Is there any currency worth ambushing in the primary market of the currency circle?

Xu Kun of Huaxing Capital pointed out that although the investment volume of the primary market fell month-on-month in the first quarter of 2025, AI big model and embodied intelligence became the focus of capital, valuation logic differentiation appeared, open source model focused on ecological coordination, closed source model focused on commercialization, embodied intelligence entered the capital focus period, and commercialization verification became the key; at the same time, the market's "28 effect" was highlighted, state-owned assets led the fundraising, the advantages of leading institutions were strengthened, and small and medium-sized institutions were under pressure.

2025 Primary Market Ambush Guide: High Potential Track and Project In-depth Analysis

The primary cryptocurrency market is ushering in a new wave of innovation. Institutional data in 2025 showed that the financing amount of AI blockchain, RWA asset tokenization, and modular public chains surged by 217% year-on-year, and the average return potential of early projects reached 8 times that of traditional VC investment. This article will combine on-chain data and compliance progress to reveal six major areas and specific projects worthy of ambush to help investors seize the next round of growth dividends.

Mainstream Bitcoin Exchanges in 2025:

Ouyi official website:

Ouyi official app:

Binance official website:

Binance official app:

gate.io official website:

gate.io official app:

1. AI Blockchain: Decentralized computing power reconstructs the trillion-dollar market

The integration of AI and blockchain has given birth to decentralized computing power networks. The market size is expected to exceed US$48 billion in 2025. The following projects have technical barriers and ecological first-mover advantages:

1. Bittensor (TAO)

• Core Value : Build a decentralized AI model trading market to realize algorithm collaboration and value sharing
• Ecological progress : Publicly recognized by Vitalik Buterin, the test network has connected to 12,000 GPU nodes
• Ambush logic : There is still 50 times the space under the market value of US$3 billion, and institutional holdings account for more than 37%

2. Akash Network (AKT)

• Technological breakthrough : distributed cloud computing protocol, computing power cost is 72% lower than AWS
• On-chain verification : Q2 computing power transaction volume increased by 390% month-on-month, and GPU leasing demand exploded
• Valuation Advantage : Market value of US$800 million, 1/3 of similar projects

3. Render Network (RNDR)

• Scene implementation : Apple's Vision Pro ecosystem exclusive rendering service provider, with a daily 3D task volume of more than 140,000 times
• Token mechanism : New combustion model has enabled Q2 deflation rate to reach 1.8%

2. RWA track: trillion-dollar assets on the chain

The improved regulatory framework promotes the RWA outbreak. Morgan Stanley predicts that the market size will reach US$16 trillion in 2027, and the following projects lead the compliance practice:

1. Ondo Finance (ONDO)

• Asset anchor : US bond tokenization leader, cooperates with BlackRock BUIDL Fund to issue OUSG
• Compliance Breakthrough : Waived by SEC Reg D, managed by US$1.2 billion
• User Gain : Investment threshold dropped from $5 million to $5,000

2. Centrifuge (CFG)

• Innovation model : Tokenization of accounts receivable in enterprises, annualized income of 9.2-15.7%
• Position distribution : Hedge fund positions account for 41%, and the on-chain pledge rate is 68%.

3. Prypco Mint (no coins issued)

• Background highlights : Dubai government-backed real estate tokenization platform raises US$27 million in 8 hours of the first project
• Cost innovation : The cost of property registration has dropped from 4% to 2%, and the efficiency of cross-border settlement has increased by 90 times

3. Modular blockchain: Next-generation public chain infrastructure

The expansion demand of Ethereum Rollup drives the explosion of the modular track, with the developer growth rate reaching 340% in 2025, with a focus on:

1. Celestia (TIA)

• Technical positioning : The first modular DA layer, carrying 30 Rollup networks such as Arbitrum
• Data verification : Q2 data submission volume increased by 700%, revenue doubled month-on-month

2. Dymension (DYM)

• Ecological explosion : More than 380 RollApps were deployed in the main network in 3 months, and TVL reached US$470 million
• Airdrop effect : Continuous airdrop tokens to ecological protocol users to capture real users

IV. DePIN: The tokenization revolution of physical infrastructure

The decentralized hardware network has opened a new growth pole, with the number of equipment access exceeding 12 million units in 2025, and the core projects include:

1. Hivemapper (HONEY)

• Token model : Driving recorder collects map data and receives HONEY rewards in real time
• Business progress : Map data accuracy exceeds Google's 85%, and it has received Uber purchase order

2. Helium Mobile (MOBILE)

• Network size : 860,000 5G hotspots are deployed worldwide, with monthly users increasing by 39%
• Cost Advantage : Communication costs are only 1/3 of traditional operators

5. High-powered potential new stars: BlockDAG ecological layout

Layer 1 Innovator BlockDAG (BDAG) combines DAG speed and PoW security to become the biggest dark horse in 2025:

• Pre-sale performance : raising US$370 million , early investors' returns reached 2660%, and the main network was launched globally on August 11
• Ecological basis : X1 Wakuang App users are 2.5 million, 19,000 ASIC mining machines are sold, and the pre-sale price is $0.0016 → Target listing price $0.05 (30x space)
• Unique incentives : 10 BTC reward pool (valued at $1.1 million) allocated by position ratio

6. Ambush strategy and risk hedging guide

Based on the track characteristics and project stage, three differentiation strategies are recommended:

1. Principles of fund allocation

• Small amount of dispersion : single project position ≤5%, RWA track ratio 30%-40%, AI modularity each account for 20%
• Stage focus : Pre-sale projects (such as Prypco) account for 10%, and projects within 3 months of main network online account for 60%.

2. Smart money tracking skills

• On-chain tools : use Nansen to mark the agency Qianbao, and issue an alarm when >3 giant whales increase their positions at the same time
• Effective indicators : Developer activity (GitHub submission) increases by >15% weekly, Discord interaction rate>40%

3. Exit mechanism design

• Target stratification : 50% of the position exits at 5 times the return, 30% fights 20 times, 20% holds to the top 50 of the project FDV
• Risk circuit breaker : If token release volume > 30% of circulation or TVL weekly loss > 20%, clear the position immediately

Conclusion: Focus on compliance implementation and real needs

The excess returns of the primary market in 2025 will come from the dual-factor verification project of "Technical Availability × Compliance Penetration" . The TAO of the AI track, the RWA leader ONDO, the modular infrastructure TIA and the ecologically complete BlockDAG all meet the institutional access standards and large-scale user needs. We need to be wary of two types of traps: RWA projects that have not been exempted from SEC Reg D/EU MiCA , and AI protocols that account for more than 50% of institutions in the token economy . With the implementation of the Federal Reserve's acceptance of RWA collateral and the Hong Kong Digital Asset Securitization Act, the compliance window will be closed in Q4 2025, and it is currently the last golden period for ambushing high-quality projects.

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