1、a16z crypto12023Overview ReportState of Crypto 2023 Andreessen Horowitz.All rights reserved worldwide.a16z crypto22023Overview ReportState of Crypto Progress.New builders are entering web3 at record pace.Academic research is accelerating.Ambitious products are launching regularly.Key infrastructure

2、is improving.A recent example:Ethereums successful transition to energy-saving“proof-of-stake”,one of the most significant upgrades in the history of open source software development.Setbacks.Noise drowned out signal with negative events dominating headlines.High-profile projects collapsed.Highly vi

3、sible investors went bankrupt.Major smart contracts were exploited.Global cryptocurrency market cap fell.DeFi and NFT activity declined.Market cycles.The“price-innovation”cycle we previously observed continues today.Apparently chaotic cycles in the crypto market are driven by an underlying logic:Ris

4、ing prices are a leading indicator for innovation.Numbers generate interest,which spurs ideas and activity,which leads to innovation.This positive feedback loop has held true since Bitcoins creation in 2009.Regulation.Crypto faces a shifting regulatory environment.Policymakers are proposing bipartis

5、an bills.Courts are deliberating over significant cases.Agencies are issuing enforcement actions.These are precedent-setting times.Opportunity.We believe recent setbacks underscore the failure of opaque,centralized systems in contrast to the resilience of decentralized infrastructure.We believe dece

6、ntralized computing platforms can also counter the trend of power consolidating into the hands of a few giant tech corporations.The internet needs web3.Those who understand this will fight for the future of these technologies.State of Crypto todaya16z crypto32023Overview ReportState of Crypto Web3 i

7、s more than a financial movement,its an evolution of the internet.Blockchains are more than ledgers,they are computers.Crypto isnt just a new financial system,its a new computing platform.Our viewa16z crypto42023Why Web3 MattersState of Crypto 2023 Andreessen Horowitz.All rights reserved worldwide.a

8、16z crypto2023State of CryptoWeb3 is the next evolution of the internet,combining the best features of earlier eras1Open decentralized protocols:email(SMTP),web(HTTP)Community-governedLimited functionalityNo value accrual to the networkSiloed centralized services:Google,Facebook,TwitterCorporation-g

9、overnedAdvanced functionalityValue accrues to Big Tech companiesDecentralized blockchain networks:Bitcoin,EthereumCommunity-governedAdvanced functionalityValue accrues to network participantsweb2web3web5Why Web3 Mattersa16z crypto2023State of CryptoWeb1 and web2 democratized information and publishi

10、ng.Web3 democratizes ownership.6Why Web3 Mattersa16z crypto2023State of CryptoUsers have more power,and earn a greater share of revenue,on web3 versus web2 platforms Why Web3 Matters725%Comparison of take rates(%of revenue network owners take from users)1/Most popular fee tier 2/Calculated as total

11、gas fees paid by users divided by total transfer value of ETH and top ERC20 tokens in 2022(Source:Coin Metrics)Users can easily exit Code is open source Data is public Products are extensible Platforms can commit to rulesThe network design has economic consequences.web2web3Roblox28%FiverrUp to 30%St

12、eam45%YouTubeUp to 30%App Store30%Spotify100%Facebook100%Instagram100%TwitterUp to 2.5%OpenSea0.06%Ethereum0.30%Uniswapa16z crypto2023State of CryptoWeb3 counterbalances the trend toward internet consolidation 8Why Web3 Matters5 companies represent 50%of the Nasdaq 100s total market cap,up from 25%a

13、 decade ago.Blockchains transfer control from centralized entities to decentralized communities.3 companies now generate a third of all global web traffic.Source:CapIQ,SimilarWeb.Big Techweb3a16z crypto2023State of CryptoWeb3 advances the internet through crypto computers,not crypto casinosWhy Web3

14、Matters9Financial speculationTrust in managementOpaque operationsFragileTech innovationCode-enforced rulesTransparent operationsResilienta16z crypto102023Market CyclesState of Crypto 2023 Andreessen Horowitz.All rights reserved worldwide.a16z crypto112023State of Crypto A positive feedback loop driv

15、es crypto market cyclesPriceNew IdeasStartups/ProjectsMarket Cycles11Interesta16z crypto2023State of CryptoApparent chaos has underlying orderPrice(Global crypto market cap)2001820202022Wave 1Wave 2Wave 3Wave 4The market has undergone four cycles,each bigger than the last.Market Cycles126

16、2%CAGR84%CAGR63%CAGR75%CAGR*Sources:1/CoinMarketCap2/Twitter;crypto-related mentions3/GitHub and Electric Capital;stars on public crypto repositories4/Pitchbook;crypto company funding roundsData is through 12/31/2022.Interest(Social media activity)New ideas(Developer activity)Startups/Projects(Fundi

17、ng activity)$1T$2T$3T20000,0001,500,0001,500,0001,0002,0003,000500M1B1.5B*Compound Annual Growth Ratea16z cryptoFinancial cycles fluctuate unpredictably,often based on macroeconomic conditions.Product cycles are more predictable,often based on consumer behavior and broader tech

18、 trends.2023State of CryptoGreat products get built regardless of financial upswings and downswings13Market Cycles000420052006200720092008200000222023S&P 500 performance and tech company year foundedSource:Pitchbook,Yahoo Finance.Data

19、 is as of 3/31/2023.a16z crypto142023State of Crypto 2023 Andreessen Horowitz.All rights reserved worldwide.Trends to Watcha16z cryptoNew Layer 1s2023State of CryptoBlockchains are scaling through multiple promising pathsData availabilityOptimistic rollupsZero knowledge rollupsSolutions to augment a

20、 blockchains capacity to store and access data.This will help reduce transaction costs on“Layer 2”rollups,which are critical to making blockchains more scalable.Separate“Layer 2”blockchains that extend the base layer and inherit its security guarantees.Transactions are assumed to be valid,but can be

21、 challenged if necessary.Separate“Layer 2”blockchains that extend the base layer and inherit its security guarantees.State transitions are computationally verified by generating off-chain validity proofs.Application-specificBlockchains can be exclusively designed to operate one specific application.

22、Computation and storage resources are not shared with other apps.New“Layer 1”blockchains are expanding the set of possible infrastructure choices for builders,improving on scalability,programmability,security,and decentralization.App ecosystems can be built on multiple blockchains communicating seam

23、lessly.15Trends to Watch:Scaling BlockchainsHyperchainsSupernetsParachainsZonesSuperchainProto-DankshardingEigenDAa16z crypto2023State of CryptoSource:L2BEAT and Dune Analytics.Data is as of 3/31/2023.Blockchain-extending rollups are scaling Ethereum7%of all Ethereum fees are paid by L2 rollups.*Fee

24、s paid by L2 rollups on Ethereum(%of all L1 fees,rolling 30D avg)202316Trends to Watch:Scaling Blockchains0%6%4%2%Polygon zkEVMArbitrum NovaAztecZK SyncStarknetdYdXArbitrum OneOptimism*Layer 2(L2)rollups are separate blockchains that extend the base layer and inherit its security guarantees.20222021

25、8%Metis Andromedaa16z crypto2023State of CryptoA major Ethereum upgrade years in the making eliminates environmental objectionsEnergy consumption of EthereumSource:https:/ is as of 3/31/2023.17Trends to Watch:Scaling Blockchains2002120222023BeforeAfterThe Merge99.9%Reduction0100502575Esti

26、mated TWh per YearEthereum transitioned to a new,energy-saving consensus mechanism*through a series of activities culminating in“The Merge”on September 15,2022.*A consensus mechanism is a blockchains method for securely validating transactions.a16z crypto2023State of CryptoEthereum now consumes 0.00

27、1%of the energy that YouTube consumes annuallySource:https:/ethereum.org/en/energy-consumption/.18Trends to Watch:Scaling BlockchainsAnnualized energy consumption(TWh)Comparison to PoS EthereumYouTube24494,000 xGold mining130-24050,000-92,000 xGlobal data centers20078,000 xBitcoin100-13038,000-50,00

28、0 xPoW Ethereum*7830,000 xGaming in USA3413,000 xPayPal0.26100 xPoS Ethereum*0.00261xNote:Ranges represent the lower and upper bounds from different sources.Estimates can vary dramatically.For the full list of sources,visit https:/ethereum.org/en/energy-consumption/.Estimated energy consumptionEther

29、eum switched to energy-saving Proof of Stake(PoS)from energy-intensive Proof of Work(PoW)*YouTubePoS Ethereum830 m (244 TWh)0.95 cm(0.0026 TWh)Burj KhalifaHalf a penny*PoW and PoS are consensus mechanisms for securing blockchains.Height comparison for scalea16z crypto2023State of CryptoStaking trans

30、forms collateral into outsized economic security19Trends to Watch:Scaling BlockchainsETH on EthereumSource:ultrasound.money.Data is as of 3/31/2023.ERC20 tokenson EthereumNFTs on Ethereum$223B$172B$22BETH staked*$33BSecuresTotal economy$417B12.6x Ratio of total value secured to value staked.*Staking

31、 is the process by which“validators”post collateral to secure a blockchain.a16z crypto2023State of CryptoUses for zero knowledge(ZK)proofs are becoming tangibleSeveral ZK-EVM projects*,including ZK Sync,Polygon zkEVM,and Scroll are launching.Educational materials are proliferating,including online c

32、ourses,tutorials,and books.High-level programming languages,such as Noir and Leo,are maturing.A cryptographic method for proving a statement is true without revealing any information about the statement other than that it is true.Hardware costs are decreasing rapidly.1.Scaling2.PrivacyWhat is a ZK p

33、roof?How can blockchains use ZK proofs?Recent developments20Trends to Watch:Zero Knowledge Proofs*ZK-EVM(Ethereum Virtual Machine)projects enable highly scalable blockchains.a16z crypto2023State of CryptoThe zero knowledge field is gaining momentumZK-related academic publications by yearSchemeProver

34、 TimeProof SizeVerifier TimeLigero(2017)69 sec20 MB31 secAurora(2019)485 sec1.5 MB108 secBrakedown(2021)3.1 sec10 MB1 secOrion(2022)3.09 sec1.5 MB1 secR1CS benchmarks at N=220 constraintsGithub stars for key ZK repositories1/Based on a keyword search of publication titles|Source:dblp2/Based on a cur

35、ated list of notable ZK repositories|Source:GitHub3/Based on a keyword search of verified contracts on Ethereum|Source:https:/ and Dune Analytics4/Includes schemes that work on R1CS and have transparent setup and plausible post-quantum security.Note that pre-quantum systems generate much shorter pro

36、ofs.|Sources:https:/eprint.iacr.org/2022/1010.pdf,https:/eprint.iacr.org/2021/1043.pdfDaily transactions verifying ZK proofs on Ethereum20232122x faster13x smaller30 x fasterTrends to Watch:Zero Knowledge Proofs#ZK tech is improving at“Moores Law”-like pace2000222001

37、820000050150250015,00010,0002,50012,50017,50004,0002,0006,0008,00020222021a16z crypto2023State of CryptoNFT creator royalties paid by marketplace(on Ethereum)Source:Flipside Crypto.Data is as of 3/31/2023.NFT creators have earned more than$1.9 billionin royalty reven

38、ues202322Trends to Watch:Creator EconomyTransfer-based royalties are under fire due to a lack of viable on-chain enforcement.The industry is exploring alternative solutions.20212022$0$300M$200M$100MX2Y2LooksRareBlurOpenSeaa16z crypto2023State of CryptoThe worlds biggest brands are exploring web3,beg

39、inning with NFTs Porsche launches NFT collection and virtual experiences centered around the iconic Porsche 911.Starbucks starts NFT-based loyalty program.Reddit mints 5 million collectible avatar NFTs.Tiffany&Co.crafts jewel-encrusted pendants for CryptoPunks NFT owners.Nike makes NFT platform.Swoo

40、sh for digital sneakers.Adidas Originals creates NFT collection Into the Metaverse.Budweiser purchases beer.eth ENS name and debuts multiple NFT collections.Nickelodeon bases NFT collectibles on Rugrats and Hey Arnold!characters.Gucci showcases collectible NFTs in art exhibit called The Next 100 Yea

41、rs of Gucci and partners with Yuga Labs metaverse project.DraftKings opens marketplace focused on mainstream NFT accessibility.TIME introduces NFT initiative TIMEPieces.Louis Vuitton lets players collect NFTs in a self-branded mobile game.23Trends to Watch:Mainstream Adoptiona16z crypto2023State of

42、CryptoWeb3 games are a huge opportunity to welcome new users to cryptoGaming&metaverse related NFT activity on EthereumSource:Dune Analytics,Nansen.Data is as of 3/31/2023.ParallelOthersideDookey DashWeb3 games generate 23x more on-chain transactions than DeFi.717 new web3 games launched last year.C

43、onsumers spent an estimated$67.9 billion on digital in-game purchases in 2022.Source:Business Research,Footprint Analytics,DappRadar.2022202324Trends to Watch:Mainstream Adoption0300K200K100KCount of transfer eventsCount of unique active addresses2021a16z cryptoWeb3 is experimenting with novel forms

44、 of community governance2023State of CryptoCommunities are driving public-goods funding for new projectsDecentralized Autonomous Organizations(DAOs)funded more than$60 million in grants.Governance is moving beyond simple token votingDAOs are becoming formal legal entitiesDAOs hold roughly$10 billion

45、 in liquid treasury assets.Delegation and councils are becoming more common.DAOs are exploring new checks and balances to prevent governance attacks.Projects are using legal entities such as LLCs,LCAs,UNAs,and Foreign Foundations.Legal entities enable DAOs to fulfill tax obligations and regulatory r

46、eporting requirements.25Trends to Watch:Evolution of DAOsSource:Nansen,a16z crypto analysis.Data is as of 3/31/2022.a16z cryptoParticipation in DAO governance is growing2023State of Crypto26Trends to Watch:Evolution of DAOsDAO governance proposals-Monthly active voters(via Snapshot*)1.9M13.0MTotalvo

47、tes78KAll time stats(Snapshot)20200K200K100K300KUnique votersUniqueproposals*Snapshot is a popular platform used for DAO governance proposals and voting.Source:Snapshot(via Flipside Crypto).Data is as of 3/31/2023.a16z crypto2023State of CryptoThe U.S.is losing its lead in web327201820222

48、0%20%10%30%40%of crypto developers in the United StatesSource:Electric Capital,SimilarWeb|*Includes C,B,C,C,Etherscan.io.Trends to Watch:Regulation and PolicyTop crypto websites*-%of traffic from the United States2022201820200%10%5%15%20%25%20192021a16z crypto2023State of CryptoHow policy

49、 and regulation impacts U.S.crypto,our views:28Trends to Watch:Regulation and Policy1/Banning new business models or technologies undermines American values and drives innovation and jobs elsewhere.2/Agency guidance or new legislation that establishes appropriate,clear rules will protect consumers a

50、nd help the web3 industry flourish.3/Legal businesses and their customers deserve access to financial services and lawful protections,from banking relationships to data privacy.4/Businesses should be the focus of regulation,whereas decentralized,autonomous software should not.See:“Regulate Web3 Apps

51、,Not Protocols.”See more on our policy principles at crypto2023State of CryptoRegulation is being debatedProposed market legislation could provide needed clarityCourts will decide XYZ.29White House Executive Order Comment Letters&ReportsPending rulemakingsMultiple SEC RulesFinCEN Unhosted Wallet&Tra

52、vel RulesIRS Tax Rules and Form ChangesIncreased productive interactions between industry and government agenciesResponsible Financial Innovation Act/Sens.Lummis R-WY&Gillibrand D-NYDigital Commodities Consumer Protection Act/Reps.Stabenow D-MI&Boozman R-ARDigital Commodity Exchange Act/Reps.Thompso

53、n R-PA,Khanna D-CA,Soto D-FL,&Emmer R-MNTrends to Watch:Regulation and PolicyCourts will decide XYZ.Courts are set to decide many impactful casesSEC Ripple Enforcement ActionTreasury Tornado Cash Civil Actions CFTC Ooki DAO Enforcement ActionCeFi Bankruptcy Actions(e.g.Voyager,Celsius,FTX)SEC Wahi E

54、nforcement Action(Coinbase insider trading)CFTC/SEC Eisenberg Enforcement Action(Mango Markets fraud)SEC Terraform Labs/Do Kwan Enforcement ActionGovernment and industry are actively engagingWhite House Executive Order Comment Letters&ReportsPending rulemakings:Proposed SEC Custody RuleFinCEN Unhost

55、ed Wallet&Travel RulesIRS Tax Rules and Form Changes+Ongoing interactions between industry and government agenciesa16z crypto2023State of CryptoBipartisan momentum is building 30Trends to Watch:Regulation and PolicyProto-DankshardingEigenDASenator Kirsten Gillibrand(D-NY)Digital assets,blockchain te

56、chnology and cryptocurrencies have experienced tremendous growth in the past few years and offer substantial potential benefits if harnessed correctly.It is critical that the United States play a leading role in developing policy to regulate new financial products,while also encouraging innovation a

57、nd protecting consumers.Coinbase Founder&CEO Brian ArmstrongAmerica is at a once-in-a-generation inflection point:we have the opportunity to be the leader in the digital currency space and reap the benefits this leadership enshrines,or we can concede our leadership role to geopolitical adversaries w

58、ho are eager to take the mantle as the 21st centurys global heavyweight.BlackRock Chairman&CEO Larry FinkVery interesting developments are happening in the digital asset space.In many emerging markets like India,Brazil and parts of Africa we are witnessing dramatic advances in digital payments,bring

59、ing down costs and advancing financial inclusion.By contrast,many developed markets,including the U.S.,are lagging behind in innovation,leaving the cost of payments much higher.Crypto is the future.It could enable the poor to make payments&remittances without long delays and high fees.It could enabl

60、e artists&musicians to earn a living.It could challenge the concentrated power of Big Tech&Wall Street.Representative Ritchie Torres(D-NY)House Majority Whip Tom Emmer(R-MN)The future is here and crypto has the ability to decentralize control and empower each and every one of us.We must:support tech

61、nological innovation that promotes the responsible development and use of digital assetsand reinforce our leadership in the global financial system in order to maintain U.S.competitiveness.Representative French Hill(R-AK)a16z crypto312023Market MetricsState of Crypto 2023 Andreessen Horowitz.All rig

62、hts reserved worldwide.a16z cryptoInnovation(Supply)Adoption(Demand)2023State of CryptoBuilders create new productsConsumers adopt productsNew products generate new networksNetworks attract more buildersTech markets are a function of supply and demand,or innovation and adoption32Market Metricsa16z c

63、rypto332023State of Crypto 2023 Andreessen Horowitz.All rights reserved worldwide.Innovation Indicators:Supply Sidea16z crypto2023State of CryptoSupply-side KPIsDevelopers,products,and research drive innovationInnovation Indicators:Supply Side34a16z crypto2023State of CryptoActive DevelopersNumber o

64、f unique GitHub users who have committed to or forked a public crypto repository during the month.2000222023Bull markets attract new developers who tend to stick aroundSource:Github and Electric Capital(https:/ Indicators:Supply Side35020K10K30K40Ka16z crypto2023State of Crypto

65、Interested DevelopersNumber of unique GitHub users who have starred,committed to or forked a public crypto repository,during the month.More than 50K developers interact with crypto-related Github repositories monthlyInnovation Indicators:Supply Side362000222023Source:Github and

66、 Electric Capital(https:/ crypto372023State of CryptoContract DeployersNumber of unique addresses deploying smart contracts on all tracked blockchains during the month(EOAs*only).NFT activity and better tooling have driven exponential growth in contract deployersInnovation Indicators:Supply Side2016

67、20020202120222023Source:Nansen Query.Tracked blockchains include Ethereum,Polygon,Solana,Avalanche,Fantom,Celo,Optimism,and Arbitrum.*EOAs are“externally owned accounts”-user owned and controlled crypto wallets.0100K50K25K75Ka16z crypto2023State of CryptoVerified Smart ContractsNumber of

68、smart contracts verified*during the month.Verified smart contracts are at an all-time high,indicating a robust pipeline of product launchesInnovation Indicators:Supply Side38040K20K10K30K2000222023Source:Etherscan and other block explorers from Polygon,Fantom,Celo,Arbitrum,and

69、Optimism.*Contract verification assures that the published contract code is the same code running at the contract address.a16z crypto2023State of CryptoDeveloper Library Downloads(web3+ethers)Number of npm downloads for web3.js and ethers.js developer libraries during the month.Core crypto developer

70、 library usage is increasing,highlighting steady growth in the dev communityInnovation Indicators:Supply Side392000222023Source:npm.08M4M2M6Ma16z crypto2023State of CryptoAcademic PublicationsNumber of crypto-related academic publications released during the month.Based on a ke

71、yword search for Cryptocurrency,Blockchain,Bitcoin,and Ethereum.Crypto has become a significant area of academic researchInnovation Indicators:Supply Side40Source:dblp.Chart includes data through Jan 2023 due to 2-month lag in reporting source data.050020000222023a16

72、z crypto2023State of CryptoJob Search InterestAggregate interest over time score of worldwide searches for“blockchain jobs”,crypto jobs,cryptocurrency jobs,and web3 jobs.Rising crypto prices generate interest in crypto-related jobsInnovation Indicators:Supply Side402120222023So

73、urce:Google Trends.Interest Over Time scores are denormalized(and thus unbounded)using a method called Google Trends Anchor Bank.00.50.20.10.30.4a16z crypto422023Adoption Indicators:Demand SideState of Crypto 2023 Andreessen Horowitz.All rights reserved worldwide.a16z crypto2023State of CryptoDemand

74、-side KPIsConsumer uptake drives adoption43Adoption Indicators:Demand Sidea16z crypto2023State of CryptoActiveAddressesNumber of unique active(sending)addresses across all tracked blockchains during the month.Active addresses are growing steadily as web3 adoption increases44Adoption Indicators:Deman

75、d Side2000222023Source:Nansen Query.Tracked blockchains include Ethereum,Polygon,Solana,Avalanche,Fantom,Celo,Optimism,and Arbitrum.015M5M10M20Ma16z crypto2023State of CryptoTransactionsNumber of successful transactions across all tracked blockchains during the month.Blockchain

76、 transactions exploded as scaling technologies reduced transaction fees45Adoption Indicators:Demand Side2000222023Source:Nansen Query.Tracked blockchains include Ethereum,Polygon,Solana,Avalanche,Fantom,Celo,Optimism,and Arbitrum.01.5B0.5B1.0Ba16z crypto2023State of CryptoTrans

77、actionFees PaidTotal transaction fees(denominated in USD)paid by users across all tracked blockchains during the month.Fees increase as demand rises,but decrease as scaling tech supplies more blockspace46Adoption Indicators:Demand Side2000222023Source:Nansen Query.Tracked block

78、chains include Ethereum,Polygon,Solana,Avalanche,Fantom,Celo,Optimism,and Arbitrum.$0$2.0B$0.5B$1.5B$1.0Ba16z crypto2023State of CryptoMobile WalletUsersNumber of estimated mobile wallet users across all tracked mobile wallets during the month.The number of mobile wallet users has declined since ear

79、ly 202247Adoption Indicators:Demand Side2000222023Source:Apptopia.Tracked mobile wallets include Argent,Coinbase Wallet,C DeFi Wallet,Exodus,Glow,Ledger Live,MetaMask,MEW Wallet,Phantom,Rainbow,Ronin Wallet,Trust Wallet,Valora,and Zerion.025M5M15M10M20Ma16z crypto2023State of C

80、ryptoDEX VolumeTotal on-chain volume on decentralized exchanges(denominated in USD)during the month.Decentralized exchanges are trading over$100B monthly amid market volatility48Adoption Indicators:Demand Side2000222023Source:Defi Llama.$0$250B$100B$200B$150B$50Ba16z crypto2023

81、State of CryptoNFT BuyersNumber of unique on-chain addresses that made at least 1 NFT purchase during the month.After a speculative period,the number of NFT buyers appears to be rising again49Adoption Indicators:Demand Side2000222023Source:CryptoSlam.01.5M0.5M1.0Ma16z crypto202

82、3State of CryptoStablecoin VolumeTotal on-chain stablecoin transaction volume during the month.Despite market fluctuations,the demand for stablecoins remains high50Adoption Indicators:Demand Side2000222023Source:Coin Metrics.$0$1T$250B$750B$500Ba16z crypto2023 Andreessen Horowi

83、tz.All rights reserved worldwide.512023State of Crypto IndexState of Crypto a16z cryptoa16z crypto2023State of CryptoIntroducing the State of Crypto IndexAn interactive tool to track the innovation and adoption of the next internet52State of Crypto IndexThe State of Crypto Index helps visualize the

84、balance of supply and demand in the crypto industry.a16z cryptoa16z crypto2023State of CryptoThe State of Crypto Index measures market growthThe State of Crypto Index is calculated based on the weighted average monthly growth of all included metrics.The index is expressed as a percentage change sinc

85、e January 2016 under certain assumptions.The underlying metrics track the markets supply(innovation)and demand(adoption)Active DevelopersInterested DevelopersContract DeployersVerified Smart ContractsDeveloper Library DownloadsJob Search InterestAcademic PublicationsActive AddressesTransactionsDEX V

86、olumeMobile Wallet UsersTransaction Fees PaidStablecoin VolumeNFT BuyersInnovation IndicatorsAdoption Indicators53State of Crypto Indexa16z crypto2023State of CryptoThe State of Crypto Index is interactiveOur default values represent just one of many views of the market54State of Crypto IndexYou can

87、 manipulate the weights and thresholds according to your preferences.Weights determine how much impact each category has on the overall calculation.Thresholds determine the minimum value for a category to start contributing to the index.a16z crypto2023State of Crypto55State of Crypto IndexThe State

88、of Crypto Index is updated monthly.Includes the State of Crypto Index,Innovation Indicators,Adoption Indicators,and all underlying metrics.Data shown is as of 3/31/2023.a16z crypto2023State of Crypto56State of Crypto Indexa16z crypto572023Whats NextState of Crypto 2023 Andreessen Horowitz.All rights

89、 reserved worldwide.a16z crypto2023State of CryptoIt is still early daysSource:World Bank,Dune Analytics.Includes the set of unique public keys with sending transactions across popular EVM chains,including L2s.Internet users vs.unique active addresses(log scale)2003320322032820

90、27202620252024202320222020092008200720062005200420032002200985219911 Billion Internet UsersEstimated 20-120 million crypto users todayInternet UsersYearly Transacting AddressesMonthly Transacting Addresses58Whats Nexta16z cryptoSome of the most

91、iconic web3 products will be built during financial downturns in crypto.What were expectingThe internet will continue consolidating into Big Tech,underscoring the importance of web3.Concerns about social media giants will heighten,highlighting the need for decentralized social networks.Governments w

92、ill pass bipartisan crypto regulation.2023State of CryptoSmart contract security will improve as people adopt techniques like formal verification and symbolic testing.“On-chain”games will rise in popularity.“Light”clients will accelerate the adoption of mobile web3 frontends.As blockspace becomes mo

93、re affordable,non-speculative uses of tokens will proliferate.Developer adoption of zero knowledge tech will accelerate.There will be further advancement in hardware optimized for zero knowledge proofs.DAOs will run more experiments with new forms of community governance.Hiring,treasury management,a

94、nd sustainable funding will become a major focus for DAOs.Some thoughts for 2023 and beyond59Whats Nexta16z crypto602023State of CryptoImportant disclosuresThe views expressed here are those of the individual AH Capital Management,L.L.C.(“a16z”)personnel quoted and are not the views of a16z or its a

95、ffiliates.Certain information contained in here has been obtained from third-party sources,including from portfolio companies of funds managed by a16z.While taken from sources believed to be reliable,a16z has not independently verified such information and makes no representations about the enduring

96、 accuracy of the information or its appropriateness for a given situation.This content is provided for informational purposes only,and should not be relied upon as legal,business,investment,or tax advice.You should consult your own advisers as to those matters.References to any securities,digital as

97、sets,tokens,and/or cryptocurrencies are for illustrative purposes only and do not constitute a recommendation to invest in any such instrument nor do such references constitute an offer to provide investment advisory services.Furthermore,this content is not directed at nor intended for use by any in

98、vestors or prospective investors,and may not under any circumstances be relied upon when making a decision to invest in any fund managed by a16z.(An offering to invest in an a16z fund will be made only by the private placement memorandum,subscription agreement,and other relevant documentation of any

99、 such fund and should be read in their entirety.)Any investments or portfolio companies mentioned,referred to,or described are not representative of all investments in vehicles managed by a16z,and there can be no assurance that the investments will be profitable or that other investments made in the

100、 future will have similar characteristics or results.A list of investments made by funds managed by Andreessen Horowitz(excluding investments for which the issuer has not provided permission for a16z to disclose publicly as well as unannounced investments in publicly traded digital assets)is availab

101、le at https:/ and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision.Past performance is not indicative of future results.The content speaks only as of the date indicated.Any projections,estimates,forecasts,targets,prospects,and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.Please see https:/ for additional important information.