This report focuses on the blockchain industry dynamics from April 11 to April 17, 2025. The Ethereum network has seen a sharp decline in on-chain activity and Layer 2 diversion, leading to an 80% drop in March's average Gas fees, reaching a historical low; Gate.io, in its 2025 Q1 report released on its 12th anniversary, reported a 31% quarter-over-quarter increase in contract trading volume, with an excess reserve rate of 28.58%. Additionally, Gate.io became the official sponsor of the F1 Red Bull Racing team, and various public welfare activities significantly boosted its brand influence; The RWA project MANTRA (OM) experienced a flash crash of over 90% in a single day due to liquidity liquidation, exposing the risks of centralized exchanges and large investors' manipulation; TRON's first-quarter revenue reached $760 million, and the market capitalization of stablecoins exceeded $66.2 billion, maintaining its global leading position; Solana has enhanced its transaction throughput capability by raising the single block computation unit limit to 50 million through the SIMD-0207 upgrade; Furthermore, Sony-supported Soneium, in collaboration with EigenLayer and AltLayer, launched a 'Fast Finality Layer,' reducing transaction finality time from 15 minutes to under 10 seconds, further enhancing L2 performance; The sUSD depegging event has prompted investors to reassess the design of stablecoins and market confidence. These multiple dynamics reflect the ongoing exploration of the blockchain industry in performance optimization and scale growth, while also highlighting the critical role of governance and security architecture across different tracks.