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 business models – incentive design, value creation, value capture, and more – are an exciting and still-evolving challenge for founders. Harvard Business School professor and a16z research partner Scott Kominers walks founders through this additional layer of complexity, from what makes web3 business different to frameworks for creating sustainable competitive advantage.