This is the year the world came onchain.
When we launched our first State of Crypto report, the industry was still in its adolescence. The total crypto market was worth about half what it is today. Blockchains were much slower, more expensive, and le
Each year, the State of Crypto report from a16z crypto cuts through the noise and tracks crypto’s evolution across markets, technology, policy, and culture.
Now in its fourth edition, the 2025 State of Crypto report reveals how crypto has gone ma
How does crypto fit into a broader analytic and economic framework?
According to noted economists (and authors of the highly influential economics blog Marginal Revolution) Tyler Cowen and Alex Tabarrok, crypto is one of the economics ideas that has been discussed the most over the past decade… yet is still not a common topic in principles of economics classes.
So in this new chapter of their popular textbookModern Principles of Economics, the economists examine crypto through the lens of economic reasoning, and explain smart contracts, bitcoin, DeFi, NFTs, and the possible “tokenization of everything”. Cryptoeconomics not only combines cryptography and economics to produce new methods of communication, cooperation, and organization – but, the authors argue, “we might say that cryptoeconomics brings the invisible hand to computation”.