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
a16z crypto’s CTO delves into the world of tokens, outlining various token categories — including memecoins, stablecoins, arcade tokens, and network tokens. He shares the differences and similarities between token types, and also the path to progressive decentralization, in this talk (first delivered at our Crypto Startup Accelerator).