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
In this wide-ranging conversation, Uniswap Labs COO Mary Catherine (aka MC) Lader discusses the challenges — and opportunities — of decentralized finance (DeFi); business strategy (& competition) in a world of open source; product vs. protocol innovation… as well as organizational structure & collaboration, hiring, metrics, community engagement, app store policies, decentralization, and much, much more.
The conversation — based on an interview with host Sonal Chokshi and founder Q&A live from a16z crypto Startup School earlier this year — also covers how to make decisions on what to innovate on or not; how to move from idea and vision to business; and the transition overall from traditional finance/ tradfi. Before joining Uniswap Labs (which contributes to Uniswap, a protocol for trading and automated liquidity provision on Ethereum) — Lader was a managing director at BlackRock (and chief operating officer of the firm’s digital wealth business and head of its climate tech business); was formerly a fintech entrepreneur; and began her career as an investment analyst at Goldman Sachs.
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As a reminder: none of the following should be taken as investment, legal, business, or tax advice; please see a16z.com/disclosures for more important information — including a link to a list of our investments.