State Of Crypto 2025 | a16z Crypto — Eddy Lazzarin & Daren Matsuoka
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Bankless
4.7 • 1.2K Ratings
🗓️ 22 October 2025
⏱️ 71 minutes
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| 0:00.0 | Bankless Nation, we were very excited. This has become an annual tradition. So we're doubly |
| 0:06.4 | excited to do this every year. The state of crypto in 2025. We've got two fine folks from A16Z |
| 0:13.7 | crypto, Eddie Lazarin, and also Darren Matsuoka. He is a partner at A16Z. He leads data science and strategy. Eddie, of course, is CTO. Okay, |
| 0:25.6 | let's get into the state of crypto for 2025. We'll start with this slide here, which is our |
| 0:32.1 | cycle slide. We've got total crypto market cap. We always like to look at price. That is all-time |
| 0:37.4 | high, at least up until recently. We've got crypto developers. We've got total crypto market cap. We always like to look at price. That is all-time high, at least up until recently. |
| 0:39.5 | We've got crypto developers. |
| 0:41.2 | We've got crypto-mobile wallets. |
| 0:43.9 | Price at near all-time high. |
| 0:45.8 | Crypto developer, sort of all-time high, but flat from our 2020 high. |
| 0:52.0 | And crypto-mobile wallets, I guess that's up a little bit. What is this telling us about |
| 0:56.9 | the cycle and why do you guys look at these three numbers to measure crypto cycles? |
| 1:01.7 | I think the way that we have always approached this space, you know, of course, there's many |
| 1:06.3 | lenses, you know, that you can look through to try to see where we're at in the cycle, |
| 1:10.8 | you know, one being, you know, the macro environment look through to try to see where we're at in the cycle, you know, |
| 1:10.9 | one being, you know, the macro environment, which we think is very important. But I think our |
| 1:16.2 | perspective on the market has always been rooted and defined by kind of this feedback loop that |
| 1:23.0 | we call the price innovation cycle. And the feedback loop really is kind of between the prices, |
| 1:28.5 | which generate interest, the developers, which come in as a result of that interest, |
| 1:33.7 | and then the products that they build, which bring in new users, right? And so throughout |
| 1:37.7 | crypto's history, we've seen this feedback loop take shape. We saw it in 2017 with the ICO boom. |
| 1:43.8 | We saw it in 2020 with Defy Summer. We saw it in 2017 with the ICO boom. We saw it in 2020 with DFI summer. We saw it in |
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