In 2025, the crypto market may welcome some dark horse projects, here is my analysis:

1. Layer 2 Solutions: As the demand for Ethereum's scalability continues to grow, Layer 2 solutions (such as zk-rollups and optimistic rollups) still have huge potential. Beyond Arbitrum and Optimism, some emerging Layer 2s (like Starknet and ZKSync) may stand out in 2025.

2. RWA (Real World Assets) Tokenization: On-chain asset tokenization (such as bonds, real estate, stocks) is expected to make breakthroughs in 2025. Projects like Ondo Finance and Maple Finance may attract more institutional investors’ attention.

3. AI + Blockchain: The trend of combining AI technology with blockchain is strengthening, and projects like Fetch.AI and Ocean Protocol are expected to benefit in 2025.

4. DePIN (Decentralized Physical Infrastructure Network): Helium and similar DePIN projects, such as Render Network and Hivemapper, may experience further explosions in 2025, driving the development of Web3 infrastructure.

5. Bitcoin Ecosystem: Ordinals, BRC-20, and Bitcoin L2 solutions (like Stacks) may see more applications in 2025, especially after the approval of Bitcoin ETFs, as funds may overflow into BTC ecosystem projects.