Precisely because of this, the choices of the fifth fund of a16z crypto are more significant: within the same parent body, the AI fund is responsible for chasing the wave, while the crypto fund is focused on deepening its stronghold. This pattern of "division rather than transition" subtly contrasts with Paradigm's cross-border integration and Kyle Samani's exit—while peers are either adding or subtracting on the track, a16z chooses to let both legs run independently.

“As the Pricing Power of Infrastructure Networks Gradually Disappears, Is the Crypto Market Entering a Stage of Value Accumulation?”

Currently, the cryptocurrency industry is in a contradictory position: as an industry, our achievements far exceed the wildest imaginations. However, the prevailing sentiment is one of a slump and frustration not seen in a long time. This article will delve into the ongoing "mass repricing."

As AI entities become independent economic actors, the number of economic actors in the global economy will grow exponentially. These entities will require a digitally native financial track, a technology stack capable of handling programmable settlements, high throughput micropayments, permissionless coordination, and minimizing trust identity systems. These principles are the cornerstone of blockchain design.

On March 5, Intercontinental Exchange Group (ICE) announced a strategic investment in OKX, which has a valuation fixed at $25 billion. ICE will obtain a seat on OKX's board of directors, and both parties disclosed a series of joint product plans. Following the news, OKX's platform token, OKB, briefly surpassed 120 USDT, surging over 50% on the day.

This year, major global stock markets have continued to rise, with the Nikkei 225 Index consistently setting historical highs, the South Korean KOSPI at a five-year peak, and the three major US indices oscillating near historical highs. Major global stock markets have accumulated substantial profit-taking, and valuation bubbles are forming.