a16z: 5 pictures to understand the current state of the crypto industry

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Chainfeeds Briefing:

Monthly mobile wallet user numbers, adjusted stablecoin trading volume, ETP fund net inflows, DEX to CEX spot trading volume ratio, total transaction fees (block space demand). Chinese version compiled and published by Jinse Finance.

Article Source:

https://www.jinse.cn/blockchain/3716115.html

Article Author:

a16z


Perspective:

a16z: Over the past year, mobile wallet user activity has significantly increased, with an average of 34.4 million monthly active users in 2025, a year-on-year growth of 23%. This growth is inseparable from continuous optimization of wallet infrastructure: from lower transaction fees to new protocols supporting account abstraction (such as EIP-7702), and the rise of embedded wallet service providers like Privy, Turnkey, and Dynamic. These improvements not only greatly enhanced user experience but also lowered the barrier for developers to build wallet products, marking the wallet ecosystem's progress towards a more efficient and user-friendly direction. Notably, payment giant Stripe's announcement of acquiring leading wallet infrastructure provider Privy further confirms mainstream tech and financial companies' focus on on-chain wallets. Considering technological maturity and user growth trends, now is the optimal time to build next-generation mobile wallets. Stablecoins, the most practically valuable assets in the crypto industry, are rapidly approaching mainstream payment integration. The monthly adjusted stablecoin trading volume in 2025 reached $70.2 billion, a 49% year-on-year increase from 2024. This reflects product-market fit: users can now complete a USD stablecoin transfer in less than a second with fees under 1 cent, giving it overwhelming advantages in cross-border payments, B2B settlements, and on-chain finance. Industry dynamics support this trend: USDC issuer Circle announced NYSE listing, Stripe acquired stablecoin infrastructure company Bridge and launched related products, Coinbase released a stablecoin-based smart payment standard, and Visa and Mastercard enhanced stablecoin support. Even Meta is rumored to be introducing stablecoins as a payment settlement option. Stablecoins are no longer just on-chain primitives but playing an increasingly important role in traditional payment infrastructure. As crypto market institutionalization progresses, institutional funds continue flowing into compliant trading products. By June 2025, Bitcoin and Ethereum ETP total fund net inflows reached $45 billion, growing 28% from the end of 2024. Meanwhile, the on-chain economic structure is undergoing profound transformation. Although blockchain transaction fees total decreased 43% year-on-year from $439 million to $239 million monthly, this doesn't indicate reduced on-chain demand but reflects dual trends of continuous user cost optimization and block space efficiency improvement. In the DeFi ecosystem, DEX proportion versus CEX notably increased, with monthly DEX/CEX trading volume ratio rising from 11% to 17%, representing more users choosing on-chain trading methods. Additionally, more token projects are supporting their token economics through sustainable revenue models. By June 2025, 22 tokens had monthly net revenues exceeding $1 million. With new regulatory environments and market structure legislation, tokens may enter a new phase: no longer relying on inflation or narrative hype, but achieving long-term value closure through actual revenue.

Content Source

https://chainfeeds.substack.com

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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