为什么我不再建议我的朋友首先“了解加密货币”。

上个月，我再次试图让一个非晶体货币朋友开始。在教程中十分钟的时间里，她在谈论“选择钱包”和“现在您需要在另一个代币中为汽油付费”时开始徘徊。

Last month, I once again tried to get a non-cryptocurrency friend started. Ten minutes into the tutorial, her eyes started to wander as she was talking about "choosing a wallet" and "now you need to pay for gas in another token."

上个月，我再次试图让一个非晶体货币朋友开始。在教程中十分钟的时间里，她在谈论“选择钱包”和“现在您需要在另一个代币中为汽油付费”时开始徘徊。

It suddenly dawned on me: What we’re facing is not a knowledge gap, but a design gap.

它突然降临在我身上：我们面临的不是知识差距，而是设计差距。

The harsh reality is that the speculative wave brought in the first wave of users, but it won’t attract the next billion. Real adoption begins when cryptocurrency products become invisible — people can benefit from them without realizing they are using cryptocurrency technology.

苛刻的现实是，投机浪潮带来了第一波用户，但不会吸引下十亿美元。当加密货币产品变得不可见时，实际采用就开始了 - 人们可以从它们中受益而不会意识到他们正在使用加密货币技术。

From the rise of stablecoins and institutional staking to the growing role of AI in the development of the digital economy, the foundation for the large-scale application of cryptocurrencies has been laid. But to open up such a future, we must stop requiring users to learn about cryptocurrencies and start building crypto products that allow them to be unaware of the underlying technology.

从稳定币和机构的兴起的兴起到AI在数字经济发展中的不断增长的作用，已经奠定了大规模应用加密货币的基础。但是，要开放这样的未来，我们必须停止要求用户了解加密货币并开始构建加密产品，从而使他们不知道基础技术。

Here are eight narratives and projects worth watching in the cryptocurrency application space.

以下是在加密货币应用领域中值得一看的八个叙述和项目。

Currently, wallets are in a stage of structural transformation: users are forming the habit of using two complementary wallets - one is a wallet for daily use, similar to a fintech app, and the other is a "vault wallet" for asset storage, similar to a bank account.

目前，钱包正处于结构转换的阶段：用户正在形成使用两个补充钱包的习惯 - 一个是每天使用的钱包，类似于金融科技应用程序，另一个是用于资产存储的“金库钱包”，类似于银行帐户。

Wallet functionality and experience are diverging. As a result, developers who try to cram all functionality into a single interface will ultimately lose out to developers who focus on (a) frictionless onboarding and (b) high-security storage.

钱包功能和经验有所不同。结果，试图将所有功能填充到单个接口中的开发人员最终将失去关注（a）无摩擦入职和（b）高安全性存储的开发人员。

Data shows that most users now use 2-5 wallets, with nearly 48% of respondents saying this is because each blockchain is still isolated in its own "walled garden".

数据显示，现在大多数用户使用2-5个钱包，近48％的受访者说这是因为每个区块链仍在自己的“围墙花园”中隔离。

At the same time, there is a top concentration of wallets. Senior users (with more than 2 years of experience) are concentrated on Binance, Coinbase, MetaMask or Trust (accounting for more than 54%), while the share of any single wallet in the novice group is less than 20%.

同时，有顶部的钱包。高级用户（拥有超过2年的经验）集中在二元，二线，元弥链或信托（占54％以上），而新手组中任何单个钱包的份额均低于20％。

In addition, for most users, self-custody is still daunting. An interesting data is that Binance's self-custody solution "Binance Web3 Wallet" has only attracted 22% of users despite providing a familiar brand and a simplified self-custody path, and most users still have concerns.

此外，对于大多数用户而言，自我顾客仍然令人生畏。一个有趣的数据是，尽管提供了一个熟悉的品牌和简化的自我观察路径，但Binance的自我客户解决方案“ Binance Web3 Wallet”仅吸引了22％的用户，并且大多数用户仍然有担忧。

In reality, users don’t want to use multiple wallets at the same time. This is not their subjective preference, but they have no choice.

实际上，用户不想同时使用多个钱包。这不是他们的主观偏好，但他们别无选择。

Obviously, the "seamless multi-chain future" that the industry has been talking about has not really arrived. In addition to 48% of users having multiple wallets mainly to access different blockchain ecosystems, 44% of users actively split their wallets for security reasons, which is a significant increase from 33% last year.

显然，该行业一直在谈论的“无缝多链未来”并没有真正到来。除了有48％的用户有多个钱包主要用于访问不同的区块链生态系统外，出于安全原因，有44％的用户会积极分配钱包，这比去年的33％显着增加。

It can be seen that the industry has failed to provide true interoperability, thus shifting operational complexity to end users. At the same time, these users are becoming smarter and smarter - they no longer blindly believe that one wallet can handle all scenarios.

可以看出，该行业未能提供真正的互操作性，从而将运营复杂性转移到最终用户。同时，这些用户变得更加智能 - 他们不再盲目地相信一个钱包可以处理所有情况。

Project Examples

项目示例

Phantom: A popular cryptocurrency wallet that supports Solana and Ethereum.

Phantom：支持Solana和以太坊的流行加密货币钱包。

The divergence between behavior and belief

行为与信念之间的差异

Speculation remains the core driver. Although 54% of users actually used cryptocurrencies for payments or peer-to-peer transfers in the past quarter, when asked what their favorite activity was, only 12% of respondents chose payment. Speculation (spot, MeMe coins, DeFi activities) is still the most frequent behavior every week, covering almost all user types. Therefore, speculation will continue to plunder the future attention share of cryptocurrency payments as a utility.

猜测仍然是核心驱动力。尽管54％的用户实际上在过去季度使用加密货币进行付款或点对点转移，但是当被问及他们最喜欢的活动是什么时，只有12％的受访者选择付款。猜测（现场，模因硬币，DEFI活动）仍然是每周最常见的行为，几乎涵盖了几乎所有用户类型。因此，猜测将继续掠夺加密货币付款作为公用事业的未来关注份额。

The core reasons that hinder the development of practical scenarios are three major obstacles:

阻碍实际情况发展的核心原因是三个主要障碍：

Project Examples

项目示例

The chain is a new infrastructure layer, but users don’t need to be aware of its existence

该链是一个新的基础架构层，但是用户不需要意识到它的存在

The essence of a multi-chain ecosystem is a system of division of labor. Chain abstraction will become the winning user experience (UX) model, and wallet sessions can smoothly route orders, balances, and identities to any backend that provides the best combination of latency, cost, and security without requiring users to make a choice.

多链生态系统的本质是劳动分工系统。连锁抽象将成为获胜的用户体验（UX）模型，钱包会议可以顺利进行订单，平衡和身份，以提供任何可提供延迟，成本和安全性最佳组合的后端，而无需用户做出选择。

Currently, Ethereum remains the institutional-grade settlement layer, but Solana is quickly becoming the chain of choice for high-frequency, high-engagement retail activities. From a momentum and growth perspective, Ethereum faces the strongest competitive pressure to date:

目前，以太坊仍然是机构级定居层，但Solana迅速成为高频，高级零售活动的首选链。从动力和增长的角度来看，以太坊面临着迄今为止最大的竞争压力：

The survey shows that 43% of respondents said Ethereum is their most commonly used chain; 39% of respondents said it is Solana; only 10% of respondents mainly use L2, which shows that interoperability is still in the theoretical stage rather than the practical stage.

调查显示，有43％的受访者表示以太坊是他们最常用的链。 39％的受访者表示是索拉纳。只有10％的受访者主要使用L2，这表明互操作性仍处于理论阶段，而不是实际阶段。

Project Examples

项目示例

The illusion of increased security

安全性增加的幻想

Users claim to feel more secure on-chain, but their wallets tell a different story.

用户声称自己的链子更安全，但是他们的钱包讲了一个不同的故事。

So, how do we explain this paradox?

那么，我们如何解释这个悖论？

In fact, users confuse personal enhancements (

实际上，用户会混淆个人增强功能（