⚡️If you could know in advance where the next batch of billion-dollar projects would occur, what would you do?

I suggest that those without direction right now should take a look at Coinbase Ventures' latest release, "2026 Investment Outlook," which presents very clear viewpoints:

2026 will be a year where on-chain finance, on-chain infrastructure, and AI intersect. The next batch of breakthrough projects will likely come from the following four major directions:

1⃣ RWA Perpetual Contracts: From Tokenization to Universal Perpetualization

Coinbase believes that the next stage of RWA will not stop at tokenization but will shift towards providing synthetic exposure through perpetual contracts.

Perpetual products do not require holding the underlying asset and can be launched quickly, making them suitable for a wider range of asset classes, including:

Private company equity

Commodities, economic data

Credit spreads, inflation expectations, volatility, and other macro indicators

RWA perpetuals will become a key hub connecting off-chain assets with on-chain liquidity.

2⃣ Specialized Trading Terminals: Upgrading On-Chain Market Structure

With the maturity of perpetual contract DEXs and app-chains, Coinbase is more focused on the evolution of "market structure" rather than just simple trading UIs.

Key focus areas include:

Prop-AMM (Proprietary AMM): Protecting market makers and isolating predatory order flow

Specialized trading terminals: Unifying liquidity and odds across different platforms, providing advanced trading tools

Cross-platform smart routing and position management

The goal is to elevate the on-chain trading experience to an institutional level.

3⃣ Next-Generation DeFi: From Single-Point Protocols to Composable Systems

Coinbase believes that the focus of DeFi is undergoing a structural change, with core trends including:

1) Perpetual × Lending Composability

Traders can earn collateral yields while maintaining leverage, improving capital efficiency.

Hyperliquid and Lighter have already achieved this type of integration.

2) Unsecured Loans and On-Chain Credit

2026 is expected to see the emergence of new credit models that combine on-chain reputation with off-chain data.

This will be the next large-scale infrastructure for DeFi.

3) Privacy Becomes Standard

Technologies such as ZKP / FHE / MPC will drive the implementation of private order books, privacy payments, and privacy lending.

4⃣ AI and Robotics: Transformations in Data, Identity, and Development Methods

Coinbase proposes three major directions:

Robotics × DePIN: Utilizing on-chain incentives to collect physical interaction data for embodied AI training

Proof of Humanness: Addressing identity verification challenges brought about by the proliferation of AI-generated content

AI Agent Development Tools: Smart contract development will experience a "Copilot moment," encompassing everything from automatic generation to automatic auditing

These tools may directly change the thresholds and speed of on-chain development in 2026.

The original text can be found here: https://www.coinbase.com/zh-cn/blog/Coinbase-Ventures-Ideas-we-are-excited-for-in-2026

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