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Californian venture capital giant Pantera Capital expects bitcoin-native finance and nfts to drive innovation in 2025 as real-world assets expand and fintech platforms embrace cryptocurrencies.
With President-elect Trump hinting at pro-cryptocurrency policies, the industry is gearing up for a revolutionary year full of new ideas. Paul Veradittakit, Managing Partner at Pantera Capital, shared his thoughts on the future of cryptocurrencies in 2025 in an email newsletter shared with crypto.news.
Drawing on insights from the Pantera team, he highlighted eight key trends: some are already gaining traction, others are just beginning to emerge. Here's a simple glimpse of what could take off this year.
Real-world assets rise on-chain
RWAs, like private credit, Treasury bills and commodities, are gaining ground. In 2024, RWAs grew more than 60%, reaching a value of $13.7 billion. Veradittakit predicts that RWAs will represent 30% of the total on-chain value locked in 2025, up from 15% in January.
“There are specialist companies running wallets, minting mechanisms, Sybil sensors, crypto neobanks and more, meaning it may finally be possible and feasible to introduce stocks, ETFs, bonds and other more complex financial products onto the chain.”
Paul Veradittakit
Private credit is leading the way, with platforms like Figure adding $4 billion in assets last year. Treasury bills are also increasingly attractive because they generate yield. According to Veradittakit, there is also the possibility of more complex financial products, such as stocks and bonds, joining the on-chain space.
<h2 class="wp-block-heading" id="bitcoin-fi-finds-momentum”>bitcoin-Fi finds momentum
bitcoin (btc) has long held its ground as a Layer 1 core network, differentiating itself from competitors like ethereum, which has moved toward decentralizing its architecture with Layer 2 solutions to address scalability issues. But 2025 could mark a shift, with protocols like Babylon potentially driving 1% of all btc toward “bitcoin-Fi,” Veradittakit says.
“This year, driven by native bitcoin financial protocols that do not require bridging (like Babylon), high yields, high bitcoin prices, and a greater appetite for more btc assets (runes, Ordinals, BRC20), 1% of Bitcoins “They will participate in bitcoin-Fi,” says Veradittakit.
Gateways
According to Veradittakit, apps like PayPal, Venmo, WhatsApp, and TON (the latter of which is financially backed by Pantera Capital) are quickly becoming key entry points for cryptocurrency users. He notes that these platforms make it easier for users to access cryptocurrencies without locking them into specific protocols.
For example, WhatsApp users can now send money via stablecoins, thanks to services like Felix, while Venmo has integrated cryptocurrency purchases through MetaMask. Veradittakit suggests that given current trends, fintechs could soon rival smaller crypto exchanges in the near future:
“Whether intentionally or due to their ability to support third-party applications, every fintech will become a gateway to cryptocurrencies. Fintechs will grow in prevalence and perhaps can rival smaller centralized exchanges in cryptocurrency holdings.”
Paul Veradittakit
Unichain will lead l2 transactions
Uniswap's influence in the layer 2 ecosystem could make its upcoming network, Unichain, the leader by transaction volume.
The platform currently represents a significant portion of activity at existing l2s such as Arbitrum (also backed by Pantera Capital) and Base. Veradittakit suggests that if Unichain manages to capture “just half of Uniswap's volume, it would easily surpass the largest l2s to become the leading l2 by transaction volume.”
nfts will return
Non-fungible tokens are evolving beyond collectibles. According to Veradittakit, they are now used in gaming, artificial intelligence, identity verification, and consumer applications. Examples include Blackbird's restaurant rewards app and Sofamon's web3 bitmojis.
Veradittakit notes that nfts can be used not only as identification, transfer, ownership and membership transactions, but can also be used to represent and value assets, generating monetary and possibly speculative growth. “This flexibility is what gives power to nfts,” he added.
Reset protocols to debut mainnets
Restoration protocols like EigenLayer and Karak will launch their mainnets in 2025, potentially expanding the value and use cases of multi-network staking.
The recovery allows investors to earn additional network profits, creating value as protocols continue to evolve. Veradittakit admits that while attention on the recovery has waned recently, the industry remains “a multi-billion dollar market.”
Taking data from web2 to blockchain
A new cryptographic approach is emerging that allows websites to validate and share their data on-chain, without revealing sensitive information. The method, called zkTLS, is still under development.
However, Veradittakit believes that the technology could unlock important opportunities, particularly for oracles and data services, by changing the way information is verified and processed on blockchain networks:
“This is a new idea, but we predict that companies will step up to start building it and integrating it into on-chain services, such as verifiable oracles for non-financial data or cryptographically protected data oracles.”
Paul Veradittakit
<h2 class="wp-block-heading" id="crypto-friendly-regulatory-shift”>Regulatory change favorable to cryptocurrencies
For the first time in years, the US regulatory landscape appears to favor cryptocurrencies. Gary Gensler, chairman of the anti-crypto SEC, will resign in January. His likely successor, Paul Atkins, is currently perceived as a cryptocurrency advocate.
President-elect Trump also announced plans to create a legal framework for cryptocurrencies, led by David Sacks, who will serve as “ai and cryptocurrency czar.” Veradittakit hopes that the new environment will reduce lawsuits, clarify crypto regulations, and simplify tax considerations.
Pantera's predictions suggest that cryptocurrencies could become more integrated into mainstream finance and technology. As Veradittakit says, these trends will “only accelerate,” making 2025 a crucial year for cryptocurrencies.
