#加密立法新纪元 The Four Pillars of the New Era**

1. **Mainstream Finance Embraces**

- **Bitcoin Spot ETF Approved** (US SEC Approval in 2024): Giants like BlackRock and Fidelity enter the market, opening up traditional funding channels, with over 10 billion USD flowing in within the first month.

- **Institutional Custody Compliance**: Goldman Sachs and Morgan Stanley provide crypto asset services, with pension and insurance funds gradually allocating resources.

2. **Global Regulatory Framework Established**

- **EU MiCA Legislation** (Effective in 2024): The first comprehensive crypto regulatory framework, establishing standards for issuance and trading transparency.

- **Hong Kong Issues Exchange Licenses**, Japan amends the Payment Services Act, accelerating the compliance process.

3. **Technological Paradigm Upgrade**

- **Ethereum Completes POS Transition**: Energy consumption reduced by 99%, deflationary mechanism activated.

- **Layer 2 Explosion**: Scaling solutions like Arbitrum and Optimism achieve TPS over 4000+, with Gas fees dropping to around 0.01 USD.

- **Zero-Knowledge Proof (ZKP) Commercialization**: zkSync and StarkNet promote a revolution in privacy and efficiency.

4. **Real World Assets (RWA) on Chain**

- **Tokenized National Debt** exceeds 700 million USD (led by BlackRock's Ondo Finance).

- Real estate and commodity mappings on chain, DeFi yields anchored to real-world assets.