币界网报道：Gate Research Institute released its latest report "Beyond DeFi Summer: Is PayFi Summer Coming?", which explores the rise of on-chain payment finance (PayFi) and its potential to lead a new round of crypto-finance boom. The report points out that unlike the speculative outbreak of DeFi Summer in 2020, PayFi is driven by the time value of money and aims to solve real payment pain points and achieve long-term sustainable value through interest-bearing payment tokens, RWA payment financing and other models. The rise of PayFi is due to the large-scale application of stablecoins (as of June 2025, the global circulation exceeds US$240 billion, and the transaction volume has surpassed PayPal and Visa), the gradual clarification of global regulatory policies (such as the Hong Kong Stablecoin Bill and the US GENIUS Act), continuous technology optimization, and economic incentives. Gate Research Institute predicts that PayFi's "Summer" will not be a short-term speculative frenzy, but a gentle and lasting payment infrastructure innovation driven by strategic capital and for mass users. In addition, the on-chain data interpretation report for June 2025 released by Gate Research Institute at the same time pointed out that Ethereum returned to the top of the fee list thanks to high-value liquidations, the institutionalization trend on the Bitcoin chain accelerated, and the SEI popularity soared, becoming the focus on the chain driven by price, policy and community.