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Robert Hackett

Sonal Chokshi

a16z crypto

"web3 with a16z" is a show about the next generation of the internet, and about how builders and users -- whether artists, coders, creators, developers, companies, organizations, or communities -- now have the ability to not just "read" (web1) + "write" (web2) but "own" (web3) pieces of the internet, unlocking a new wave of creativity and entrepreneurship. Brought to you by a16z crypto, this show is the definitive resource for understanding and going deeper on all things crypto and web3. 

From discussing the latest and leading trends to sharing research, data readouts, and insights from top scientists and makers in the space, this is a variety show with a variety of formats and topics listeners can pick and choose from. It is hosted by the longtime showrunner of (and original team behind) the popular a16z Podcast. Learn more at a16zcrypto.com.

web3 with a16z crypto

with @DarenMatsuoka @eddylazzarin @rhhackett

Each year, the State of Crypto report analyzes the data — cutting through the noise — to track crypto’s evolution across markets, technology, policy, culture, and more. Now in its fourth edition, the 2025 State of Crypto report reveals how this once-fringe technology has hit recent all-time highs and gone mainstream — from stablecoins and tokenized assets to rapid adoption by major financial institutions.

In this episode, we dig into the findings and themes from this year’s report with lead author Daren Matsuoka, a16z crypto’s head of data and fund strategy; and Eddy Lazzarin, a16z crypto’s chief technology officer. We talk about what’s changed since last year, why stablecoins are “suddenly” taking over, and how institutions — from fintechs to legacy banks — are embracing crypto technologies.

We also look ahead at trends like: 

 • AI and crypto (and where the jobs are moving);
 • why stablecoins have gone mainstream
 • institutional adoption — from Stripe and Visa to BlackRock and Robinhood
 • privacy on public blockchains
 • tokenization of real world assets
 • bitcoin’s resurgence and the rise of "digital gold"
 • where developer energy is going
 • what’s really happening with memecoins, perps, and prediction markets
 • the changing regulatory environment in the U.S.
 • and what the next phase of crypto’s “adulthood” might look like — what happens next year when crypto turns 18

Timestamps

00:00 Introduction

02:39 Overview of the 2025 State of Crypto Report

05:04 The Evolution and Mainstreaming of Crypto

08:27 Crypto’s Market Cycles and All-Time Highs

12:08 The Price-Innovation Cycle (and Its Dislocation)

15:40 Memecoins, Stablecoins, and Entrepreneurs

17:25 AI and Attracting Tech Talent

21:18 Crypto Adoption and User Metrics

26:58 Airdrops, Farming, and Changing Metas

31:24 Bitcoin’s Resurgence and Store of Value

42:09 Institutional Adoption and Market Dynamics

50:08 The Evolution of Stablecoins

54:20 The Growing Role of Stablecoins in the Global Economy

01:00:54 The Importance of Privacy in Crypto

01:08:46 Tokenization of ‘Real World Assets’

01:20:46 Perpetual Futures and Prediction Markets

01:29:41 Outlook for the Future

📊 Download the full State of Crypto 2025 report and explore our interactive dashboard to track the industry’s key metrics.

📩 Subscribe for more industry reports, trend updates, news analysis, builder guides, and other resources.from a16z crypto: https://a16zcrypto.substack.com/subscribe/ 

🎙️ Like, subscribe, comment, share the show: https://a16zcrypto.com/posts/podcast/ 

***

As always, none of the following should be taken as investment, business, legal, or tax advice. Please see a16z.com/disclosures for more important information, including a link to a list of our investments.

 
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

State of Crypto 2025: The Latest Data, Trends, and Themes Revealed

Prediction markets are a hot topic again — even cartoon characters are talking about them (South Park). But beyond the buzz, what is a prediction market, exactly? How do they work, how are they designed, and what makes them work?

We answer all these questions and more in this deep-dive featuring experts Alex Tabarrok (professor of economics at George Mason University) and Scott Kominers (a16z crypto research partner and Harvard Business School professor), in conversation with Sonal Chokshi.

While we originally covered this topic during last year’s election, the discussion is more relevant than ever today, as we go into the claims people make about prediction markets — what they’re good for (and not); how they fit in with other trends like AI, futarchy, and the crisis in scientific publishing; and where blockchains and crypto come in.

This is your definitive explainer on the topic.

for transcript, links, and more: https://a16zcrypto.com/posts/podcast/prediction-markets-explained/ 

As a reminder: None of the following should be taken as business, investment, legal, or tax advice; please see a16z.com/disclosures for more important information.

 
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Prediction Markets -- Everything You Need to Know

with @AriannaSimpson @jacqmelinek

Crypto is known for its high and low market cycles: What must founders know — and what can they do — to survive the swings?

In this episode, we unpack the lessons of past crypto cycles and how they shape the current wave of building — from stablecoins to AI x crypto. We also dive into the founder journey: from raising money and staying committed in 2025, to handling copycat competitors, cofounder disputes, growing too fast (or slowly), and more.

You'll hear from a16z crypto General Partner Arianna Simpson, who has spent over a decade investing in crypto. She joins Jacquelyn Melinek, cofounder & CEO of Token Relations and host of the Talking Tokens podcast, where this conversation first aired, and which we’re excited to share with you here. 

Timestamps

0:00 Introduction

1:19 Arianna Simpson's Crypto Origin Story

3:23 Market Cycles & Investing Priorities

5:52 Interrogating the Stablecoin Trend

13:25 Intersection of AI x Crypto

17:49 The Role of Blockchains for Authenticity and Verification

23:07 Future of AI Agents and Monetization Models

27:23 Traits of Successful Crypto Founders

30:05 Challenges and Changes in Fundraising

33:57 Current State of the Market

37:33 Advice for Founders:

 • Pivoting when PMF is missing
 • Raising capital after bootstrapping
 • Competing with copycats
 • Cofounder disputes and breakups
 • Growing too fast & scaling pains

47:52 Conclusion

***

📩 Subscribe for more from a16z crypto: https://a16zcrypto.substack.com/subscribe/ 

🎙️ Like, subscribe, comment, share the show: https://a16zcrypto.com/posts/podcast/

***

As always, none of the content should be taken as investment, business, legal, or tax advice. Please see a16z.com/disclosures for more important information, including a link to a list of our investments.

 
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Surviving Market Cycles & Startup Lessons for Founders

with @eddylazzarin @milesjennings @JasonYanowitz

Welcome to web3 with a16z crypto. Today’s episode is on a super timely topic: How to design, govern, and grow decentralized networks in today’s changing policy landscape. It covers:

 • Why the 
“ • foundation era
” • of crypto is ending — and what comes next with 
DUNAs • and 
BORGs • How U.S. policy shifts are creating real rules of the road
 • The difference between 
network tokens vs. company tokens • (and why it matters for investors, builders, and other participants)
 • When protocols should 
flip the fee switch • and start generating revenue
 • Common mistakes founders make when launching tokens and structuring projects

To unpack it all, you’ll hear from Miles Jennings, head of policy and general counsel at a16z crypto, and Eddy Lazzarin, a16z crypto’s CTO, in conversation with Jason Yanowitz, cofounder of Blockworks and host of the Empire podcast (where this conversation first aired) ... and which we’re excited to bring to you here.

Timestamps

0:00 Introduction

3:14 Regulatory Progress and Optimism in DC

9:34 The Problem with Offshore Foundations

13:58 The End of the Foundation Era

27:29 DUNAs and BORGs: New Legal Structures

38:42 Understanding Network Tokens

43:42 Network Tokens: Beyond L1 and L2

48:37 Company Tokens: Evolution and Challenges

51:09 The Legal Landscape of Token Offerings

1:04:25 Turning on the Fee Switch: When and Why

1:12:47 Balancing Portfolio Needs and Regulatory Clarity

1:15:36 Common Questions from Founders

1:20:17 Conclusion
 

📩 Subscribe for more from a16z crypto: https://a16zcrypto.substack.com/subscribe/ 

🎙️ Like, subscribe, comment, share the show: https://a16zcrypto.com/posts/podcast/ 

***

As always, none of the content should be taken as investment, business, legal, or tax advice. Please see a16z.com/disclosures for more important information, including a link to a list of our investments.

 
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

After the Foundation Era: Tokens, Policy, and Startup Structures

with @nayafia and @smc90 

Ideas, memes, and vibes are some of the most important drivers of modern technology adoption, marketing, and much more -- and have been much-covered by everyone from Darwin to Dawkins to Girard to many others. Yet the topic of antimemetics -- self-censoring (vs. self-propagating) ideas -- whether something fringe, forgotten, or forbidden -- haven't been studied as much, especially in the context of modern networks. 

So in this special book-launch episode, we cover the important concept of antimemetics (and memetics) -- focusing on: 

 • where and how ideas take off in groups, whether in online chats or other high-shared context communities; 
 • how ideas not just spread but are contained, or mutate in strange ways; 
 • why packaging ideas matters; and 
 • what we can all do to move ideas to action. 

Where do bureacracy, institutions, and protocols come in? What about tacit knowledge that lies in these communities, how (or do) we make it explicit? What roles -- from truth tellers to champions to individual nodes in networks -- can and do people play in making something go from mere commentary to reality? After all, ideas -- or ideas as viruses -- are how movements happen, how innovation happens, how things change... or don't ever change despite being discussed all the time. 

Our expert guest in this special book episode (following in our long tradition of sharing what we're reading) is Nadia Asparouhova, the author of the new book, Antimemetics: Why Some Ideas Resist Spreading; she is also the author of the book Working in Public: The Making and Maintenance of Open Source Software. a16z crypto's Sonal Chokshi -- who previously hosted Nadia's book-launch episode for the a16z Podcast and almost a decade before that on the changing culture of open source -- interviews Nadia on these themes, how they connect, and why they matter for the crypto industry and beyond. We also dig into some critiques -- and opportunities for builders -- too, including what happens to the public commons; network propagation including across networks; reality distortion fields; hidden knowledge; and cultural stagnation vs. cultural abundance. All this and more in this episode of web3 with a16z! 

 
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The antimemetics (and memetics) of making ideas happen -- in crypto and beyond

with @rhhackett @milesjennings @BenNapier & Michael Reed

Today we're talking about the passage of the GENIUS Act — that's the "Guiding and Establishing National Innovation for US Stablecoins Act" — which provides clear rules of the road for stablecoins in the U.S. We cover the law's implications, the recent high-stakes vote in the House of Representatives, and the bipartisan efforts to pass this groundbreaking bill.

We also touch on the CLARITY Act — a major new “market structure” bill that would establish a clear regulatory framework for digital asset markets — which the House also passed with bipartisan support and which is now headed to the Senate.

Here to separate the signal from the noise are members of the a16z crypto team who had a front-row seat to the action. We've got Miles Jennings, a16z crypto's General Counsel and Head of Policy, plus a16z Government Affairs Partners Ben Napier and Michael Reed, who are responsible for liaising with House Republicans and House Democrats, respectively. They share the inside scoop.

Timestamps:

(0:00) Introduction

(1:01) Understanding the GENIUS Act

(3:56) News Summary: What Happened in the House

(5:45) Central Bank Digital Currency (CBDC) Contention

(7:01) House Vote Drama: Republicans

(9:31) House Vote Drama: Democrats

(14:28) Winners and Losers

(16:01) Decentralized Stablecoins and SEC Involvement

(17:49) CLARITY Act and Future Legislation

(21:47) Looking Ahead

Resources:

The GENIUS Act • [full text]
Clear rules for stablecoins and the road ahead • by Chris Dixon (a16z crypto, July 2025)
The CLARITY Act — Why it matters, what to know, and what to do • by Miles Jennings and Aiden Slavin (a16z crypto, July 2025)

***

As a reminder, none of the content should be taken as investment, business, legal, or tax advice. Please see a16z.com/disclosures for more important information, including a link to a list of our investments.

 
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

GENIUS Becomes Law: What It Took to Pass the First Rules for Stablecoins in the U.S.

with @rhhackett @SamBroner @skominers @liz_harkavy @CarraWu @jay_drainjr @mg_486662

Today's episode is a special one. It's a round table on some of the most compelling ideas at the intersection of AI and crypto, sourced from members of the a16z crypto team. You're going to hear from builders, researchers, and deal makers who are all wrestling with the big question: How will these two powerful technologies collide, and what happens when they do?

First, Investment Partner Sam Broner makes the case for giving AI agents universal identities. Then Research Partner Scott Kominers presents how crypto can provide AI with levels and layers of rich context. You'll also hear from Investment Partners Liz Harkavy on AI monetization models; Carra Wu on the next evolution of web crawlers; Jay Drain on proving personhood online; and finally, Security Engineer Matt Gleason on how crypto turns internet advertising on its head.

This is a tour of big, fresh ideas that hint at what an internet of the near future could look like. For the full list of ideas, check out our recent AI x crypto crossovers package, which you can find at a16zcrypto.com.

Timestamps

(0:00) Introduction

(1:44) Universal Identity for AI Agents

(5:25) Why Crypto Makes a Difference

(10:07) Context in AI: Memory and Interoperability

(15:00) Vibe Coding Applications

(19:32) Registries with Global Context

(21:47) Honkaku Mystery Novels

(24:13) Monetization Models for AI x Crypto

(28:36) Overcoming Technical Challenges

(31:34) AI Agents and the Rise of Web Crawlers

(36:05) Collapse of the Social Contract

(39:21) AI Bots and Blockchain Solutions

(44:31) Proof of Personhood: Ensuring Human-ness

(50:41) Future of Personalized Advertising

(1:01:54) Final Thoughts

***

As a reminder, none of the content should be taken as investment, business, legal, or tax advice. Please see a16z.com/disclosures for more important information, including a link to a list of our investments.

 
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

11 Ideas for AI x Crypto

with @rhhackett @smc90 @stephbzinn @tim_org

In a now-annual tradition, the a16z crypto editorial team discuss themes (and picks) from a16z crypto's latest reading list, as well as books we keep re-reading, childhood favorites, classics, adaptations on adaptations -- in book and movie form! -- and much more.

What genres are we reading now, how, and why? How is technology -- from AI and ChatGPT to the internet and audio -- changing reading? And why are certain themes in the zeitgeist right now? Is all non-fiction just fiction now, and should we lean in to this for education? Are the kids alright?

From irony, truth, and why context matters, to Machiavelli to Formula 1 to nautical non-fiction to memoirs, this episode has it all...

check out our "what we're reading" lists, podcasts, and more here:
https://a16zcrypto.com/posts/tags/what-were-reading

 

 
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

What We're Reading & Technology Changing Reading

with @DarenMatsuoka @rhhackett

Today we've got a midyear market update and news episode for you. 

At the end of last year, our guest — and resident data weatherman — Daren Matsuoka put out a post on "5 metrics to watch in 2025." Most of the metrics that Daren picked measure how crypto's adoption: from mobile wallet usage and onchain transaction fees to volume across stablecoins, decentralized exchanges (or DEXs), and exchange traded-products. Now that we're about midway through 2025, it's a great time for an update. 

Timestamps:

(0:00) Introduction

(2:27) Chart 1: Monthly Mobile Wallet Users

(6:16) Chart 2: Adjusted Stablecoin Transaction Volume

(10:01) Chart 3: ETF Net Flows for Bitcoin and Ethereum

(13:30) Chart 4: Decentralized vs Centralized Exchange Volume

(15:50) Chart 5: Total Transaction Fees

(21:46) Emerging Metrics and Industry Insights

(25:07) Recent Industry News and Developments

(27:13) Conclusion

Relevant news:

 • Circle, issuer of the USDC stablecoin, went public on the New York Stock Exchange exchange on June 5 and there was extremely strong demand for the company's offering.
 • Stripe announced on June 11 that it would be acquiring a crypto company, Privy, which helps companies create crypto wallets — adding to Stripe's earlier acquisition of Bridge, which helps companies work with stablecoins.
 • Shopify partnered with Stripe and Coinbase to enable merchants to accept USDC payments.
 • Coinbase has a new credit card in partnership with American Express, which gives you Bitcoin rewards.
 • The French bank Société Générale announced plans for a dollar-backed stablecoin that will run on Ethereum and Solana with BNY Mellon acting as custodian for the reserves.
 • JPMorgan Chase plans to launch a U.S. dollar “deposit token” called JPMD on Coinbase's Base network.

If you enjoyed this episode, stay tuned for our annual big State of Crypto Report, which we'll drop in the fall. If you want more from Daren, you can follow him @DarenMatsuoka on X or visit a16zcrypto.com to read his posts, including the one we talked about today.

***

As a reminder, none of the content should be taken as investment, business, legal, or tax advice; please see a16z.com/disclosures for more important information, including a link to a list of our investments.

 
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

5 Charts That Explain Crypto Right Now

with @MinarikLaw @EMinSF @rhhackett

Imagine waking up one day to find your bank account frozen. No warning. No explanation. No recourse.

This is not a thought experiment. It’s a real situation. And it’s happened not just to crypto companies and their founders, but to ordinary people who are just trying to live their lives. That includes our guest today, who learned firsthand what it means to be “debanked.”

In this episode, we talk about the unseen algorithms that monitor people’s accounts, the ramifications of the Bank Secrecy Act, and how crypto and decentralized finance may offer a much-needed check — and safety net — against the opaque systems of traditional finance.

Joining us are:

Uniswap Labs’s Chief Legal Officer • 
Katherine Minarik • , who shares her personal story of being debanked and what it taught her.
a16z crypto Finance and Operations Partner • 
Em Westerhold • , who helps founders navigate these issues, and who has tracked dozens of instances of debanking across our own portfolio.

A big thank you to Katherine for trusting us to share her story, which you can read a first-hand account of in an op-ed she contributed to a16zcrypto.com earlier this year. Find that and more below.

Timestamps:

(0:00) Introduction

(2:03) The Problem of Debanking

(5:58) Debanking: A Personal Story

(7:33) Understanding the Bank Secrecy Act

(11:53) The Information Vacuum

(16:55) The Impact on Crypto Companies

(20:07) Addressing Skeptics

(22:07) Banks: Good vs. Bad

(27:35) The Scariest Moment

(36:17) "Operation Chokepoint 2.0"

(38:08) History of the Bank Secrecy Act

(44:04) Security Theater

(45:31) What Would You Change?

(48:45) The Impact of Financial Consolidation

(49:30) Crypto as Banking Solution

(53:02) Is Debanking Still Happening?

(58:35) Unresolved Mysteries

(1:01:47) One More Debanking Story

(1:08:07) Conspiracy or Coincidence?

(1:09:39) It Shouldn't Be This Hard

(1:11:18) Out From Under the SEC's Cloud

(1:14:23) The Urgent Need for Legislation

(1:17:26) Possible Tech Futures

(1:19:33) Advice for Founders

(1:22:04) Final Thoughts

Resources:

Anyone can get debanked. DeFi is a critical safety net • by Katherine Minarik (a16z crypto, February 2025)
This op-ed is part of a bigger package of crypto policy views found here: “U.S. as the crypto capital: What it would take”Debanking: What you need to know • (a16z crypto, December 2024)
End the era of mass financial surveillance • by Grant Rabenn (a16z crypto, February 2025)

As a reminder, none of the content should be taken as investment, business, legal, or tax advice; please see a16z.com/disclosures for more important information, including a link to a list of our investments.

 
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Wait — The Bank Froze Your Life Savings?

with @ariannasimpson @eddylazzarin @smc90

This episode provides an overview of web3 gaming, as enabled by crypto & blockchains -- including what ownership and decentralization really means for gamers and others; degrees of on-chain games; and a pulse-check on what’s working so far, what's more or less ready, and where the most exciting design spaces are for all kinds of builders. 

The conversation -- between a16z crypto general partner Arianna Simpson and CTO Eddy Lazzarin, in discussion with editor-in-chief Sonal Chokshi -- also covers specific trends such as "play-to-earn" (P2E), metaverse, autonomous worlds, and other forms of worldbuilding -- and also touches on key themes such as design, user onboarding, open source, and frameworks for technology innovation. 

shownotes // links referenced in this episode:

on "strong vs. weak" forms of technology • / Chris Dixon
on Carlota Perez' framework for Technological Revolutions and Financial Capital, a summary • / Jerry Neumann
on "autonomous worlds" • / 0xPARC
on "on-chain procedural generation" • / 0xPARC
on a few of the things we're excited about • / a16z crypto

None of this is investment, business, legal, or tax advice; please see a16z.com/disclosures for more important information -- including a link to a list of our investments. 

 
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Web3 Gaming & On-chain Games

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