PANews May 5 news, a16z stated that the crypto industry's cycle typically exhibits an evolutionary path of “speculation—construction—settlement”: funds and attention flood in during the peak period, some are wasted, but it also drives the construction of key infrastructure; when the bubble bursts, what remains is often more practical and long-term valuable results.

a16z believes that the current market is in a relatively “calm phase,” but the underlying development signals are some of the most positive in recent years. Among them, stablecoins are seen as the most clear example: although trading volume fluctuates with the market, their usage continues to grow during bear markets, widely applied in savings, cross-border payments, and daily transactions, showing a natural expansion similar to the “network effect.”

In the field of on-chain finance, perpetual contracts, prediction markets, and on-chain lending are also continuously developing, while traditional assets are gradually migrating on-chain, promoting the formation of a new financial system that is “operational around the clock, near real-time settlement, low cost, and globally open.”

On the regulatory front, positive progress is also occurring. a16z points out that policies represented by the GENIUS Act are providing clearer definitions and protection frameworks, helping to enhance consumer safety, increase developer certainty, and pave the way for mainstream institutions to enter.

a16z further emphasizes that in the context of increasingly complex and opaque AI systems and highly centralized internet infrastructure, the features of crypto networks such as “verifiability, global openness, incentive alignment mechanisms, and disintermediation” are becoming more critical. These capabilities have begun to manifest in real-world applications like payment, financial services, creator economies, and decentralized infrastructure.

a16z stated that the newly launched $2.2 billion Crypto Fund 5 is based on this judgment, focusing on supporting entrepreneurs who transform underlying technologies into everyday usable products.

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