According to @PANewsCN, at Shanghai Blockchain International Week 2025 and the 11th Global Blockchain Summit, Xiao Feng (Wanxiang Holdings vice chairman and executive director; Wanxiang Blockchain chairman; HashKey Group chairman and CEO) stated that blockchain has moved from the startup phase into a key period of application expansion and is entering a second growth curve; source: PANews (@PANewsCN), Oct 23, 2025. According to @PANewsCN, he added the industry is transitioning from grassroots wild growth to standardized, regulated development with an emphasis on rule-making and institutional governance, a trajectory relevant to trading strategies focused on compliance-driven adoption; source: PANews (@PANewsCN), Oct 23, 2025. According to @PANewsCN, Xiao Feng emphasized that as blockchain integrates with real-world scenarios, users and demand, it will be constrained by social rules—an indicator of maturity—and he believes blockchain will gradually become new infrastructure for the global financial system, a core market narrative for infrastructure-oriented crypto sectors; source: PANews (@PANewsCN), Oct 23, 2025.