Pantera Capital: 12 Predictions for the Crypto Market in 2026

Original Author: Jay Yu

Compiled and Organized by: BitpushNews

Wishing everyone a happy holiday and a peaceful Christmas Eve! It's that time of year again for predictions. Here are my 12 predictions for the crypto market in 2026.

1 -- Capital-Efficient Consumer Credit

Capital-efficient consumer credit will be the next frontier in crypto lending. They will combine complex on-chain and off-chain credit models, modular design, and collateral management, along with AI learning of user behavior, all encapsulated in an easily accessible application.

2 -- Divergence of Prediction Markets

Prediction markets will evolve in two distinct directions—one towards "finance" and the other towards "culture." In the financial direction, prediction markets will become more composable with DeFi, providing easier access to leverage, implementing liquid staking, and creating tools that resemble refined "options." The cultural market will be more inclined to capture the public imagination, with greater regional diversity, serving long-tail enthusiasts.

3 -- Rise of Agent Commerce Based on x402

Agent commerce using endpoints like x402 will expand into more service areas. While the core appeal of agent commerce will still lie in micro-payments, x402 will increasingly be used as a framework for regular payments—mechanically similar to Apple Pay. Some websites may see over 50% of their transaction volume and revenue coming from x402 payments. In terms of penny-level x402 transaction volume, Solana will surpass Base.

4 -- AI as the Interface Layer for Crypto Interactions

AI-mediated trading cycles will become mainstream. While fully autonomous trading AIs based on large language models are still experimental, AI-assisted processes (analyzing crypto trends, specific projects, wallet tracking) will gradually permeate the user flows of most consumer-facing crypto applications.

5 -- The Rise of Tokenized Gold

The trading volume of tokenized gold will grow, becoming a leading asset in the wave of real-world assets (RWA). Tokenized gold can circumvent restrictions imposed on physical gold by various jurisdictions and will become an increasingly attractive store of value against the backdrop of structural issues facing the dollar.

6 -- BTC's "Quantum Panic"

A "quantum panic" (possibly stemming from a technological breakthrough) will prompt many institutions holding BTC to begin discussions on quantum computing contingency plans. The resistance of BTC and early coins from the Satoshi era will come under scrutiny. Fortunately, the technology is still not advanced enough to pose a real threat to any value.

7 -- Unified Privacy Development Experience

With the continued development of frameworks like Ethereum's Kohaku, privacy will gain a unified, developer-friendly interface. Its development path will resemble the "wallet-as-a-service" platforms of the previous cycle—providing an application-level product that abstracts various technology connectors. We may see companies offering "privacy-as-a-service" bundles (possibly including wallets), primarily targeting enterprise workflows.

8 -- Integration of DAT (Digital Asset Trusts)

Each major category will consolidate into only 2-3 DATs. This may be achieved through unlocking/releasing liquidity, converting to ETF-style products, or through mergers and acquisitions between DATs.

9 -- Erosion of Boundaries Between Tokens and Equity

There will be a survival crisis for "governance" type crypto tokens that have no legal control over companies. We will see more high-quality companies choosing to remain "private" for longer periods. Perhaps we will see tokens that are convertible to equity, and the regulatory framework surrounding legal ownership of tokens will be solidified.

10 -- Hyperliquid Maintains Dominance in Perpetual Contract DEXs

Perpetual contract DEXs will consolidate, with Hyperliquid maintaining market dominance. The HIP3 market will become a major driver of trading volume, and yield-bearing stablecoins will become first-class citizens on HYPE (Hyperliquid ecosystem) (e.g., realized through HyENA). USDC's dominance on HYPE will be replaced by USDe and USDH.

11 -- Prop AMM (Oracle-Driven AMM) Achieves Multichain Deployment

Prop AMM will achieve multichain deployment and account for over half of the trading volume on Solana. They will also be used to price more assets (such as RWA).

12 -- Stablecoins Become International Payment Flows

An increasing number of existing fintech companies (such as Stripe, Ramp, Brex, Klarna) will use stablecoins to handle their international payment flows. Stablecoin chains like Tempo will become the main entry point for fiat into cryptocurrencies, first accepting fiat payments and then converting them into stablecoins for settlement.

As always, this content is for educational reference only and does not constitute financial advice. Please make sure to DYOR!