Source: The Token Dispatch
Author: Prathik Desai
Compiled and Edited by: BitpushNews
We just had a long holiday.
Rather than rushing into the biggest news or staring at price charts to comment on the market, I prefer to start the new year in a more measured way.
Therefore, this article will take you through several core themes from 2025 that impressed me and hold great potential to shine in 2026.
These themes are not exhaustive; they simply represent the topics that occupied most of my thinking space in the crypto and Web3 space over the past year.
Here are the details......
1. Prediction Markets: More Than a Flash in the Pan
I clearly remember the final 45 days before the 2024 US election, where the odds between Harris and Trump fluctuated wildly every day.
The names Polymarket and Kalshi dominated almost all news headlines. Polymarket's monthly trading volume soared to $2.3 billion and $2.6 billion in October and November 2024, respectively, with each single month's volume exceeding the cumulative total before that.
Although trading volume peaked on election day and subsequently fell to an average of around $1 billion per month until September 2025, few foresaw what the next three months would bring.
From October to December 2025, the world's two largest prediction markets—Polymarket and Kalshi—both hit new all-time highs, with trading volumes even surpassing those of the same period during last year's election month.
At the beginning of last year, many began writing "obituaries" for prediction markets, believing they would die out after the election.
However, prediction markets have solidified their position by offering a product that aligns perfectly with human nature: gaming based on speculative skill (which many euphemistically call "monetized speculation"). They simplify complex trading into: "Do you think this event will happen?" Bettors just choose "Yes" or "No".
What drove this wave? A core category: Sports. Additionally, bolstered by politics, economics, and crypto-related events.
Although new account openings and daily active users in prediction markets declined from December 2024 to September 2025, regular sports calendar kept the average daily Open Interest stable at around $100 million during this period.
There is never a shortage of sporting events globally. Coupled with the occasional release of economic data, political games, and fiscal policies, prediction platforms consistently receive a steady inflow of capital.
Combine this reality with "natural timeframes," "24/7 trading," "clear opposing stances," and "ultra-fast settlement," and prediction markets become ubiquitous.
This also explains why brokerages, wallets, and consumer platforms are trying to integrate prediction features. They understand that speculation, once reduced to "one-click," is the most efficient way to acquire and monetize user engagement.
Last year, we saw mainstream listed crypto companies Robinhood (HOOD) and Coinbase (COIN) integrate prediction markets in some form.
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In March 2025, Robinhood directly launched a Prediction Markets Hub within its app, allowing customers to trade on the outcomes of real-world events (including college sports).
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Just in the last week of last year, Coinbase announced its foray into prediction markets as part of its "The Everything Exchange" vision.
Looking ahead to 2026, sports will remain the foundational category driving stable trading volume for prediction markets, while macroeconomic events will provide periodic spikes. How crypto consumer platforms package prediction markets into their existing ecosystems will be the key differentiator for attracting the majority of users.
2. Privacy Stablecoins: Bringing Blockchain Back to Its Peak
For a long time, "privacy" has been a moral pillar of cryptocurrency. Its core advocates defend it as a means of resisting surveillance.
However, most blockchains have an inherent "privacy flaw." The chain provides extreme transparency and maximum composability, which in turn makes privacy-sensitive traditional businesses hesitant.
This is precisely why the corporate world, despite recognizing the advantages of stablecoins—"second-level settlement" and "extremely low cost"—has been reluctant to use them for daily business transactions.
I wrote in a previous article:
"Every stablecoin transfer becomes a ledger entry permanently recorded on a public chain. It allows anyone to monitor the flow of dollars in real time, even though settlement takes seconds and fees are almost zero."
Public ledgers excel at the settlement layer, but their highly transparent nature also leaves all transaction details exposed.
"Stablecoins are faster and cheaper than the traditional systems they compete with, but the treasury managers responsible for payroll and paying suppliers remain wary of switching to the blockchain path."
This situation began to change in 2025.
A new generation of developers is no longer promoting privacy as "complete anonymity," but rather offering blockchains with "selective disclosure." They focus on hiding key information while retaining the advantages of public settlement.
These technologies allow businesses to execute transactions privately, settle on a public ledger, and disclose necessary information only to auditors or regulators. Zero-Knowledge Proofs (ZK), private state, encrypted mempools, and permissioned visibility saw a surge last year; even when the broader market was sluggish, the tokens of these privacy protocols still rallied against the trend.
Crypto privacy can help blockchain evolve from a "niche experiment" to "widely adopted infrastructure."
If you add privacy to blockchain payments, stablecoins, and enterprise applications, what follows is a broader payments revolution. No traditional payment system operates without confidentiality. No company wants to build its core financial workflows on an architecture that defaults to exposing data to competitors.
In 2026, privacy is likely to shed the "rebellious" label given to it by early advocates. Only then can we see blockchain truly replace the inefficient, high-cost traditional systems that businesses are still trapped in today.
3. Crypto's "Unbundling" Narrative Nears Its End
For most of the past decade, "unbundling" has been a core narrative promise of cryptocurrency.
Banks were unbundled into basic modules, and basic modules were unbundled into protocols.
Builders followed a logical model: break down monolithic, giant financial institutions into modular, composable building blocks, allowing users to build their own financial systems.
By 2025, it gradually became clear that the unbundling model, while serving developers and early adopters, overwhelmed other users. Most users are not willing to manually string together a dozen protocols just to perform five basic, repetitive financial operations.
When users hold funds, transfer funds, invest, or speculate, they need less friction. This realization marks the beginning of a re-bundling of the unbundled crypto world.
In 2025, we saw top crypto companies trying to integrate fragmented crypto experiences into unified, coherent applications. This was particularly evident in companies that already had advantages in user reach, compliance, and capital.
Over the years, Coinbase has gradually accumulated a series of businesses including custody, spot trading, derivatives (via the acquisition of Deribit), staking, wallets, payments, and developer tools. The company announced its "Everything Exchange" vision, serving all users through a one-stop app—whether they want to access a wallet, market, or protocol.
In 2025, top crypto companies纷纷 tried to compress the fragmented crypto experience into a coherent app. This trend was particularly evident in those companies that occupied traffic inlets, compliant status, and capital advantages:
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Coinbase: Over the years, Coinbase has accumulated custody, spot trading, derivatives (via the acquisition of Deribit), staking, wallets, payments, and developer tools. Last year, the company announced its "Everything Exchange" vision, aiming to provide users with a one-stop app, whether users want to access a wallet, market, or protocol.
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Robinhood: Starting as a zero-commission broker, its empire now encompasses stocks, options, cryptocurrencies, gold, retirement accounts, cash management, and prediction markets. Its users are retail users who want to manage their entire financial lives with minimal friction. In this context, "bundling" becomes a rational economic choice.
Once protocols mature, distribution becomes the moat. Places where traffic aggregates begin to generate network effects, making it easier for companies to monetize users across various products under one roof.
Summary Outlook:
This year, the crypto space will still generate a lot of noise and bubbles, as well as many "brilliant ideas" that seem like they might only last three weeks. But some of the ideas we saw last year—perhaps those that didn't attract much attention and seemed a bit boring—will change the way businesses and individuals use blockchain products in 2026.
This year, we will continue to monitor these developments and break down the stories behind them for you.
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