs were later postponed for allies, investors remain full of concerns about the outlook, as 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 the country's debt and deficits erode the credibility of the dollar, leading to a decline in the dollar's share of global foreign exchange reserves. China's advancements in technology have triggered deep anxiety among the American elite. The U.S. decision-makers have begun to construct a new trade and financial order to maintain global dominance.

The United States is trying to provide new credit support for the dollar with gold and Bitcoin. The Trump administration has shifted its attitude towards cryptocurrency, incorporating Bitcoin into the national strategic vision.

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

The United States is attempting to create a new credit foundation for the dollar with "dual asset anchoring," including traditional gold reserves and emerging Bitcoin reserves. Gold is widely held as a central bank reserve, while Bitcoin is being regarded as "digital gold." As of the end of 2024, the total market value of Bitcoin is approximately $2 trillion, which is one-tenth of the market value of gold.

In March 2025, the U.S. government released a series of major initiatives: announcing the establishment of a "strategic Bitcoin reserve" and a "U.S. digital asset reserve," and holding a crypto summit to express support for industry development. The U.S. aims to position Bitcoin alongside gold as a cornerstone asset of the new financial system. Market rumors suggest the goal is to accumulate about 1 million Bitcoins.

The United States controls a sufficient reserve of Bitcoin and can fill the debt hole by selling part of its reserves. At the same time, the U.S. is also strengthening the regulation of digital currencies, hoping to control the issuance and rule-making rights of the crypto dollar. The combination of dollar stablecoins, gold, and Bitcoin outlines the embryonic form of a new order for the dollar.

Market environment correction 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: which directions hold new opportunities?

• Bitcoin ( BTC ) ecosystem: Financial innovation, infrastructure upgrades, and the reconstruction of asset and payment networks based on BTC surrounding the Bitcoin network.

• Other public chain ecosystems: Innovations that return to efficiency and the essence of profitability on public chains like Ethereum, creating sustainable applications with a product-oriented approach.

• Real World Assets ( RWA ) and Payment Finance ( PayFi ): Combining on-chain technology with real assets and payment scenarios to develop new models with stable cash flow.

• Cryptocurrency Concept Stocks: Pay attention to the rising wave of "blockchain concept stocks" in traditional capital markets, as well as the new path towards 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): Create new types of financial assets on the Bitcoin network. Recently emerged protocols such as BRC-20 and Runes have sparked a wave of token asset issuance on the BTC mainnet. Representative projects like Bedrock and Solv focus on building decentralized financial services such as lending, trading, and derivatives.

• BTC Infra(Bitcoin Infrastructure): Reshaping the intelligent infrastructure on Bitcoin. One category involves developing EVM-compatible Bitcoin sidechains or Layer 2 solutions, while another category includes native solutions within the Bitcoin protocol family such as the RGB protocol and the Lightning Network. Representative projects include Unisat, Merlin, B², etc., focusing on building Bitcoin's Layer 2, middleware tools, and more.

• BTC-Powered RWA & PayFi: Unlocking the potential of Bitcoin in real-world assets and payment fields. For example, tokenizing U.S. Treasury bonds, physical assets, etc., or combining AI agents with Bitcoin micropayments. Representative projects such as LNFi focus on enhancing the application efficiency of Bitcoin in RWA and payment scenarios.

Entrepreneurial Opportunities Around Other Public Chains: Efficiency-Driven and Product-Oriented Entrepreneurial Logic

In addition to Bitcoin, two major trends have emerged in the field of other public chains:

• Return to the underlying logic of "making money": only businesses with a real profit model have the confidence to weather cycles.

• The public chain ecosystem is shifting from "traffic volume" to "efficiency," with product-based entrepreneurship rising: capital is more inclined towards practical projects that enhance efficiency and improve user experience.

Sustainable Entrepreneurship Model: Cash Flow Driven Path Selection

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

• DePIN track: By managing resources such as computing, electricity, and bandwidth on-chain, a distributed infrastructure network is built. Representative projects include PEAQ, Jambo, OORT, Swan, etc.

• AI+Crypto Track: Combining AI Agents, on-chain identities, and micro-payment mechanisms to promote data interaction and resource scheduling among agents. Projects like Footprint focus on data analysis engines, while DeAgent.ai builds decentralized AI Agent protocols.

• RWA direction: The tokenization of on-chain US Treasuries, corporate bonds, real estate, and other assets continues to advance. Representative projects include The PAC, which provides asset mapping services under a compliant framework.

• PayFi has become the most active sector in on-chain trading. Projects like Aisa combine stablecoins with AI wallets to build a payment infrastructure that supports automation and real-time settlement.

Crypto 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 symbol of the integration of the crypto industry with mainstream finance. Based on differences in business models and business focuses, crypto concept stocks can be divided into the following categories:

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

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

• Infrastructure and solution providers: such as Canaan Creative, 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 cryptocurrency concept stocks has prompted entrepreneurs to rethink their funding paths. Some companies are validating this path through real cases, such as Boya Interactive, Walnut Capital, Hong Kong Asia Holdings, and Nano Labs.

The Stock-Based Web3 Entrepreneurship Path: Coins, Stocks, Dual-Track Advancement

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 ): following the traditional path of entrepreneurial companies, introducing equity investment, focusing on business implementation and revenue growth.

• "Dual-track" path ( tokens + equity parallel ): balancing both crypto and traditional financing methods, utilizing each advantage in stages.

Regardless of the chosen path, the key is to align with the project's own positioning and the external environment. Entrepreneurs should 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 macro turbulence period is both a challenge and an opportunity. The "second half" of the market tests the determination and wisdom of entrepreneurs: only teams that are rooted in real value and focused on long-termism can weather the winter. Driven by multiple waves such as the BTC ecosystem, the efficiency revolution of 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. By choosing the right track, running a viable business model, and effectively utilizing appropriate financing paths, they can turn crises into opportunities and stand out in the next cycle, truly achieving the leap from 0 to 1 in blockchain entrepreneurship.