a16z: State of Crypto Report 2023

Emerging technologies develop in cycles; in crypto, this includes periods of intense activity followed by so-called crypto winters. During the period marked by our now-annual State of Crypto report, a casual observer could easily overlook the rapid progress the crypto industry is making. Major infrastructure improvements like the Ethereum merge—a significant achievement in decentralized and open-source development—simply don't make headlines as often as high-profile bankruptcies, collapses, and failures.