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
Web3 ushered in new innovations in governance, from frameworks for organizing people to systems for making collective decisions across distributed systems – but how did we get here? The history of web3 governance systems is an offshoot of the history of governance systems more broadly. In this talk, a16z crypto Deal Partner Porter Smith traces innovations in governance through time; and tracks the emergence of web3 governance through NFT communities, DAOs, and more.