Coinbase Ventures investor Jonathan King has identified four key areas of focus for investment despite a year-on-year decline in crypto startup funding in Q1 2026. King describes the current environment as a "builder's market," with capital increasingly directed towards tokenization, specialized trading platforms, next-generation DeFi, and AI agents. Tokenization trends include the on-chain trading of stocks and commodities, while specialized platforms focus on perpetual and prediction markets. Next-gen DeFi emphasizes capital efficiency and composability, with privacy as a potential key factor. AI agents are expected to drive demand for on-chain payments and automated trading.