a16z partner: Still坚持长期主义 in crypto investments, believing that after the popularization of blockchain finance, other categories of apps will emerge

a16z partner and a16z crypto leader Chris Dixon published an article on social media titled "The Long Game of Cryptocurrency," stating: There is a popular saying that the non-financial use cases of cryptocurrency are dead. Some also claim that the "read-write-own" model has failed. These conclusions misunderstand the core concepts and misjudge the stage of development we are in.

We are currently in the financial era of blockchain. But the core idea has never been that all crypto applications will emerge simultaneously, nor that finance will not lead the way. The core thought has always been that blockchain introduces a new primitive—capable of coordinating human and capital at internet scale, embedding ownership directly into the system. Finance is the domain where this primitive can most naturally prove its value, which is why we often cite finance as the primary example of productive use cases for tokens.

Finance is not separate from a larger vision; it is part of it. It serves as the foundation and testing ground for all other applications. At a16z and a16z crypto, we are looking long-term: our fund structure is designed for a cycle of over 10 years because building new industries takes time—operational sequence is crucial. Infrastructure and distribution networks often emerge before new categories of applications.

The internet did not begin with social media, streaming, or online communities; it began with packet switching, TCP/IP, and basic connectivity. Only after hundreds of millions of people went online did entirely new cultural and economic categories emerge. Cryptocurrency is likely to be similar. A reasonable speculation is that we need to onboard hundreds of millions of people through financial applications like payments, stablecoins, savings, and DeFi before we can see meaningful adoption in media, gaming, AI, or other potentially more distant fields.

Many applications rely on ready wallets, identities, liquidity, and trust mechanisms. This is why a16z has spent over five years working to establish a clear regulatory framework for tokens. Great endeavors take time. The breakthroughs we see today in the AI field are the result of decades of hard work by outstanding talents. Building a new technological system is a marathon, and this is what a marathon looks like in practice: a long period of groundwork followed by a sharp turning point. It is those chaotic years that make the clarity of the future possible.