From Bitcoin-Fi to restaking: Pantera Capital outlines what’s next for crypto in 2025

From Bitcoin-Fi to restaking: Pantera Capital outlines what’s next for crypto in 2025

Pantera Capital, a major Californian venture capital firm, is anticipating significant innovations in Bitcoin-native finance and NFTs in 2025, fueled by the growth of real-world assets (RWAs) and the increasing embrace of crypto within fintech platforms. With President-elect Trump hinting at pro-crypto policies, the industry is set for a transformative year filled with new ideas.

In a recent email newsletter shared with crypto.news, Paul Veradittakit, managing partner at Pantera Capital, outlined eight key trends he believes will define the crypto landscape in 2025. Some of these trends are already gaining momentum, while others are just beginning to emerge.

Key Trends for Crypto in 2025

1. Surge of Real-World Assets on the Blockchain The integration of real-world assets like private credit, Treasury bills, and commodities into the blockchain is gaining traction. Veradittakit predicts that RWAs will account for 30% of the total on-chain value locked in 2025, up from 15% in January 2024. Private credit and Treasury bills are already seeing substantial growth, with platforms like Figure adding billions in assets. Veradittakit suggests that more complex financial products, such as stocks and ETFs, could soon be available on-chain.

2. Bitcoin-Fi Gains Momentum Bitcoin, long established as a core layer-1 network, may see new developments in Bitcoin-native finance (Bitcoin-Fi) in 2025. Protocols like Babylon are set to drive Bitcoin into the decentralized finance (DeFi) space without requiring bridging to other blockchains. Veradittakit forecasts that 1% of all Bitcoin could participate in Bitcoin-Fi this year, spurred by higher returns and increased interest in Bitcoin-based assets like Ordinals and BRC20 tokens.

3. The Rise of Crypto Gateways Platforms such as PayPal, Venmo, WhatsApp, and TON (financially supported by Pantera Capital) are emerging as major gateways to crypto. These fintech platforms enable users to access and use crypto without being locked into specific protocols. For example, WhatsApp users can now send money using stablecoins, and Venmo has integrated crypto purchases via MetaMask. Veradittakit predicts that fintech platforms will become crypto gateways, possibly rivaling smaller centralized exchanges in terms of crypto holdings.

4. Unichain Leading Layer-2 Transactions Uniswap's upcoming network, Unichain, could become a leader in layer-2 transactions by capturing a significant share of transaction volume from existing layer-2 solutions like Arbitrum. Veradittakit notes that if Unichain captures even half of Uniswap’s volume, it could surpass the largest layer-2s by transaction volume.

5. NFTs Making a Comeback NFTs are evolving beyond simple collectibles and are now being used in gaming, AI, identity verification, and consumer apps. Veradittakit highlights the growing use of NFTs in various sectors, including Blackbird’s restaurant rewards app and Sofamon’s web3 avatars. NFTs are gaining value not just as ownership assets but also as representations of various types of goods and services.

6. Restaking Protocols to Debut Mainnets Restaking protocols such as EigenLayer and Karak are set to launch mainnets in 2025. These protocols will allow investors to earn rewards from multiple networks by restaking their assets. While attention to restaking has waned, Veradittakit believes the market is still valued in the billions and will continue to evolve.

7. Bringing Web2 Data onto the Blockchain A new cryptographic approach, zkTLS, is being developed to allow websites to validate and share their data on-chain while maintaining privacy. This could be a game-changer for oracles and data services, enabling more secure, verified data on blockchain networks. Veradittakit expects companies to step up and begin integrating this technology into on-chain services.

8. Crypto-Friendly Regulatory Shift The regulatory environment in the U.S. is shifting in favor of crypto, with the anticipated resignation of SEC Chair Gary Gensler and the potential appointment of pro-crypto advocate Paul Atkins. President-elect Trump’s plans to establish a legal framework for crypto, led by David Sacks, also signal a more favorable regulatory environment. Veradittakit hopes this will lead to reduced lawsuits, clearer regulations, and simpler tax considerations for the crypto industry.

Overall, Pantera Capital's predictions suggest that 2025 will be a crucial year for the crypto industry, with these trends paving the way for further integration into mainstream finance and technology.