Translation|Wu Says Blockchain

Some Trends We Are Watching

a16z has released a list of "big ideas" that technology builders may face in the coming year, covering insights from partners in the fields of AI, U.S. dynamics, bio/health, crypto, enterprise, fintech, gaming, and infrastructure.

Here are some important points raised by members of the crypto team. For more exciting content, please read the full article. You can also review past years' ideas here and here.

For insights on policies, regulations, and other aspects for 2025, please refer to last November's article:

https://a16zcrypto.com/posts/article/what-the-election-means-crypto/

1. Enterprises Will Increasingly Accept Stablecoins as a Payment Method

Over the past year, stablecoins have found product-market fit—this is not surprising, as it is the cheapest way to send dollars and enables fast global payments. Stablecoins also provide entrepreneurs with a more accessible platform to build new payment products: no gatekeepers, minimum balances, or proprietary SDKs are required. However, large enterprises have yet to realize the significant cost savings and new profits that can be gained by switching to these payment rails.

While we have seen some interest from enterprises in stablecoins (as well as early adoption in peer-to-peer payments), I expect a wave of larger experiments in 2025. Strong brands, audience-focused, and with clear pain points in payment costs, small/medium enterprises (like restaurants, coffee shops, convenience stores) will be the first to transition away from credit cards. For face-to-face transactions, these businesses do not benefit from credit card fraud protection, and the loss of transaction fees is particularly severe for them (a 30-cent fee loss per cup of coffee significantly impacts profits).

We should also expect larger enterprises to adopt stablecoins. If stablecoins indeed accelerate the historical progression of banking, then enterprises will attempt to bypass payment providers—adding 2% directly to their profit margins. Enterprises will also begin seeking new solutions to address issues currently managed by credit card companies, such as fraud protection and identity verification. —Sam Broner (X: @sambroner | Farcaster: @sambroner)

2. Countries Exploring On-Chain Government Bonds

Putting government bonds on-chain can create a government-backed, interest-bearing digital asset—without the concerns of CBDC (Central Bank Digital Currency) oversight. These products could unlock new sources of demand for collateral use in DeFi (Decentralized Finance) lending and derivatives protocols, further enhancing the integrity and reliability of these ecosystems.

As governments worldwide that support innovation further explore the advantages and efficiencies of public, permissionless, and immutable blockchains this year, some countries may experiment with issuing on-chain government bonds. For example, the UK has already explored digital securities through its financial regulator FCA (Financial Conduct Authority) sandbox; its Treasury/Chancellor has also expressed interest in issuing digital bonds.

In the U.S.—considering that the SEC will require the clearing of government bonds through traditional, cumbersome, and costly infrastructure next year—more discussions are expected on how blockchain can improve the transparency, efficiency, and participation in bond trading. —Brian Quintenz (X: @brianquintenz | Farcaster: @brianq)

3. We Will See Broader Adoption of DUNA (a New U.S. Blockchain Network Industry Standard)

In 2024, Wyoming passed a new law recognizing DAOs (Decentralized Autonomous Organizations) as legal entities. DUNA, or "Decentralized Unincorporated Nonprofit Association," is the only viable structure tailored for U.S. projects. By incorporating DUNA into decentralized legal entity structures, crypto projects and other decentralized communities can grant legal legitimacy to their DAOs—facilitating greater economic activity while shielding token holders from liability and managing tax and compliance needs.

DAOs are communities that manage the affairs of open blockchain networks and are essential tools for ensuring that networks remain open, non-discriminatory, and do not unfairly extract value. DUNA can unlock the potential of DAOs, and many projects are already working to implement this tool. As the U.S. is expected to promote and accelerate the development of its crypto ecosystem in 2025, I anticipate that DUNA will become the standard for U.S. projects. We also expect other states to adopt similar structures (Wyoming is leading the way; they were also the first state to adopt the now-popular Limited Liability Company, LLC) … especially as other decentralized applications (like physical infrastructure/energy grids) outside of crypto emerge. —Miles Jennings (X: @milesjennings | Farcaster: @milesjennings)

4. Builders Will Reuse More, Rather Than Just Reinventing Infrastructure

Over the past year, various teams have continued to reinvent the "wheel" in the blockchain stack, developing more customized sets of validators, consensus protocol implementations, execution engines, programming languages, and RPC APIs. These outcomes sometimes improve specific functionalities but often fall short in terms of generality or foundational capabilities. For example, a programming language designed specifically for SNARKs (Succinct Non-Interactive Arguments of Knowledge): while an ideal implementation might enable ideal developers to produce higher-performance SNARKs, in practice, it may lack the compiler optimizations, development tools, online learning resources, and AI programming support of general-purpose languages (at least for now), and may even result in SNARKs that perform worse than those produced by general-purpose languages.

Therefore, I expect that in 2025, more teams will leverage others' contributions and reuse existing blockchain infrastructure components, including consensus protocols, existing staking capital, and proof systems. This approach not only helps builders save significant time and effort but also allows them to focus on enhancing the unique value of their products or services.

Current infrastructure is mature enough to support the development of mainstream web3 products and services. Like other industries, successful teams will be those that can effectively manage complex supply chains, rather than those that refuse to use "non-in-house" technologies. —Joachim Neu (X: @jneu_net)

5. The Crypto Industry Will Have Its Own App Stores and Discovery Platforms

When crypto applications are blocked by centralized platforms like the Apple App Store or Google Play, it limits their user acquisition capabilities. However, we are now seeing emerging app stores and marketplaces providing this distribution and discovery functionality without setting barriers. For example, Worldcoin's World App marketplace not only stores personal identity verification proofs but also allows access to "mini-apps," attracting hundreds of thousands of users within just a few days. Another example is the fee-free dApp Store aimed at Solana phone users. These examples also indicate that not only software but hardware (like phones, scanners) may be a key advantage for crypto app stores… just as Apple devices were once crucial to the early application ecosystem.

At the same time, there are other stores with thousands of decentralized applications and web3 developer tools (like Alchemy); and blockchains that serve as both game publishers and distributors (like Ronin). However, this is not entirely smooth sailing: if a product has already been distributed through channels like messaging apps, migrating it on-chain can be challenging (exception: Telegram/TON network). Similarly, there are similar issues for applications already distributed through web2. But we may see more of such migrations occurring in 2025. —Maggie Hsu (X: @meigga | Farcaster: @maggiehsu)

6. Crypto Asset Holders Will Transition to Crypto Users

In 2024, crypto made significant strides as a political movement, with key policymakers and politicians taking a positive stance. We also saw it continue to evolve as a financial movement (for example, Bitcoin and Ethereum ETPs expanded investor participation). By 2025, crypto will further develop into a computational movement. So, where will the next user base come from?

I believe now is the best time to re-engage currently "passive" crypto holders and convert them into more active users, as only 5%-10% of crypto asset holders are active users. We can bring the 617 million people who already own crypto assets onto the chain—especially as ongoing improvements in blockchain infrastructure are lowering transaction costs for users. This means new applications will begin to emerge for both existing and new users. At the same time, the early applications we have already seen (like stablecoins, DeFi, NFTs, gaming, social, DePIN, DAOs, and prediction markets) are becoming more user-friendly for mainstream users, as communities are increasingly focused on user experience and other improvements. —Daren Matsuoka (X: @darenmatsuoka)

7. "Hidden Cables" Will Drive the Birth of Killer Web3 Applications

The technological "superpowers" of blockchain make it unique, but they also hinder mainstream adoption. For creators and fans, blockchain can unlock connectivity, ownership, and monetization… but industry jargon (like "NFTs," "zkRollups," etc.) and complex designs create barriers for those who would benefit most from the technology. I have witnessed this firsthand in countless conversations with executives in media, music, and fashion.

The mass adoption of many consumer technologies has followed this path: starting with technology; certain iconic companies or designers abstracting away complexity; this shift helps unlock certain breakthrough applications. For example, the SMTP protocol for email is hidden behind the "send" button; or credit cards, where most users today do not need to understand the payment rails. Similarly, Spotify revolutionized music not by showcasing file formats but by bringing playlists to our fingertips. As Nassim Taleb said, "Over-engineering brings fragility. Simplicity is the key to scalability."

Therefore, I believe our industry will adopt this concept of "hidden cables" in 2025. The best decentralized applications have already focused on more intuitive interfaces, making them as simple as clicking a screen or swiping a card. In 2025, we will see more companies emphasizing simple design and clear communication; successful products will require no explanation; they will directly address problems. —Chris Lyons (X: @chrislyons)

6 Major Trends in Decentralized Governance for 2025 According to Andrew Hall

2025 is set to be an exciting year for decentralized governance. DAOs (Decentralized Autonomous Organizations) are continuously pushing boundaries, exploring new ways for anonymous token holders to co-govern. Investment management firms are trying to persuade their clients to participate more frequently in online shareholder voting. Meanwhile, AI companies are leveraging citizen assemblies to set norms for large language models (LLMs). This will mean that many decentralized governance experiments will be conducted simultaneously, including:

• Websites that help voters delegate their votes

• AI delegation mechanisms

• AI agents

• Smarter participation incentives

• Better public goods funding

• More experiments with lottery systems

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