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.
Key Takeaways
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Market stress in 2025 revealed increasing system maturity, with failures remaining localized rather than cascading across the ecosystem.
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Blockchain infrastructure demonstrated the ability to absorb sudden demand shocks, proving scalability under real-world conditions.
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Operational design choices, including UI integrity and internal workflows, emerged as more consequential than protocol-level failures.
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Liquidity depth and access to external capital proved decisive in determining whether venues could withstand major shocks.
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Stablecoin risk concentrated around issuer controls and design assumptions, not purely onchain mechanics.
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Fragmented liquidity across venues amplified price dislocations during periods of rapid deleveraging.
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Always-on markets accelerated feedback loops, turning operational and liquidity errors into immediate market signals.
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Repeated stress events are reinforcing stronger infrastructure, risk management, and market structure heading into 2026.
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