Pantera Capital, a California venture capital giant, expects bitcoin-native financing and non-fungible tokens (NFTs) to drive innovation in 2025 as real-world assets expand and fintech platforms embrace cryptocurrencies.

With President-elect Trump signaling pro-crypto policies, the industry is gearing up for a game-changing year full of new ideas. Paul Viraditakit, Managing Partner at Pantera Capital, shared his opinion on what's next for cryptocurrencies in 2025 in an email newsletter shared with crypto.news.

Drawing insights from the Pantera team, he highlighted eight key trends—some of which are already gaining traction, and others just beginning to emerge. Here's a little taste of what might take off this year.

Real world origins go up on the chain

Risk-weighted assets such as private credit, Treasury bills and commodities are gaining momentum. In 2024, asset weighted assets grew by more than 60%, reaching $13.7 billion. Veradittakit expects RWAs to make up 30% of total on-chain value in 2025, up from 15% as of January.

“There are specialized companies managing wallets, minting mechanisms, SYBIL sensing, new crypto banks, and more, which means it may finally be possible and feasible to offer stocks, ETFs, bonds, and other more complex financial products cross-chain.”

Paul Veradetakit

Private credit is leading the charge, with platforms like Figure adding $4 billion in assets last year. Treasury bills have also become increasingly attractive because they yield a return. According to Veradittakit, there is also the potential for more complex financial products such as stocks and bonds to join the on-chain space.

Bitcoin-Fi finds momentum

Bitcoin (Bitcoin) has long maintained its position as a layer-one backbone, distinguishing itself from competitors such as Ethereum, which has moved toward decentralizing its architecture using layer-two solutions to address scalability issues. But 2025 could mark a shift, with protocols like Babylon potentially pushing 1% of all bitcoin into “Bitcoin-Fi,” says Veradittakit.

“This year, driven by Bitcoin-native, bridgeless funding protocols (such as Babel), rising yields, rising Bitcoin prices, and increasing appetite for more Bitcoin assets (Runes, Ordinals, BRC20), 1% of Bitcoins will participate in “Bitcoin- Fi,” notes Veradittakit.

Portals

Apps like PayPal, Venmo, WhatsApp, and TON – the last one Financially supported By Pantera Capital – They are quickly becoming major entry points for cryptocurrency users, according to Veradittakit. He points out that these platforms make it easier for users to access cryptocurrencies without restricting them to specific protocols.

For example, WhatsApp users can now send money via stablecoinsThis is thanks to services like Felix, while Venmo has integrated cryptocurrency purchases through MetaMask. Veradittakit notes that given current trends, the fintech could soon compete with smaller cryptocurrency exchanges in the near future:

“Whether by design or because of their ability to support third-party applications, all fintechs will become a gateway to cryptocurrencies. Fintechs will grow in reach and potentially compete with smaller centralized exchanges for crypto holdings.”

Paul Veradetakit

Unichain to drive L2 transactions

com.uniswapThe “Layer 2 Ecosystem” effect could make its next network, Unishinthe leader in terms of transaction volume.

The platform currently accounts for a large share of activity on existing l2s like Arbitrum - too Supported By Pantera Capital - The Base. Veradittakit notes that if Unichain can capture “just half the size of Uniswap, it will more easily surpass L2s to become the L2 leader in terms of transaction volume.”

NFTs will make a comeback

Non-fungible tokens Evolve beyond collectibles. According to Veradittakit, they are now being used in gaming, artificial intelligence, identity verification, and consumer applications. Examples include Blackbird's restaurant rewards app and Sofamon's web3 bitmojis.

Veradittakit points out that NFTs can be used not only as cognitive transactions, transfers, ownership and membership, but can also be used to represent and value assets, leading to monetary and potentially speculative growth. “This flexibility is what brings the power of NFTs,” he added.

Reworking protocols for mainnets for the first time

Restoration protocols like EigenLayer and Karak are scheduled to launch their mainnets in 2025, potentially expanding the value and use cases of staking across multiple networks.

Rebuilding allows investors to profit from additional networks, creating value as protocols continue to evolve. Veradittakit admits that although interest in repossession has waned recently, the industry is still a “multi-billion dollar market.”

Fetch web2 data on blockchain

A new cryptographic approach is emerging that allows websites to verify the authenticity of their data and share it across the chain, without revealing sensitive information. The method, called zkTLS, is still under development.

However, Veradittakit believes the technology could open up significant opportunities, especially for oracles and data services, by changing how information is verified and processed across blockchain networks:

“This is a new idea, but we expect companies to step up to start building this idea and integrating it into on-chain services, such as verifiable oracles for non-financial data or cryptographically secured data oracles.”

Paul Veradetakit

Crypto-friendly regulatory transformation

For the first time in years, the regulatory landscape in the United States appears to favor cryptocurrencies. Gary Gensler, head of the SEC to combat cryptocurrencies, He will resign In January. His potential successor, Paul Atkins, is currently seen as a pro-crypto supporter.

President-elect Trump also announced plans to create a legal framework for cryptocurrencies, led by David Sachs, who will serve as the "AI and crypto czar." Veradittakit hopes the new environment will reduce lawsuits, clarify cryptocurrency regulations, and simplify tax considerations.

Pantera's predictions suggest that cryptocurrencies may become more integrated into mainstream finance and technology. As Veradittakit puts it, these trends “will only accelerate,” making 2025 a pivotal year for cryptocurrencies.