Dragonfly Managing Partner Haseeb Qureshi published predictions for cryptocurrency in 2025 on X, divided into six parts: L1/L2, token issuance, stablecoins, regulation, AI agents, and the combination of crypto and AI, as follows:
1. L1/L2
- The distinction between L1 and L2 is fading. Users can no longer perceive the difference between L1 and L2 (did they ever perceive it?). The blockchain space (combined L1 and L2) has become overly crowded and is about to undergo a major reshuffle. Integration will no longer be about technical superiority but about having a unique niche market and building stickiness through GTM;
- Despite the strengths of SVM and Move, EVM's market share will grow in 2025, driven by Base, Monad, and Berachain;
- Solana will push more blockchains to optimize for low latency, and we will shift from a battle of TPS to a battle of latency;
2. Token Issuance
- The meta of everyone doing massive airdrops through points programs is over, and we are moving towards a two-track world:
- First track: If a project has a clear North Star metric, they will distribute tokens entirely based on points;
- Second track: Projects without a clear North Star metric (like L1 and L2) will turn to crowdfunding, and they may do small-scale airdrops to reward social contributions, but most tokens will be distributed through crowdfunding;
- Meme coins will continue to cede market share to 'AI agent' tokens, which I believe represents a shift from financial nihilism to financial over-optimism;

3. Stablecoins
- The use of stablecoins will surge, especially among small and medium-sized enterprises. Not just for trading and speculation, real enterprises will start using on-chain dollars for instant settlement;
- Banks are noticing this: it is expected that by the end of 2025, announcements of banks issuing stablecoins will be seen, as they do not want to fall behind. But especially under the circumstance of Lutnick serving as Commerce Secretary, Tether will remain in the lead;

- Ethena Labs is expected to attract more capital, especially as government bond yields continue to decline in the coming year;
4. Regulation
- The U.S. will pass stablecoin legislation, while broader market infrastructure reforms (FIT21) are delayed. The adoption of stablecoins is accelerating, while Wall Street's adoption, asset tokenization, and other TradFi integrations will lag;
- Under Trump's leadership, Fortune 100 companies will be more willing to offer cryptocurrency to consumers, and tech companies and startups will show a higher risk appetite. Trump's inauguration will create a noticeable regulatory fest until clear rules and enforcement priorities are established. During this time, cryptocurrency integration is expected to actively expand into Web2 platforms;
5. AI Agents
- The 'AI agent' craze may last until 2025, but it will ultimately fade. This is not a long-term disruptive force that AI needs to watch out for, but it will become a focal point for CT due to its social nature;

- These things are not true agents, but chatbots attached with meme coins; apart from posting on X, they have almost no agent capabilities. Current 'AI agents' are mostly backed by humans ensuring that AI does not go out of control. This situation will not change quickly, as current agents are too unstable (even Fortune 100 companies have not yet used agents in production);
6. The practical integration of cryptocurrency and AI
- AI's impact on cryptocurrency is a major direction, but cryptocurrency will also impact AI;
- Truly autonomous agents will make payments to each other using cryptocurrency. Once there are relaxed stablecoin regulations, you will start to see even large companies running AI agents using stablecoins for agent-to-agent payments because they are easier to initiate than bank accounts;
- We will also see more large-scale decentralized training and inference experiments;

- Another area where cryptocurrency and AI will intersect is user experience. Post-AI wallets will be completely transformed, and AI-driven wallets should be able to handle bridging, optimizing transaction paths, minimizing fees for you, masking interoperability issues or frontend errors, and helping you avoid obvious scams or fraud. You won't need to switch back and forth between multiple wallets, nor change RPC or rebalance your stablecoins. This may not become reliable enough to change the cryptocurrency user experience until 2026.
- This field is still in its early stages, and in the long run (like mid-2026), it is expected that this will be where most of the market value of 'AI x Cryptocurrency' resides.

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