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The industry is entering a period of "big fish eating small fish" consolidation, with a wave of mergers and acquisitions expected in Q4 2025. The report indicates a trend in 2025 of "Q3 focusing on IPOs and Q4 experiencing a merger and acquisition explosion," with November M&A deals accounting for 59% of the year's total. In the future, small and medium projects will face challenges of "being acquired or eliminated." #并购 #Funding #Web3 #Industry Consolidation
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