#DeFi生态发展 Several signals in Galaxy's latest forecast are worth noting. The conservative estimate that Bitcoin is slowly approaching $250,000—considering implied volatility in options and macro uncertainties—the price range expectation for 2026 is indeed difficult to pinpoint precisely.

More worth tracking are two shifts in the DeFi ecosystem: First, the SEC is paving the way for tokenized securities, with rulemaking set to begin in the second half of 2026. This means the channel for compliant assets to go on-chain is opening, which will substantively promote DeFi liquidity and capital scale in the long term; Second, the share of DEX trading is expected to surpass 25%, reflecting increased maturity of on-chain trading infrastructure, driven by the migration trend of market makers and traders.

In comparison, Solana's withdrawal of its inflation reduction plan might actually release short-term positive signals—by not messing with inflation issues, the ecosystem resources can be focused on revenue-generating tracks like ICM. From an on-chain funding perspective, attention should be on who is deploying contracts in the tokenized securities track, and whether the monthly trading volume growth curve of DEXs is truly accelerating. Data will speak.