Coinbase's "2026 Investment Outlook" summarized by Gemini The market is shifting from simple infrastructure construction to the deep implementation of high capital efficiency financial instruments and AI proxy economy. The Four Alpha Narratives of 2026 1. RWA 2.0: Perpification of Everything Core transformation: Say goodbye to inefficient asset tokenization and embrace synthetic asset perpetual contracts. Narrative focus: Synthetic exposure: No need to hold physical assets, directly trade off chain assets (such as private company equity, CPI data, and assets that are difficult to tokenize due to regulation) through Perp. Macro on chain: Traders no longer only long cryptocurrency assets, but need to hedge macro risks (oil prices, inflation rates, credit spreads) through on chain tools. Keywords: Synthetic RWA, Macro Trading 2. Evolution of Market Structure: Specialized Exchanges Pain point: General DEX cannot meet specific needs. Narrative focus: Predictive Market Aggregator: Integrating dispersed liquidity (such as Polymarket and others), providing a unified odds view and trading entry. Prop AMMs (such as Solana): a market making mechanism designed specifically to protect LPs and prevent toxic traffic arbitrage. Keywords: Prediction Aggregators, LVR Mitigation DeFi 3.0: Next Gen DeFi Core transformation: Ultimate capital efficiency and reputation finance. Narrative focus: The composable Perp market allows for yield bearing collateral while maintaining leveraged positions. Unsecured Credit: Based on on on chain historical behavior and reputation lending, rather than over collateralization, breaking the limitations of DeFi that only serves speculation. Keywords: Capital Efficiency, Onchain Reputation 4. Agentic Web: On chain infrastructure between AI and robots Core transformation: AI transforms from an auxiliary tool to an on chain economic entity. Narrative focus: AI Agent Tool: AI independently writes, audits, and monitors smart contracts, reducing development barriers. DePIN for Robotics: Utilizing a decentralized network to collect embodied AI data from the physical world, solving the problem of data silos in robot training. Proof of Humanity: An encrypted infrastructure for verifying the identity of "real people" in the era of AI proliferation. Keywords: AI Agents, DePIN, Sybil Resistance Coinbase's bet for 2026 is very pragmatic - not just 'going live', but 'trading more efficiently'. Original text: https://www. (coinbase.com)/zh-cn/blog/Coinbase-Ventures-Ideas-we-are-excited-for-in-2026