In March 2026, Pantera Capital partner Paul Veradittakit published a lengthy article proposing that "cryptocurrency as an industry" is undergoing a profound transformation into "cryptocurrency as a service." This longstanding industry veteran venture capital firm explicitly pointed out that future unicorns will not be born from technological showmanship, but rather from application-layer solutions that make users "forget the existence of blockchain." This judgment is not an isolated opinion but a logical deduction based on the past two years of ETF approvals, infrastructure improvements, and gradually clearer regulations.

In March 2026, Pantera Capital partner Paul Veradittakit published a lengthy article proposing that "cryptocurrency as an industry" is undergoing a profound transformation into "cryptocurrency as a service." This longstanding industry veteran venture capital firm explicitly pointed out that future unicorns will not be born from technological showmanship, but rather from application-layer solutions that make users "forget the existence of blockchain." This judgment is not an isolated opinion but a logical deduction based on the past two years of ETF approvals, infrastructure improvements, and gradually clearer regulations.

What structural changes are currently emerging?

The service model adjustment proposed by Pantera Capital this time centers on repositioning the "value capture" role. Over the past decade, the narrative of the crypto industry has revolved around underlying infrastructure—such as Gas fee optimization, TPS competitions, ZK proofs, and other technical metrics.