PANews reported on October 23rd that at the 2025 Shanghai International Blockchain Week and the 11th Blockchain Global Summit, Xiao Feng, Vice Chairman and Executive Director of Wanxiang Holdings, Chairman of Wanxiang Blockchain, and Chairman and CEO of HashKey Group, stated that blockchain technology has entered a critical period of explosive application growth from its initial stages, and is heading towards its second growth curve. He noted that the industry is also transitioning from grassroots, "wild growth" to a stage of standardized and regular development, and that the future will place greater emphasis on rule-making and institutionalized governance. Xiao Feng emphasized that as blockchain deeply integrates with real-world scenarios, users, and needs, it will inevitably be subject to the constraints of social rules, which is a key sign of its maturity. He believes that blockchain will gradually become a new type of infrastructure for the global financial system.