@damianz
Pantera Capital: Winners & Losers Looking Into 2026
Winners
• Stablecoins: Explosive growth in 2025, dominated by USDC & USDT
• Prediction Markets: Volumes surged, with Polymarket leading the sector
• Base: Became the top Ethereum L2 by TVL and users
Losers
• Most Binance-listed tokens sold off heavily post-listing
• Restaking: Product pivots, failed expectations
• DePIN: High costs, slow adoption
• Gaming: Investment value down ~96%, few real successes
Pantera View
• Bearish: CEX tokens (e.g. Coinbase, Kraken) due to unclear utility
• Bullish: Prediction Markets — rising volume + strong integration potential ahead of major events (midterms, World Cup 2026)
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