From a16z’s Investment Report
Key Crypto Themes Worth Watching
RWA: Not merely about bringing assets on-chain — traditional finance is beginning to reconstruct itself on the blockchain.
AI Agents: AI is starting to earn and spend money independently. Wallets and payment infrastructure will become essential.
DeFi: The next cycle will no longer compete on APY, but on genuine revenue and real users.
DePIN: The real question is whether it can transform real-world resources into a tradable global network.
One unifying theme: moving from narrative-driven hype to the real economy.
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