State of Crypto 2025 - A Report by a16zcrypto

This report highlights a strong resurgence in the crypto industry driven by both technological and market momentum. Developer activity across key blockchain ecosystems continues to rise, with Ethereum maintaining its dominance while newer platforms like Solana, Base, and Near show significant growth. The report emphasizes that this “builder energy” is fueling innovation across decentralized finance (DeFi), Web3 applications, and infrastructure, setting the stage for mainstream adoption.

Institutional participation has deepened, marked by growing ETF inflows, stablecoin transaction volumes surpassing $12 trillion annually, and a sharp increase in tokenized real-world assets. Meanwhile, privacy-preserving technologies and regulatory clarity are emerging as critical factors shaping the next phase of growth. Despite ongoing volatility, user engagement through mobile wallets and on-chain activity continues to expand globally, suggesting that crypto is evolving from a speculative asset class into an integrated digital economy.

Overall, the report presents 2025 as a pivotal year — where the foundations built during the last market cycle are translating into real-world utility, developer sustainability, and increasing institutional legitimacy. The ecosystem, according to a16z, is maturing into a robust financial and technological layer for the internet’s next generation.

State-of-Crypto-2025-a16z-crypto.pdf

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