2025 marked an inflection point in the adoption and maturation of digital assets, but it also surfaced a series of outliers, stress points, and operational failures that tested the industry in less predictable ways. As we enter the new year, this issue of State of the Network revisits some of these stories, from Solana’s stress test to Bybit’s hack and Paxos’ stablecoin minting error, capturing what they reveal about the industry’s growing resilience, as well as the risks that remain beneath the surface. At the onset of 2025, an unprecedented event gripped crypto markets as the President of the US launched the TRUMP ... (full story)