Recently, I saw the 2025 investment map disclosed by a leading incubator, and there's quite a lot of information.

They have officially partnered with 31 projects in total, 21 of which have already issued tokens. New projects like Aster are expected to launch this year, mainly to enhance liquidity.

What about the funding side? The total fund size of this institution has reached $1 billion, and the total financing amount covered by the projects also exceeds $1 billion. The main focus is on DeFi and privacy technology.

There's an interesting data point—the TVL of the entire ecosystem has surpassed $100 billion. Chains like Sui and Polygon have seen the most significant growth, with year-on-year increases of over 160%, which basically shows that DeFi is recovering.

From an ecosystem perspective, cross-chain integration (such as the LayerZero suite) and RWA (like Canton) are the main themes. Recent project updates are mainly about product upgrades or new rounds of financing, clearly getting ready to make a push in 2025.

On-chain performance also supports this: average TVL is up 50% year-over-year, though projects like Ethena are more volatile. As for trading volume, it's already broken the $1 trillion mark, and market activity has definitely picked up.

Overall, this round of deployment reveals several signals: infrastructure continues to improve, capital is flowing toward real-world applications, and cross-chain and asset tokenization are the next big things. It's worth keeping a close eye on the progress of these projects.