web3 with a16z crypto

The Data Behind Crypto's Breakout Year

30 snips
Nov 1, 2025
Guest
Eddy Lazzarin
Guest
Daren Matsuoka
Daren Matsuoka, Head of Data and Fund Strategy at a16z Crypto, shares insights from the 2025 State of Crypto report, exploring market shifts, institutional adoption, and the evolving role of stablecoins. Eddy Lazzarin, a16z Crypto's CTO, offers technical perspectives during a Q&A session. They discuss the convergence of crypto and AI, the growing demand for privacy technologies, and the future of tokenization in bridging traditional finance. The conversation highlights the maturation of the crypto space and strategies for developers in the upcoming bull market.
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INSIGHT

Crypto Hits Maturity Inflection

  • Crypto reached a new level of maturity in 2025 with market cap, infrastructure, and institutional moves aligning.
  • These combined forces create a durable foundation for mainstream adoption and developer-driven growth.
INSIGHT

Estimating Active On-Chain Users

  • Monthly on-chain active users are roughly 40–70 million, a 10 million increase year-over-year.
  • This remains a small share of holders but indicates steady organic growth in usage.
INSIGHT

Institutions Move From Exploration To Commitment

  • 2025 became the year of institutional adoption with ETFs, DATs, and firms holding sizable token allocations.
  • ETFs and public treasury companies aggregated significant supply, increasing institutional capital flow into crypto.
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