In my opinion, this is actually a prediction of future industry hotspots by top VCs.
For us retail investors, the smartest approach is to see what top institutions are holding and then follow suit.
This report likely hides the wealth code for next year.
I have already distilled the core content, and I hope my brothers can grasp the early trends after reading it.
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Section One: RWA Perpetual: Everything Perp-ized
The enthusiasm for RWA remains, but Coinbase's perspective is quite interesting:
Real breakthroughs will not come from 'asset on-chain', but from RWA perpetual contracts.
▰ No need to custody real assets
▰ Can market anything
▰ Meet traders' demand for macro exposure
Everything can be Perp. The next generation of multi-asset derivatives giants will emerge on-chain.
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Section two: Specialized trading structures & prediction market trading terminals
1. Innovative market-making mechanisms
▰ Solve the problem of AMM LP being eaten by toxic flow
▰ Solana's Prop-AMM is the direction they are most interested in
▰ Promote market structure innovation without relying on underlying upgrades
2. Specialized trading terminals for prediction markets
Prediction markets are among the few truly consumer-grade explosive crypto applications, but liquidity fragmentation is severe.
Coinbase's optimistic future is:
A unified terminal aggregating all prediction markets.
Includes professional tools such as multi-platform odds, routing, charts, arbitrage, position tracking, etc.
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Section three: Next-generation DeFi (stronger, deeper, closer to real finance)
1. Perp's composability
Perpetual exchanges are no longer isolated; they will combine with lending and yield structures to enhance capital efficiency.
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2. Uncollateralized credit lending
▰ On-chain identity + off-chain data
▰ Benchmarking against the US $1.3T revolving credit market
The difficulty lies in the risk model, but once breakthrough is achieved, DeFi will truly replace traditional finance.
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3. On-chain privacy
Privacy is the essential infrastructure for Web3 to go mainstream.
▰ Institutional & advanced users' necessities
▰ ZKP, FHE, MPC, TEE flourishing in all directions
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Section four: AI × Crypto: New opportunities for robots, identity, and human-machine interfaces
1. Data networks for robot training
▰ Physical interaction data is extremely scarce
▰ The DePIN model may become the data engine for the robotics industry
2. Proof of Humanity
When AI content becomes rampant, human authenticity (Human provenance) will become the internet's infrastructure.
http://3.AI-assisted on-chain development
Smart contract development will welcome the 'Copilot moment.'
▰ Automated generation, automated auditing, automated monitoring
▰ Non-technical founders can launch businesses in hours
Once realized, it will unleash a new wave of on-chain application explosions.
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Finally, let’s summarize
This list from Coinbase essentially provides a roadmap:
The next wave of giants will appear in — multi-asset derivatives, prediction market terminals, advanced DeFi, robot data networks, human authentication, and AI-driven on-chain development.#coinbase