Original title: 7 Big Ideas for 2025 (and more trends to watch) [newsletter]
Original author: A16Z
Original source: https://a16zcrypto.com/posts/article/big-ideas-trends-2025/
Compiled by: Tom, Mars Finance
We are excited about some trends
a16z recently released a comprehensive list of 'big ideas', covering areas including AI, American Dynamism, bio/health, crypto, enterprise, fintech, gaming, and infrastructure, sharing insights from partners on potential new directions in the technology sector for the coming year.
Here are some selected 'big ideas' from the perspectives of several crypto team members. For more content, you can read the full article. You can also check previous years' ideas here and here.
Additionally, if you want to learn about the outlook for policies, regulations, and other aspects in 2025, you can check out our article published in November.
1. An increasing number of enterprises will accept stablecoin payments
In the past year, stablecoins have found a product-market fit—this is not surprising, as they are the cheapest way to send a dollar and can facilitate fast global payments. Stablecoins also provide entrepreneurs looking to create new payment products with easier access platforms: no gatekeepers, no minimum balance, or proprietary SDKs. However, large enterprises have yet to truly recognize the substantial cost savings and profit margins that could result from switching to these payment rails.
We have observed some businesses showing interest in stablecoins (with early adoption in the peer-to-peer payment space), but I expect a larger wave of experimentation to emerge in 2025. Small and medium enterprises—such as restaurants, coffee shops, and small stores—that have strong brands, retain customers, and are troubled by high payment fees will be the first to shift from credit cards to stablecoin payments. They do not enjoy the fraud protection of credit cards in face-to-face transactions but bear a fee of $0.30 per transaction, which is significant for low-margin businesses like coffee sales.
We should also anticipate that larger enterprises will adopt stablecoins. If stablecoins can indeed accelerate the historical progress of banking, then companies will want to bypass payment service providers and directly incorporate about 2% of profit margins into their own revenues. At the same time, companies will begin seeking new solutions for other functionalities currently provided by credit card companies (such as fraud protection and identity services).
——Sam Broner [@sambroner] | [@sambroner] on Farcaster
2. Countries are exploring putting government bonds on-chain
Putting government bonds on the blockchain can create a digital asset backed by the government that can generate interest—but without raising concerns about regulatory oversight like central bank digital currencies (CBDCs). These products can also serve as collateral in decentralized finance (DeFi) lending and derivatives protocols, uncovering new sources of demand and providing greater robustness and credibility to these ecosystems.
Therefore, as pro-innovation governments around the world continue to explore the advantages of public, permissionless, and irreversible blockchains, some countries may pilot issuing on-chain versions of government bonds this year. In the UK, the financial regulatory authority FCA is studying digital securities through a sandbox approach; its treasury/Chancellor has also expressed interest in issuing digital national bonds.
In the US, as the SEC will require traditional and cumbersome infrastructure for government bond settlements next year, it is expected that there will be more discussions about how blockchain can enhance the transparency, efficiency, and participation of bond trading.
——Brian Quintenz [@brianquintenz] | [@brianq] on Farcaster
3. 'DUNA' is expected to be widely applied in the US blockchain network
In 2024, Wyoming passed a new law officially recognizing DAOs (Decentralized Autonomous Organizations) as legal entities. DUNA ('Decentralized Non-Corporate Public Benefit Organization') is tailor-made for decentralized governance on the chain and is the only viable structure for projects in the US. By incorporating DUNA into decentralized entity structures, crypto projects and other decentralized communities can grant legal status to their DAOs—facilitating economic activity, allowing token holders to avoid liability, and managing tax and compliance needs.
DAOs—communities governing open blockchain networks—are essential tools to ensure that networks remain open, non-discriminatory, and do not extract value unfairly. DUNA can unleash the potential of DAOs, and some projects are already attempting to implement this. As the US actively supports and accelerates the crypto ecosystem by 2025, I believe DUNA will become the universal standard for US projects. We also look forward to other states introducing similar structures (Wyoming is leading the way; they were also the first state to adopt the now-popular LLC system)—especially as other decentralized application scenarios (like physical infrastructure/energy grids) begin to emerge.
——Miles Jennings [@milesjennings] | [@milesjennings] on Farcaster
4. Builders will increasingly adopt 'reuse' rather than simply 'rebuild' infrastructure
In the past year, teams have been 'reinventing the wheel' at various layers of the blockchain stack—another brand new validator set, consensus protocol implementation, execution engine, programming language, RPC API. Although there have been slight improvements in certain specific functionalities, it often leads to the absence of many general functions or basic features. For example, zero-knowledge proof (SNARK) specific programming languages: ideally, it can help ideal developers write more performant SNARKs, but in reality, it may lag behind general languages in compiler optimization, developer tools, online learning materials, AI programming support, etc.—resulting in performance that is even inferior to the latter.
Therefore, I expect that in 2025, more teams will 'reuse' others' achievements in blockchain development, such as utilizing existing consensus protocols, current collateral capital, and ready-made proof systems, rather than building from scratch. This not only saves a lot of time and effort but also allows teams to focus on their core competencies that truly differentiate their product/service value.
The blockchain infrastructure is now sufficient to support Web3 products and services aimed at the general public. Like other industries, teams that can successfully integrate complex supply chains are the ones most likely to launch good products, rather than those teams that scoff at all 'non-self-developed' solutions.
——Joachim Neu [@jneu_net]
5. The crypto industry finally welcomes its own app store and application distribution
When crypto applications are blocked by centralized platforms like Apple's App Store or Google Play, their new user acquisition is severely limited. However, we have seen some new types of app stores and markets offering such distribution and exploration functionalities without similar entry barriers. For example, Worldcoin's World App has built a 'mini apps' aggregation space, allowing hundreds of thousands of users to access several different applications within days while verifying their identities. Another example is a free dApp store for Solana mobile users. These two instances also show that innovation is not limited to the software layer—hardware is also aiding the development of crypto app stores, such as smartphones and iris scanners (orbs), just as Apple devices did for the early application ecosystem back in the day.
Meanwhile, there are other app stores on popular public chain ecosystems that aggregate thousands of decentralized applications and Web3 developer tools (like Alchemy); in some gaming aspects, blockchain acts as both publisher and distributor (like Ronin). However, not everything is 'fun': if a product already has distribution channels on instant messaging apps, it can be challenging to direct its users to the blockchain (with exceptions like Telegram/TON network); the same is true for applications that already have significant distribution in Web2. Nevertheless, we may see more such migration cases in 2025.
——Maggie Hsu [@meigga] | [@maggiehsu] on Farcaster
6. 'Holders of cryptocurrency' will eventually become 'users of cryptocurrency'
In 2024, cryptocurrencies as a political movement made significant progress, with major policymakers and political figures beginning to publicly support crypto; at the same time, crypto continues to grow in the financial sector (e.g., Bitcoin and Ethereum ETPs being opened to more investors). Looking ahead to 2025, crypto should further evolve into a 'computational movement'. So where will the next wave of users come from?
I believe it is time to re-engage with 'passive' cryptocurrency holders and convert them into active crypto users, as currently only 5%–10% of crypto holders are truly using cryptocurrency. We can bring the 617 million people who already own cryptocurrency onto the chain—especially as blockchain infrastructure continues to improve and transaction fees decrease, which will lead to the emergence of many new applications serving both existing and new users. Meanwhile, early applications we've seen in stablecoins, DeFi, NFTs, gaming, social, DePIN, DAOs, prediction markets, etc., are continually enhancing user experience, making it easier for mainstream users to adopt.
——Daren Matsuoka [@darenmatsuoka] | [@darenmatsuoka]
7. 'Hidden wires' will facilitate the emergence of blockbuster Web3 applications
Some of the 'technical superpowers' of blockchain are precisely what set it apart, but they also hinder mainstream adoption. For creators and fans, blockchain brings more opportunities for 'connectivity, ownership, and monetization'... but the specialized terminology commonly used in the industry (such as 'NFTs', 'zkRollups', etc.) and complex design concepts often deter those who need these technologies the most. I have felt this when communicating with many executives in media, music, and fashion who are interested in Web3.
The adoption process of many consumer tech products follows a similar path: starting from a 'technological starting point'; then a legendary company/designer abstracts the complexity; subsequently, this initiative gives birth to truly 'breakthrough applications'. Looking back at the history of email—the SMTP protocol is hidden behind the 'send' button; or credit cards, where their payment tracks are invisible to most users. Consider Spotify's transformation of the music industry, which did not rely on loudly promoting audio formats but made playlists readily accessible. As Nassim Taleb said: 'Over-engineering brings fragility. Simplicity is what scales.'
For this reason, I believe that in 2025, our industry will more consciously follow the principle of 'hidden wires'. The best decentralized applications are already enhancing more intuitive interfaces, making operations as simple as clicking or swiping. In 2025, more companies will strive to simplify design and communicate clearly; successful products are not meant to be 'explained' but to 'solve problems'.
——Chris Lyons [@chrislyons] | [@chrislyons]