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In the past 24 hours, the crypto market has witnessed a multifaceted dynamic ranging from macroeconomic discussions to specific ecosystem developments. Mainstream topics focus on DeFi governance controversies and institutional lending expansion. In terms of ecosystem development, the focus is on the Ethereum upgrade process, Perp DEX governance decisions, and other ecological innovations.
By 2025, prediction markets are accelerating towards the mainstream: brokers, sports platforms, and crypto products are entering simultaneously, and demand has been validated. The real watershed is no longer product innovation, but whether scalability can be achieved within regulatory frameworks. This article uses global regulatory comparisons, the differentiation of on-chain and compliant paths, and the 2026 World Cup as a "system-level stress test" to point out that prediction markets are entering an elimination phase centered on compliance, settlement, and distribution. The winners will be the platforms that can operate stably under peak loads and strong regulations.
On-chain Data
On-chain capital flow situation on December 25

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