Pantera Capital is optimistic about 2026: DAT integration accelerates, and physical asset tokenization becomes a new blue ocean

Primary Partner of the crypto investment firm Pantera Capital, Jay Yu, recently shared in-depth insights on industry developments for the coming year on social media, involving predictions across 12 major areas. Several viewpoints are particularly noteworthy, directly pointing to the future evolution of crypto finance.

Real Asset Tokenization Enters a Boom Period

Tokenized gold will become a star asset in the RWA (Real World Asset) sector. Jay Yu believes that as the US dollar system faces long-term uncertainty, physical gold on-chain representations will become an important store of value for institutions and individuals. This trend reflects a profound shift in the crypto market from purely digital assets to real-world mappings. Meanwhile, traditional fintech companies like Stripe and Ramp are exploring stablecoin payment solutions, indicating that cross-border settlement infrastructure based on stablecoins is accelerating toward maturity.

Reshaping of the Trading Platform Landscape

Regarding the evolution of DAT (Digital Asset Trading Platforms), Jay Yu predicts that the trend toward integration is irreversible. Major markets will converge to 2-3 leading platforms, a process that will be gradually completed through mergers or acquisitions. This mirrors the consolidation wave historically seen in traditional financial exchanges, reflecting the market’s pursuit of clearing efficiency and liquidity concentration. The strategic positioning of professional investment institutions like DAT Capital also confirms the sector’s strategic importance.

Derivatives Market Shows Polarization

The prediction market is evolving in two different directions. One type involves prediction products with stronger financial attributes, deeply integrated with DeFi protocols and incorporating leverage; the other is community-driven, catering to niche enthusiasts with cultural predictions. The rise of leading perpetual DEXs like Hyperliquid has validated the demand for the former, while the HIP3 market demonstrates the vitality of the latter.

Innovation in Payment Layer and Chain Selection Optimization

Micro-payment ecosystems will see breakthroughs. Through the promotion of x402 endpoints, agency commerce can expand into more small transaction scenarios. In this process, Solana is surpassing other public chains like Base due to its low-cost features, becoming the preferred chain for small transactions. This reflects the trend of different blockchains adapting to various application scenarios.

Systemic Thinking Triggered by Emerging Technologies

The accelerated progress of quantum technology has sparked discussions among institutional investors about Bitcoin’s resistance to quantum attacks. Although the technological threat is not yet imminent, such forward-looking considerations are driving the industry’s awareness of potential risks. Meanwhile, privacy technologies like Ethereum’s Kohaku protocol are also advancing, with the potential to evolve into a new business model of “privacy as a service.”

Deep Integration of AI and Consumer Applications

Artificial intelligence is becoming the interface layer for crypto applications. From trend analysis to trading assistance, AI capabilities are gradually penetrating consumer-facing products. At the same time, capital-efficient on-chain credit systems (modeling on-chain/off-chain data and AI behavioral learning) are incubating simple and user-friendly lending applications.

Jay Yu has achieved 7 out of 10 predictions for 2025, including accurately forecasting the migration trend of Solana developers. His predictions are also worth industry reference.