Crypto-focused venture capital firm Pantera Capital, which has about $3.8 billion in assets under management, has summed up its 2023 forecast and the future is decentralized finance (DeFi).

The bear market that emerged early last year was worsened by a wave of headline-grabbing exploits and bankruptcies, including the implosion of multi-billion dollar centralized exchange FTX and last week’s filing of crypto lender Genesis, a sister company of CoinDesk’s.

“Pantera has managed blockchain funds through three previous ‘crypto winters’,” noted Pantera CEO and co-CIO Dan Morehead in the forward of his investor letter titled “The Year Ahead.”

“Each one had supposedly catastrophic events. For example, when Mt. Gox went down, it represented 85% market share – much larger than FTX today,” Morehead continued. “Blockchain is going to change the world. It will certainly survive these issues.”