Pantera Capital: What Changes Have We Made as Crypto Becomes a Service?

marsbitPublicado a 2026-03-08Actualizado a 2026-03-08

Resumen

Pantera Capital outlines the industry's evolution from "crypto as an industry" to "crypto as a service," predicting 2026 as the pivotal year. The focus shifts from blockchain-centric hype to seamless integration, where technology becomes invisible to users while solving real-world problems efficiently. Key trends include crypto's structural advantages, like 24/7 markets outperforming traditional finance during geopolitical events, and Asia's growing dominance in areas like stablecoin-based cross-border payments, tokenization, and DeFi perpetual trading. The fund’s investment strategy reflects this shift: Novig disrupts sports betting with a P2P model that drastically improves user payouts; Based offers a seamless consumer super-app abstracting complex blockchain interactions; and Doppler provides institutional-grade infrastructure for asset issuance. Other focus areas include real-world asset tokenization, AI agents leveraging blockchain for verifiable data, and agent-based payments. The advice to founders is clear: prioritize solving tangible problems over showcasing technology, as true adoption happens when the tech becomes invisible yet indispensable.

2026 will be a pivotal year. We will witness the complete transformation of 'crypto as an industry' into 'crypto as a service'.

Over the past decade, the crypto world has been filled with various gimmicks. The approval of the Bitcoin ETF in 2024 gained it recognition from mainstream finance. In 2025, everyone focused on building the underlying infrastructure. By 2026, the real value will belong to those companies that use blockchain to solve traditional industry problems while making users unaware of blockchain's existence.

Future crypto unicorns will not be built on hype. They will be the kind of companies that use blockchain technology to improve product efficiency by an order of magnitude, thereby leveraging trillion-dollar markets, and completely hiding the complex technology.

Crypto Technology Won the 'Weekend'

When the Iran conflict broke out, the U.S. stock market was closed for the weekend and couldn't react to the sudden global risk. But the crypto market didn't stop; Bitcoin once rose to $74,000. Commodities completed price discovery first on the decentralized prediction market Hyperliquid, even before the traditional market opened. This is not an isolated incident—the same happened last month when China introduced new policies.

Traditional hedge funds are increasingly flooding into this space. The crypto market's '7x24 non-stop operation' is no longer just a slogan, but a structural advantage that traditional finance cannot match.

Nevertheless, the current valuation of the crypto market is still far below the level it should be based on its fundamentals. There is no doubt that we are in another bear market (this is my fourth one), but this time it's completely different: regulations are gradually becoming clear, institutional funds have entered, and the infrastructure is increasingly mature.

This feeling was particularly strong at the recent Hong Kong Consensus conference. The vitality of the Asian market contrasts sharply with the West. There, support from bipartisan governments, newly entered institutional funds, and a focus on consumer applications are driving strong bullish sentiment.

Highlights for Asia in 2026:

· Cross-border payments via stablecoins, especially in the B2B field. For Asia's relatively fragmented economic systems, crypto payments are a natural choice.

· Tokenization of gold, stocks, and real estate. Asian banks and fintech companies are catching up with the pace of the U.S.

· Perpetual contract trading on DeFi. Driven by retail investors, development speed could exceed that of the West.

· Prediction markets are expected to become an important track, although the form may differ from that in the West.

Core Trend: 'Crypto as a Service'

The core theme of 2026 is the shift from 'crypto as an industry' to 'crypto as a service'. The goal is no longer to make users see the blockchain, but to make them completely forget its existence.

Over the past decade, we have been keen to build 'crypto spectacles'—Gas fee wars, TPS competitions, modular stacks, ZK proofs. The 2024 ETF was a vote of recognition from mainstream institutions. In 2025, we laid all the underlying infrastructure. In 2026, it's time to turn around.

Farewell to the 'Casino' Era

The new generation of unicorns will not be something like 'an L3 network built for AI-NFTs'. They will be companies that use blockchain to improve product efficiency tenfold, completely hide the technology, and thereby leverage trillion-dollar markets.

This exactly explains our recent investment logic:

Novig: Farewell to the 'Vig' Era ($75 Million Series B)

Traditional sports betting is a monopolistic and畸形 market. Bookmakers take high commissions from each bet, resulting in a miserable user win rate of only 2%. We led Novig's $75 million round because they treat sports betting as a high-frequency financial product. Through a peer-to-peer trading model, Novig users achieve an average win rate of 23%. Most users don't care whether a decentralized order book is used in the backend; they only know they get the best odds in the U.S. here. This is a vivid case of 'crypto as a service'.

Based: Consumer-Grade Super App ($11.5 Million Series A)

We recently led Based's Series A funding. This is a composable Web3 consumer-grade super app built on the Hyperliquid ecosystem. 'Consumer crypto' was often equated with 'clumsy experience' in the past. Based is changing that; it makes the on-chain interaction experience as smooth and seamless as a top-tier fintech app. Complex operations like cross-chain bridging and Gas fees are abstracted away; users are completely unaware. They only need to focus on the social and financial value brought by the assets.

Doppler: The Default Asset Issuance Infrastructure ($9 Million Seed Round)

If Based and Novig are cool new cars, then Doppler is the high-performance fuel system. We led Doppler's $9 million seed round with the goal of becoming the default infrastructure for on-chain asset issuance. It allows developers to issue assets with institutional-grade security and compliance standards without having to build all the underlying technology from scratch. Doppler is like the Stripe for on-chain assets—pure utility, all encapsulated behind a simple API.

Why 'Invisibility' is More Important Than 'Virality'

This trend of 'invisibilization' also runs through our entire investment portfolio:

· Real World Assets: Tokenized treasury bonds are no longer an experiment in the crypto world; they are becoming the backend liquidity cornerstone for global trade.

· AI Agents: Blockchain provides a trusted 'truth layer' for AI agents through prediction markets and verifiable data, enabling them to autonomously and trustworthily interact with digital assets.

· Agent payments will accelerate all this. Payment standards like x402 allow AI agents to directly complete transactions using crypto assets. And the gradual clarity of stablecoin regulations is making this payment轨道 smoother.

Advice for Entrepreneurs

If you are planning to start a business in 2026, my advice is simple: Stop talking so much about the technology, and talk more about what practical problems you can solve. If the page in your fundraising deck explaining the consensus mechanism comes before the one about customer return rates, it means your thinking is still stuck in 2022.

We are looking for teams that are building the next Novig, Based, or Doppler—those who truly understand what 'mass adoption' means: When a technology becomes so seamless that people completely ignore its existence, it has truly entered millions of households.

Preguntas relacionadas

QAccording to Pantera Capital, what is the key shift expected in the crypto space by 2026?

AThe key shift expected by 2026 is the transition from 'crypto as an industry' to 'crypto as a service', where the value will belong to companies that use blockchain to solve traditional industry problems while making the technology completely invisible to users.

QWhat structural advantage does the crypto market have over traditional finance, as highlighted in the article?

AThe crypto market operates 24/7, which is a structural advantage over traditional finance, as it allows for continuous trading and price discovery even during weekends or when traditional markets are closed, as demonstrated during the Iran conflict.

QName one of Pantera Capital's recent investments that exemplifies the 'crypto as a service' model and explain how it works.

AOne example is Novig, a sports betting platform that uses a peer-to-peer trading model to significantly increase user profitability to 23% compared to the traditional 2% by eliminating high commissions. Users are unaware of the decentralized order book technology in the background, focusing only on getting the best odds.

QWhat are some of the key areas of focus for the Asian market in 2026, as mentioned in the article?

AKey areas for the Asian market in 2026 include cross-border payments via stablecoins (especially in B2B), tokenization of assets like gold, stocks, and real estate, perpetual contract trading on DeFi driven by retail investors, and the potential growth of prediction markets.

QWhat advice does Pantera Capital give to entrepreneurs looking to start a business in the crypto space in 2026?

AThe advice is to focus on solving real-world problems rather than emphasizing the underlying technology. Entrepreneurs should prioritize discussing customer returns and practical solutions in their pitches, rather than leading with technical details like consensus mechanisms, to achieve mass adoption.

Lecturas Relacionadas

Low Investment Isn't Apple's Immunity Pass

While Meta and Google face investor scrutiny over ballooning AI capital expenditures, Apple's minimal AI investment has paradoxically become a strength. Its market cap recently reclaimed the global top spot, surpassing $5 trillion. The irony is deep: Apple's own AI efforts have lagged, with "Apple Intelligence" delayed and core talent lost, forcing reliance on partners like Google Gemini and Alibaba's Qianwen. Its Q3 FY2026 (Q2 CY) earnings initially seemed stellar. Revenue hit $109.4B (up 16% YoY), with iPhone and Mac sales, growing 22% and 29% respectively, driving most of the growth. However, the stock fell over 8% post-earnings. The primary concern was a weaker Q4 revenue growth forecast of 9-11%, below expectations, due to looming supply chain constraints. Apple is feeling the indirect cost of the AI boom. Soaring memory and chip prices, fueled by massive data center investments from Microsoft, Amazon, and others, are forcing Apple to raise Mac and iPad prices significantly. The upcoming iPhone launch is also expected to see substantial price hikes. Despite avoiding heavy AI infrastructure spending—its capital expenditures are actually down 28%—Apple cannot escape the industry-wide supply and cost pressures. While Apple's operating cash flow remains robust, its substantial R&D spending (up 32% YoY) has yet to yield major AI breakthroughs. As Tim Cook prepares to step down as CEO, Apple faces a challenging transition: balancing its premium hardware success against the strategic and cost pressures of the AI era it has so far cautiously navigated.

marsbitHace 19 min(s)

Low Investment Isn't Apple's Immunity Pass

marsbitHace 19 min(s)

PA Graphics Explanation | One Chart to Understand the Major Web3 Events in August 2026

**PANews Crypto Calendar: Key Web3 Events in August 2026** PANews introduces its revamped crypto calendar, featuring comprehensive coverage, flexible filtering, and easy export options. The market in August will be shaped by multiple key events across macroeconomics, regulation, tokenomics, and project developments: * **Macro & Policy:** Key US economic data releases (July Non-Farm Payrolls, CPI), the Federal Reserve meeting minutes, and the Jackson Hole Economic Symposium will be in focus. On the regulatory front, the US Senate plans to release a new draft of the *CLARITY Act*, while the EU's expanded crypto ban against Belarus comes into effect. * **Token Unlocks:** Significant token unlocks are scheduled for assets including ENA, AVAX, CONX, ZRO, and KAITO, which may influence market volatility. * **Project Updates & Shutdowns:** Several services, including Exchange Art, Ctrl Wallet, Zapper, NFTfi, and Summer.fi, are set to cease operations or undergo major adjustments. Users are advised to manage their assets accordingly. * **Corporate Activity:** Q2 earnings reports from companies like SpaceX, Circle, and Nvidia are due. Unitree Robotics will initiate its IPO subscription on the STAR Market, and Moonshot AI plans to begin a Pre-IPO financing round. * **Industry Events:** Major conferences such as Bitcoin Asia 2026 and the 2026 Digital Expo will take place. The overarching market narrative for August will revolve around macroeconomic expectations, regulatory developments, token unlock schedules, and ongoing industry consolidation.

marsbitHace 29 min(s)

PA Graphics Explanation | One Chart to Understand the Major Web3 Events in August 2026

marsbitHace 29 min(s)

Wall Street's Most Famous 'Cassandra' Now Has His Sights Set on Nvidia

Michael Burry, the famed "Big Short" investor, has once again captured Wall Street's attention with a series of short positions against major tech and semiconductor stocks, most notably Nvidia. In late June and July, through his "Cassandra Unchained" newsletter, Burry disclosed short bets against Nvidia, Tesla, Applied Materials, Caterpillar, the SOXX semiconductor ETF, and later, Micron Technology. His core thesis revolves around potential distortions in the AI infrastructure boom, specifically questioning whether extended depreciation schedules (e.g., 6 years vs. a realistic 2-3 years for AI chips) by cloud giants like Microsoft and Google artificially inflate profits. He also raises concerns about possible "off-balance-sheet circular financing," where chip demand might be propped up by vendor-backed funding to clients. Nvidia's stock experienced volatility following these disclosures, briefly dipping but largely holding near Burry's reported entry points, leaving his positions roughly flat or slightly underwater as of late July. This move is part of a pattern for Burry, whose track record since his legendary 2008 bet is mixed. He has faced notable losses, such as on Tesla in 2021, while scoring on broader market turns like the 2020 pandemic crash. His methodology focuses intensely on free cash flow and scrutinizing original financial documents to spot overvaluation and structural risks, but it often struggles with timing the market. The article contrasts Burry's stance with other prominent investors. Steve Eisman, another "Big Short" figure, is not shorting Nvidia, citing strong fundamentals but expressing nervousness about sustainability. Jim Chanos agrees with the broad "accounting mismatch" concern—comparing it to the dot-com bubble—but targets financial leverage in private equity firms rather than the chip stocks themselves. While Nvidia's short interest remains relatively low at 1.3-1.4% of float, the massive stock size means absolute short losses have been significant, exceeding $5 billion earlier this year. The piece concludes that for ordinary investors, the key takeaway is not replicating specific short bets but learning from the critical frameworks these investors use: questioning rosy accounting, identifying structural vulnerabilities, and maintaining skepticism during market euphoria, even if pinpointing the exact catalyst for a downturn remains elusive.

marsbitHace 54 min(s)

Wall Street's Most Famous 'Cassandra' Now Has His Sights Set on Nvidia

marsbitHace 54 min(s)

Weekly Selection丨Epic Stock Market Volatility, Changxin Tech's IPO Reshapes Storage Landscape, Saylor Aims to Re-Anchor STRC Around September 8th

PANews Weekly Digest: Market Turmoil, Tech Breakthroughs, and Crypto Developments. The week saw significant volatility across global markets. South Korea's KOSPI index experienced extreme turbulence, including multiple trading halts, largely driven by sharp declines in AI hardware stocks like SK Hynix. In contrast, China's Changxin Xinqiao (CXC) achieved a landmark IPO with a market cap surpassing 4 trillion yuan, marking a major success for the domestic DRAM industry after a decade of losses. In the crypto and Web3 space, several key narratives emerged. AI is driving demand for new infrastructure, with projects like AI agent wallets and programmable payments gaining traction, attracting interest from firms like Coinbase. The Bitcoin mining sector is pivoting, with companies like MARA focusing on energy management as electricity becomes a core AI-era asset. Meanwhile, the RWA (Real World Assets) sector faces a "utilization puzzle," with hundreds of billions in on-chain assets remaining dormant. Notable market movements included a historic single-day surge of over 17% for the KOSPI index and a significant migration of $16.5 billion in staked ETH within the Lido ecosystem. Michael Saylor announced a target to re-peg the STRC stablecoin around September 8th. Other highlights include discussions on Ethereum's ambitious 2030 roadmap for scaling and privacy, analysis showing high protocol revenues not always translating to token price gains, and warnings from Citi about potential extreme commodity price shocks by late 2026.

marsbitHace 59 min(s)

Weekly Selection丨Epic Stock Market Volatility, Changxin Tech's IPO Reshapes Storage Landscape, Saylor Aims to Re-Anchor STRC Around September 8th

marsbitHace 59 min(s)

When the Market Begins to Question AI Capex: A Full Analysis of Q2 Earnings Reports from Five Tech Giants

In late July 2026, five major US tech giants—Alphabet, Intel, Microsoft, Meta, and Apple—released their Q2 earnings reports. While all companies exceeded revenue and profit expectations, driven by strong AI-related business growth, investor reactions diverged sharply due to concerns over escalating AI capital expenditures (capex) and their impact on free cash flow. Alphabet reported strong revenue growth and a surging cloud business, but its stock fell after announcing a doubled year-on-year capex and negative quarterly free cash flow for the first time. Intel posted its strongest revenue growth in over 15 years, but its stock experienced volatile trading after significantly raising its full-year capex guidance. Microsoft saw its stock surge after beating estimates and, crucially, lowering its capex forecast while projecting positive free cash flow. Meta faced the most severe sell-off as its profits declined despite revenue beats, with free cash flow plunging over 90% and its capex guidance raised. Apple reported record June-quarter results, but its stock plummeted after providing Q4 revenue guidance that fell short of expectations, citing supply chain constraints and forex headwinds. The overall takeaway is that the market's focus has shifted from validating AI demand to scrutinizing the timeline for returns on massive AI investments. Companies demonstrating a clearer path to managing capex and preserving free cash flow, like Microsoft, were rewarded, while those signaling continued aggressive spending faced investor skepticism.

Odaily星球日报Hace 1 hora(s)

When the Market Begins to Question AI Capex: A Full Analysis of Q2 Earnings Reports from Five Tech Giants

Odaily星球日报Hace 1 hora(s)

Trading

Spot