Pantera Capital 预测比特币原生金融和 NFT 将在 2025 年推动创新

随着当选总统特朗普暗示支持加密货币政策，该行业正在为充满新想法、改变游戏规则的一年做好准备。

Californian venture capital giant Pantera Capital is expecting Bitcoin-native finance and NFTs to drive innovation in 2025, as real-world assets expand and fintech platforms embrace crypto.

加州风险投资巨头 Pantera Capital 预计，随着现实世界资产的扩张和金融科技平台拥抱加密货币，比特币原生金融和 NFT 将在 2025 年推动创新。

With President-elect Trump hinting at pro-crypto policies, the industry is gearing up for a game-changing year packed with new ideas. Paul Veradittakit, managing partner at Pantera Capital, has shared his take on what’s next for crypto in 2025 in an email newsletter shared with crypto.news.

随着当选总统特朗普暗示支持加密货币政策，该行业正在为充满新想法、改变游戏规则的一年做好准备。 Pantera Capital 的管理合伙人 Paul Veradittkit 在与 crypto.news 分享的电子邮件通讯中分享了他对 2025 年加密货币未来发展的看法。

Pulling insights from the Pantera team, he’s spotlighted eight key trends — some already gaining traction, others just starting to emerge. Here’s a simple glimpse of what might take off this year.

根据 Pantera 团队的见解，他重点介绍了八个关键趋势——其中一些已经获得关注，另一些刚刚开始出现。以下是对今年可能取得的进展的简单概述。

Real-world assets are surging on-chain

现实世界的资产在链上激增

RWAs like private credit, T-bills, and commodities are gaining traction. In 2024, RWAs grew over 60%, reaching $13.7 billion in value. Veradittakit predicts RWAs will make up 30% of the on-chain total value locked in 2025, up from 15% as of January.

私人信贷、国库券和大宗商品等风险加权资产正在获得越来越多的关注。 2024 年，RWA 增长超过 60%，价值达到 137 亿美元。 Veradittkit 预测，到 2025 年，RWA 将占链上锁定总价值的 30%，高于 1 月份的 15%。

“There are specialized companies that manage wallets, minting mechanisms, Sybil sensing, crypto neo-banks, and more, meaning it may finally be possible and feasible to introduce stocks, ETFs, bonds, and other more complex financial products on-chain.”

“有专门的公司管理钱包、铸币机制、Sybil 传感、加密新银行等，这意味着在链上引入股票、ETF、债券和其他更复杂的金融产品可能最终是可能且可行的。”

Paul Veradittakit

保罗·维拉迪塔基特

Private credit is leading the charge, with platforms like Figure adding $4 billion in assets last year. T-bills, too, are increasingly attractive since they generate yield. According to Veradittakit, there’s also potential for more complex financial products like stocks and bonds to join the on-chain space.

私人信贷在这方面处于领先地位，像Figure这样的平台去年增加了40亿美元的资产。国债也越来越有吸引力，因为它们能产生收益。根据 Veradittkit 的说法，股票和债券等更复杂的金融产品也有可能加入链上空间。

Bitcoin-Fi finds momentum

比特币 Fi 找到动力

Bitcoin (BTC) has long held its ground as a layer-1 core network, standing apart from competitors like Ethereum, which 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 into “Bitcoin-Fi,” Veradittakit says.

比特币 (BTC) 长期以来一直坚守着第 1 层核心网络的地位，与以太坊等竞争对手区分开来，后者通过第 2 层解决方案转向去中心化架构，以解决可扩展性问题。但 Veradittakit 表示，2025 年可能会标志着一个转变，Babylon 等协议可能会将所有 BTC 的 1% 推向“比特币 Fi”。

“This year, pushed by Bitcoin-native finance protocols that do not require bridging (like Babylon), high returns, high bitcoin prices, and increased appetite for more BTC assets (runes, Ordinals, BRC20), 1% of Bitcoins will participate in Bitcoin-Fi,” Veradittakit notes.

“今年，在不需要桥接的比特币原生金融协议（如巴比伦）、高回报、高比特币价格以及对更多 BTC 资产（符文、序数、BRC20）的需求增加的推动下，1% 的比特币将参与比特币-Fi，”Veradittkit 指出。

Gateways

网关

Apps like PayPal, Venmo, WhatsApp, and TON — the latter of which is financially supported by Pantera Capital — are quickly becoming key entry points for crypto users, according to Veradittakit. He points out that these platforms make it easier for users to access crypto without locking them into specific protocols.

Veraditakit 表示，PayPal、Venmo、WhatsApp 和 TON 等应用程序（后者由 Pantera Capital 提供资金支持）正迅速成为加密货币用户的关键切入点。他指出，这些平台使用户可以更轻松地访问加密货币，而无需将其锁定在特定协议中。

For instance, WhatsApp users can now send money via stablecoins, thanks to services like Felix, while Venmo has integrated crypto purchases through MetaMask. Veradittakit suggests that given current trends, fintech could soon rival smaller crypto exchanges in the near future:

例如，借助 Felix 等服务，WhatsApp 用户现在可以通过稳定币汇款，而 Venmo 则通过 MetaMask 集成了加密货币购买功能。 Veradittkit 认为，鉴于当前的趋势，金融科技可能很快就会在不久的将来与规模较小的加密货币交易所相媲美：

“Whether intentionally or because of their ability to support third-party apps, every fintech will become a crypto gateway. Fintechs will grow in prevalence and may perhaps rival smaller centralized exchanges in crypto holdings.”

“无论是有意还是因为它们支持第三方应用程序的能力，每个金融科技都将成为一个加密网关。金融科技将变得越来越流行，并可能在加密资产方面与规模较小的中心化交易所相媲美。”

Paul Veradittakit

保罗·维拉迪塔基特

Unichain to lead l2 transactions

Unichain 引领 l2 交易

Uniswap‘s influence in the layer-2 ecosystem could make its upcoming network, Unichain, the leader by transaction volume.

Uniswap 在第 2 层生态系统中的影响力可能使其即将推出的网络 Unichain 成为交易量方面的领先者。

The platform currently accounts for a significant share of activity on existing l2s like 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.”

该平台目前在 Arbitrum（也得到 Pantera Capital 的支持）和 Base 等现有 l2 的活动中占据很大份额。 Veradittkit 表示，如果 Unichain 能够“仅占据 Uniswap 交易量的一半，那么它将轻松超越最大的 l2，成为交易量领先的 l2”。

NFTs will make a comeback

NFT 将卷土重来

Non-fungible tokens are evolving beyond collectables. Per Veradittakit, they’re now being used in gaming, artificial intelligence, identity verification, and consumer apps. Examples include Blackbird’s restaurant rewards app and Sofamon’s web3 bitmojis.

不可替代的代币正在超越收藏品的范畴。根据 Veradittkit 的说法，它们现在被用于游戏、人工智能、身份验证和消费者应用程序。示例包括 Blackbird 的餐厅奖励应用程序和 Sofamon 的 web3 bitmojis。

Veradittakit notes that NFTs can be used not just as ID transactions, transfers, ownership, and memberships but can also be used to represent and value assets, leading to monetary, possibly speculative growth. “This flexibility is what brings NFTs power,” he added.

Veradittkit 指出，NFT 不仅可以用作 ID 交易、转让、所有权和会员资格，还可以用来代表和评估资产，从而导致货币增长，甚至可能是投机增长。 “这种灵活性带来了 NFT 的力量，”他补充道。

Restaking protocols to debut mainnets

重新抵押协议以首次亮相主网

Restaking protocols like EigenLayer and Karak are set to launch their mainnets in 2025, potentially expanding the value and use cases of staking across multiple networks.

EigenLayer 和 Karak 等重新质押协议将于 2025 年推出其主网，这可能会扩展跨多个网络质押的价值和用例。

Restaking allows investors to earn from additional networks, creating value as protocols continue to evolve. Veradittakit admits that while attention on restaking has waned recently, the industry still remains “a multi-billion dollar market.”

重新抵押允许投资者从额外的网络中获利，随着协议的不断发展创造价值。 Veradittkit 承认，虽然最近对重新抵押的关注有所减弱，但该行业仍然是“一个价值数十亿美元的市场”。

Bringing web2 data on blockchain

将 web2 数据带入区块链

A new cryptographic approach is emerging that allows websites to validate and share their data on-chain,

一种新的加密方法正在出现，允许网站在链上验证和共享其数据，