a16z Year in Review: Hot Topics and Reads for 2024
Original Article Title: Year in review: Top pieces and themes of 2024
Original Article Author: web3 letter from a16zcrypto
Original Article Translation: zhouzhou, BlockBeats
Editor's Note: This article focuses on the revolutionary impact of stablecoins, from pain points in the payments industry to technical solutions, interpreting the rise of this disruptive force. It also brings popular book recommendations and a practical gift list to add more choices to the holidays. If you want to delve deeper into the potential of web3, don't miss Professor Tim Roughgarden's video lectures.
The following is the original content (slightly reorganized for better readability):
2024 was a remarkable year in the crypto space — from stablecoins to artificial intelligence, we covered all the hot topics. Below is a summary of our most popular articles, podcasts, videos, and selected themes of the year, along with several special recommendations from the a16z crypto team's editorial board. The end of the year is a good time for catch-up, see if you missed anything, and explore the content that most intrigued everyone.
Winter Reads
The a16z crypto team is passionate about reading, and this winter, we bring you a rich list of recommended books — from spherical geometry to celebrity memoirs, from super volcanoes to a fresh interpretation of Greek mythology, here are our curated winter must-reads:
“The Caves of Steel” - Isaac Asimov
Asimov depicts the transition of humanity to a robotic world, revealing the accompanying anxieties and a new economic order, which bears similarities to today's concerns about the rapid development of AI.
— Noah Citron, Engineering Team
“Biohacking Like a Woman” - Aggie Lal
I have always been interested in biohacking, but most of the articles and books on the market overlook the uniqueness of women's bodies and hormones. This book completely changed my perspective, providing comprehensive biohacking techniques tailored specifically to female physiological traits.
— Anna Semenova, Marketing Team
《Prosperity: The End of Prosperity and Stagnation》 - Byrne Hobart and Tobias Huber
This book provides a blueprint for how society can accelerate technological and scientific progress. It emphasizes the importance of entrepreneurial spirit (something I've always been very passionate about) and explains how the "bubble," while often seen as harmful to society, may actually be key to unleashing innovation and global prosperity. Anyone interested in emerging technologies should give it a read!
——Daren Matsuoka, Trading Team
Holiday Gift Ideas
Still struggling with holiday gift ideas? Don't worry, last-minute inspiration can also help you find the perfect choice!
We have gathered over 80 gift recommendations covering various categories—from computer accessories and smart AI devices to beauty, health, and wellness products. Here are selected gifts recommended by our tech team members:
AI Toolkit: Mac Mini (link) + Exo Labs
The Mac Mini offers great value for its price. When paired with Exo Labs, you can perform AI inference on multiple devices through your home network. This approach is simple, fun, and perfect for those looking to easily set up an AI home lab.
——Eddy Lazzarin, Chief Technology Officer
Focus Timer Adjustable Hourglass (link)
An elegant, sand-free adjustable hourglass, perfect for allocating project time, focused writing sessions, or even morning meditation.
——Scott Duke Kominers, Research Team
Dappnode (link)
For those interested in the crypto space, looking to become independent stakers, and run a validation node at home, this is the perfect choice. I set up a node last holiday season and have already recouped my investment through staking rewards.
——Robert Hackett, Editorial Team
The Path to Stablecoin Victory
Author: Sam Broner
Stablecoins have become the cheapest way to transfer dollars—and are poised to rapidly and thoroughly replace existing payment solutions. By reducing transaction costs to near zero, stablecoins can eliminate the friction that current payment options bring. This will disrupt the payments industry, benefiting businesses hit hardest by existing payment methods, including restaurants, retailers, enterprises, payment processors, and more.
This article provides an in-depth analysis of how payment fees impact costs for small businesses like coffee shops or international transfers, and demonstrates the significant profit increase for companies like Walmart, Chipotle, and Kroger after adopting stablecoins.
This data will drive widespread adoption of stablecoins. As stablecoins become more mainstream, more users, businesses, and products will enter the on-chain ecosystem.
Learn How Stablecoins Will Eat Payments
How to Discuss Cryptocurrency During the Holidays
Cryptocurrency has been a significant political topic over the past year, even playing a role in the recent US elections. (For more details, see our 2024 Crypto State Report.) Surprisingly, there is an increasing bipartisan consensus on the importance of blockchain networks and the regulatory frameworks needed for industry growth. This helps drive innovation and also protects consumers.
To help you navigate the inevitable hot topics during holiday gatherings, we've compiled five key cryptocurrency policy areas where bipartisan consensus has been reached.
Explain Cryptocurrency in 30 Seconds
Tim Roughgarden, Columbia University computer science professor and a16z Crypto Research Lead, recently released a series of short videos, interpreting the blockchain protocol and web3's mental model. The full lecture video (53:55) explores how blockchain combines "the general-purpose computation of the computer with the decentralization of the internet—essentially becoming a globally shared computer with the internet as its hardware." Now, he provides shorter video clips to help everyone quickly understand the potential of web3:
How to explain cryptocurrency as more than just digital money
How cryptocurrency enforces property rights on the network
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Bloomberg: As Bitcoin Weakens, Stablecoins and RWA Continue to Drive Expansion in Crypto Businesses
In June, Bloomberg reported that despite Bitcoin falling below $60,000 last week, wiping out about $235 billion in market value within seven days, and dropping close to 50% from last year’s peak, some core businesses in the crypto industry are still expanding, mainly in stablecoins, real-world asset tokenization (RWA), payments, and infrastructure. The report also noted that overall altcoin activity has contracted significantly: altcoin market capitalization has fallen from a peak of about $431 billion in November 2021 to around $170 billion, and among the tens of millions of tokens issued in recent years, fewer than 1,700 still maintain meaningful trading activity.
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Binance Research: RWA Market Expected to Expand Nearly 6x from Early 2025, with Public Equities and Onchain Payments Heating Up Together
In June, Binance Research said in its monthly market report that the real-world asset (RWA) market is expected to grow by about 589% from the beginning of 2025. Bond- and money market fund-related RWA expanded by about $6.5 billion, up 83% year over year, while publicly traded equity RWAs grew by about 422%. The report also noted that monthly crypto debit card transaction volume exceeded $747 million in May, up 48.6% year to date.
Japan to Assess a Framework for Yen Stablecoins and Crypto ETFs as Asia’s Compliant Payments Narrative Heats Up
Recently, according to the original report, Japan is considering the launch of yen stablecoins and cryptocurrency ETFs. Public information remains limited at this stage, and there is still no complete policy text, regulatory draft, or clear implementation timeline, so this is better characterized as a “policy discussion” rather than formal implementation. The original wording also noted that advancing stablecoin regulation in Asia is driving XRP usage and supporting growth in the XRPL ecosystem. However, based on currently available public information, there is not enough evidence to directly establish a clear causal relationship between this round of discussion in Japan and XRP or XRPL.
ZachXBT: Humanity private key leak and abnormal surge in H token should be viewed separately
On June 9, according to related disclosures, on-chain investigator ZachXBT posted an update on Humanity’s roughly $31 million security incident, saying that after further analyzing fund flows, he currently tends to believe the project team was not involved in an “inside job” or a self-staged attack. According to him, the official explanation about the private key leak was broadly accurate, but before the token unlock, the price of H had been artificially pushed higher, and the hacker later took advantage of that market environment; therefore, the private key leak and the earlier abnormal price pumping should be regarded as two separate and independent events. This reframing has shifted the market’s understanding of the nature of the incident. Earlier discussion around Humanity had focused on whether the team directly participated in the attack or used the security incident to cover up internal operations. ZachXBT’s latest remarks shift the focus from “whether it was self-theft” to “whether there were pre-unlock market structure issues.” He also questioned whether the team may have.
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Japan’s Three Megabanks Plan Joint Stablecoin Issuance in Fiscal 2026
MUFG, SMBC, and Mizuho reportedly plan to jointly issue fiat-pegged stablecoins in fiscal 2026, signaling Japan’s growing push into bank-led digital payment infrastructure.
Humanity Discloses H Token Dual-Chain Attack Details, With Losses on Ethereum and BSC Exceeding $36 Million
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Foreign selling in the South Korean stock market accelerates, with cumulative net sales reportedly reaching $75 billion this year
On June 9, The Kobeissi Letter, citing Goldman Sachs data, reported that global investors are selling South Korean stocks at an unusually rapid pace. In the latest trading session, foreign investors sold about $801 million worth of Kospi constituent stocks again; total foreign outflows last week reached about $10 billion, and the market has been in net foreign selling on nearly every trading day over the past month. According to the data cited in the report, foreign investors have sold about $75 billion worth of South Korean stocks so far this year. Meanwhile, South Korean retail and institutional investors together recorded roughly $69 billion in net buying over the same period, suggesting that the market’s main buying support has come from domestic capital rather than returning overseas funds. The information currently disclosed still mainly comes from The Kobeissi Letter’s retelling and Goldman Sachs data summaries, while public details on the statistical period and the specific definition of “selling” remain relatively limited.
Fortune Warns of Strategy’s Financing Structure Risks as Bitcoin Premium Narrows
Fortune warned that Strategy’s Bitcoin treasury model faces growing financing risks as MSTR’s net asset premium narrows and preferred stock dividend pressure increases.
Bloomberg: As Bitcoin Weakens, Stablecoins and RWA Continue to Drive Expansion in Crypto Businesses
In June, Bloomberg reported that despite Bitcoin falling below $60,000 last week, wiping out about $235 billion in market value within seven days, and dropping close to 50% from last year’s peak, some core businesses in the crypto industry are still expanding, mainly in stablecoins, real-world asset tokenization (RWA), payments, and infrastructure. The report also noted that overall altcoin activity has contracted significantly: altcoin market capitalization has fallen from a peak of about $431 billion in November 2021 to around $170 billion, and among the tens of millions of tokens issued in recent years, fewer than 1,700 still maintain meaningful trading activity.
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Binance Research: RWA Market Expected to Expand Nearly 6x from Early 2025, with Public Equities and Onchain Payments Heating Up Together
In June, Binance Research said in its monthly market report that the real-world asset (RWA) market is expected to grow by about 589% from the beginning of 2025. Bond- and money market fund-related RWA expanded by about $6.5 billion, up 83% year over year, while publicly traded equity RWAs grew by about 422%. The report also noted that monthly crypto debit card transaction volume exceeded $747 million in May, up 48.6% year to date.
Japan to Assess a Framework for Yen Stablecoins and Crypto ETFs as Asia’s Compliant Payments Narrative Heats Up
Recently, according to the original report, Japan is considering the launch of yen stablecoins and cryptocurrency ETFs. Public information remains limited at this stage, and there is still no complete policy text, regulatory draft, or clear implementation timeline, so this is better characterized as a “policy discussion” rather than formal implementation. The original wording also noted that advancing stablecoin regulation in Asia is driving XRP usage and supporting growth in the XRPL ecosystem. However, based on currently available public information, there is not enough evidence to directly establish a clear causal relationship between this round of discussion in Japan and XRP or XRPL.
ZachXBT: Humanity private key leak and abnormal surge in H token should be viewed separately
On June 9, according to related disclosures, on-chain investigator ZachXBT posted an update on Humanity’s roughly $31 million security incident, saying that after further analyzing fund flows, he currently tends to believe the project team was not involved in an “inside job” or a self-staged attack. According to him, the official explanation about the private key leak was broadly accurate, but before the token unlock, the price of H had been artificially pushed higher, and the hacker later took advantage of that market environment; therefore, the private key leak and the earlier abnormal price pumping should be regarded as two separate and independent events. This reframing has shifted the market’s understanding of the nature of the incident. Earlier discussion around Humanity had focused on whether the team directly participated in the attack or used the security incident to cover up internal operations. ZachXBT’s latest remarks shift the focus from “whether it was self-theft” to “whether there were pre-unlock market structure issues.” He also questioned whether the team may have.
Morning Report | OpenAI has submitted an S-1 registration statement draft to the U.S. SEC; Morpho completes $175 million financing
