Original author: Yang Haipo, Founder and CEO of ViaBTC & CoinEx

In 2016, when I wrote the first line of pool code for ViaBTC, the crypto world was still a small circle composed of miners, developers, and early enthusiasts. Bitcoin was only seriously discussed among niche groups, stablecoins had not yet been widely adopted, and concepts like DeFi, NFTs, and RWA had not yet taken shape.

Ten years later, the industry has changed completely. BTC has entered the ETF ecosystem, stablecoins have become vital channels for USD liquidity in certain regions, and the volume of on-chain transactions and stablecoin settlements can no longer be ignored by traditional finance.

But the changes don’t stop there. What exactly has the industry experienced…