Bankless State Of Crypto 2025 | a16z Crypto — Eddy Lazzarin & Daren Matsuoka
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Oct 22, 2025 
Eddy Lazzarin, CTO at a16z Crypto, and Daren Matsuoka, partner at a16z, dive into the future of crypto in 2025. They explore Bitcoin's dominance and its role as digital gold, along with the rapid adoption of stablecoins rivaling Visa volumes. The discussion highlights decentralized exchanges reshaping price discovery, and the emerging potential of prediction markets. They also tackle the integration of AI with crypto, addressing concerns about quantum risks and the evolving landscape of institutional engagement. Get ready for a thought-provoking analysis!
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DEXs Reaching Material Share Of Spot Volume
- DEXs now account for ~20% of spot trading and that share is likely to rise as UX, liquidity, and fees improve.
- Higher DEX share shifts price discovery on-chain and increases transparency and resilience.
Perps Drove A New On-Chain Revenue Wave
- Perpetual futures exploded in 2025, creating billion-dollar revenue protocols and maturing DeFi derivatives.
- Perps satisfy demand for leverage and sophisticated trading, expanding on-chain financial product complexity.
Prediction Markets' Second Act Is Underway
- Prediction markets show post-election resurgence driven by sports and composability, threatening incumbents like DraftKings.
- On-chain markets enable better pricing, lower fees, and new financial building blocks for broader products.
