Covering multiple areas including stablecoins, app stores, and decentralized governance.
Article author, source: a16zcrypto
Article compiled by: BlockBeats
Some trends we are focusing on
a16z released a comprehensive list of 'significant ideas' for the coming year based on observations from its partners in AI, U.S. vitality, life sciences/health, cryptocurrency, enterprise services, fintech, gaming, and infrastructure, aimed at inspiring tech builders.
Here are some important ideas shared by members of the cryptocurrency team; for more exciting content, please read the full article.
For insights into 2025’s policies, regulations, and other aspects, please refer to this article published in November.
Companies will increasingly accept stablecoin payments
In the past year, stablecoins have found their product-market fit—this is not surprising, as stablecoins are currently the lowest-cost way to send dollars and enable fast global payments. Moreover, stablecoins also provide entrepreneurs with a more convenient platform to develop new payment products: no intermediaries, minimum balance restrictions, or exclusive SDKs. However, large enterprises have yet to realize the enormous cost savings and new profit opportunities that switching to these payment rails can bring.
Although we have seen some companies showing interest in stablecoins (and early applications in peer-to-peer payments), I expect a wave of larger experiments to emerge in 2025. Small to medium-sized enterprises (such as restaurants, cafes, and convenience stores) that have strong brand influence, loyal customer bases, and face high payment costs may be the first to switch from credit cards to stablecoin payments. These businesses do not benefit from the fraud protection of credit cards (especially in face-to-face transactions), and the high transaction fees have a particularly significant impact on their profits (a 30-cent fee for a cup of coffee is substantial for profit loss).
We should also expect larger enterprises to adopt stablecoins on a larger scale. If stablecoins can accelerate the evolution of banking history, then companies will attempt to disintermediate payment service providers—directly adding 2% of profits to their bottom line. Additionally, companies will start seeking new solutions to address problems currently solved by credit card companies, such as fraud protection and identity verification.
——Sam Broner (X Platform @sambroner | Farcaster Platform @sambroner)
Countries explore bringing government bonds on-chain
Bringing government bonds on-chain will create a government-backed, interest-bearing digital asset while avoiding regulatory privacy issues associated with central bank digital currencies (CBDCs). Such products can provide new sources of collateral demand for lending and derivatives protocols in DeFi (decentralized finance), thereby adding more stability and credibility to these ecosystems.
As governments around the world further explore the advantages and efficiencies of public, permissionless, and immutable blockchains this year, some countries may pilot issuing on-chain government bonds. For example, the UK has already explored digital securities through its sandbox project set up by its financial regulatory agency, the FCA (Financial Conduct Authority); the UK Treasury has also expressed its intention to issue digital bonds.
In the U.S., discussions are expected to increase about how blockchain can enhance transparency, efficiency, and participation in bond trading, as the SEC (Securities and Exchange Commission) plans to require traditional cumbersome and costly infrastructure for clearing government bonds next year.
——Brian Quintenz (X Platform @brianquintenz | Farcaster Platform @brianq)
「DUNA」will become the new industry standard for the U.S. blockchain network
In 2024, Wyoming passed a new law officially recognizing DAOs (Decentralized Autonomous Organizations) as legal entities. DUNA (i.e., 'Decentralized Unincorporated Nonprofit Association') is specifically designed to support decentralized governance for blockchain networks and is currently the only viable legal structure for projects in the U.S. By incorporating DUNA into decentralized legal entity structures, crypto projects and other decentralized communities can give their DAOs legal status—thus facilitating broader economic activity while protecting token holders from legal liabilities and addressing tax and compliance needs.
DAOs, as communities governing the operations of open blockchain networks, are important tools to ensure that the network remains open, fair, and avoids unreasonable value extraction. DUNA can unleash the potential of DAOs, and several projects are already pushing for its implementation. As the U.S. further supports and accelerates the development of its crypto ecosystem in 2025, I expect DUNA to become the industry standard for U.S. crypto projects. Additionally, other states may follow suit, adopting similar structures (Wyoming was the first to lead this trend; they were also the first state to adopt the now widely used LLC)—especially in the case of the rise of other decentralized applications outside the crypto space (such as physical infrastructure/energy grids).
——Miles Jennings (X Platform @milesjennings | Farcaster Platform @milesjennings)
Developers will reuse infrastructure more rather than reinventing it
In the past year, teams have been continuously 'reinventing the wheel' in the blockchain technology stack—such as developing yet another set of custom validators, consensus protocol implementations, execution engines, programming languages, and RPC APIs. These attempts may slightly improve certain specific functions, but often fall short in broader or foundational capabilities. Take programming languages specifically designed for SNARKs as an example: ideally, this language could help top developers build better-performing SNARKs, but in practice, it may lag behind general programming languages in compiler optimization, development tools, online learning resources, and AI programming support (at least for now), potentially even leading to subpar SNARK performance.
Therefore, I expect that in 2025, more teams will leverage existing results from others, reusing ready-made blockchain infrastructure components—from consensus protocols and existing staked capital to proof systems. This approach not only helps developers save a significant amount of time and effort but also allows them to focus on creating the unique value of their products or services.
Today, the infrastructure needed to develop Web3 products and services for the masses is largely in place. Like other industries, the teams that ultimately succeed will be those that can effectively leverage complex supply chains, rather than those that scoff at 'non-self-developed' technologies.
——Joachim Neu (X Platform @jneu_net)
The crypto industry welcomes dedicated app stores and content discovery channels
When crypto applications are blocked by centralized platforms like the Apple App Store or Google Play, their top channels for user acquisition are restricted. However, we now see emerging app stores and marketplaces offering distribution and content discovery capabilities without strict reviews. For example, Worldcoin's World App marketplace—not only stores verification information but also provides access to 'mini-apps'—has brought hundreds of thousands of users to several applications in just a few days. Another example is the zero-fee dApp Store exclusive to Solana mobile users. These cases also indicate that not only software but hardware (like phones or verification devices) could become key advantages for crypto app stores, much like how Apple devices once propelled the early application ecosystem.
At the same time, there are other stores containing thousands of decentralized applications and Web3 development tools (like Alchemy), as well as blockchains acting as game publishers and distribution platforms (like Ronin). But this is not entirely an entertainment-focused ecosystem: if a product already has established distribution channels (like messaging apps), migrating it on-chain is not easy (an exception is the Telegram/TON network). The same goes for applications with significant distribution advantages in the Web2 ecosystem. However, 2025 may see more of such migrations occurring.
——Maggie Hsu (X Platform @meigga | Farcaster Platform @maggiehsu)
From holders to users: the transformation of crypto users
In 2024, significant political progress was made in the crypto space, with many key policymakers and political figures expressing positive views. At the same time, crypto as a financial movement continues to evolve (for example, Bitcoin and Ethereum ETPs have broadened investor participation channels). In 2025, crypto is expected to further develop into a movement of computing technology. But where will the next user group come from?
I believe it is time to reactivate those currently 'passive' crypto asset holders and convert them into more active users. Currently, only 5-10% of crypto asset holders are actively using crypto technology. We can bring the 617 million people who already hold crypto assets on-chain, especially as blockchain infrastructure continues to improve and user transaction fees decrease. This means that new applications will gradually emerge for existing and new users. Meanwhile, some early applications we have already seen—covering stablecoins, DeFi, NFTs, gaming, social, DePIN, DAOs, and prediction markets—are also starting to become more acceptable to mainstream users as the community increasingly focuses on user experience and other optimizations.
——Daren Matsuoka (X Platform @darenmatsuoka | Farcaster Platform)
‘Hiding technical details’ facilitates the birth of killer apps for Web3
The technical advantages of the blockchain industry make it unique, but they also hinder mainstream user acceptance to some extent. For creators and fans, blockchain technology brings new possibilities for connectivity, ownership, and monetization... however, the industry's terminology (such as 'NFTs', 'zkRollups', etc.) and complex designs have become barriers for those who could benefit the most. I have deeply felt this in countless conversations with executives in media, music, and fashion about Web3.
The widespread adoption of many consumer technologies has followed a similar path: technology first, followed by a flagship company or designer abstracting complexity, thus sparking breakthrough applications. Think back to the development of email—SMTP protocol was hidden behind the 'send' button; or credit cards, where most users today do not care about the payment tracks behind them. Similarly, Spotify's musical revolution was not achieved by showcasing file formats but by delivering playlists directly to users' fingertips. As Nassim Taleb said, 'Over-engineering leads to fragility, while simplicity is scalable.'
Therefore, I believe that in 2025, our industry will adopt the concept of 'hiding technical details.' The best decentralized applications have already begun to focus on more intuitive interface designs, making operations as simple as clicking a screen or swiping a card. In 2025, we will see more companies committed to concise design and clear communication; successful products require no explanation, they directly solve problems.
——Chris Lyons (X Platform @chrislyons | Farcaster Platform)
Six major trends in decentralized governance in 2025
2025 will be an exciting year for decentralized governance. Decentralized Autonomous Organizations (DAOs) are continuously breaking through innovations, exploring new models for jointly governing anonymous token holders. Investment management companies are striving to persuade clients to participate more frequently in online shareholder voting. At the same time, AI companies are beginning to utilize citizens' assemblies to set norms for large language models (LLMs). These efforts will promote a variety of decentralized governance experiments to unfold simultaneously, including:
1、Websites that help voters delegate their votes;
2、Artificial Intelligence-assisted delegation mechanism;
3、AI as an agent;
4、More intelligent participation incentive mechanisms;
5、More efficient funding support for public goods;
6、More experiments with lottery governance.