Overview
- The outlook identifies four priorities for investment: perpetual derivatives tied to real‑world assets, specialized exchanges and trading terminals, composable and privacy‑ready DeFi with unsecured credit, and integrations that bring AI and robotics on chain.
- RWA perpetuals are framed as a faster path than tokenization for on‑chain exposure to commodities, macro indicators and private‑market data, with Coinbase Ventures calling this the “perpification” of new markets.
- Market context cited in the thesis includes reported RWA value growth to roughly $36 billion on chain this year and a surge in perp DEX volumes to about $1.4 trillion per month, up around 300% year over year.
- The firm spotlights market‑structure advances such as Solana’s Prop‑AMMs, which Messari estimates handled 13%–24% of 2025 DEX volume and briefly surpassed traditional AMMs, and it expects prediction‑market aggregators to emerge as dominant interfaces.
- Coinbase Ventures says it is actively seeking teams building in these areas, while reports of a Coinbase prediction‑markets site and a Vector tie‑up remain unconfirmed by the company.