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a16z crypto
State of Crypto: 2022
Key insights
6 takeaways- 01DeFi total value locked grew from nearly zero to over $100 billion in less than two years, according to the report's chart data.See it on page 26
- 02The report says DAOs have accumulated more than $10 billion in treasury assets under management.See it on page 49
- 03The report states that web3 platforms have drastically lower take rates than internet giants today.See it on page 39
- 04Stablecoins are described as representing just a tiny fraction of the world's money supply.See it on page 35
- 05According to the report, L2 rollups contribute about 1.5% of all fees paid on Ethereum in one day.See it on page 22
- 06The report describes the Ethereum merge as an expected event in 2022 that would remove the environmental objection to using Ethereum.See it on page 55
Summary
This overview report from the venture firm a16z crypto, titled "State of Crypto: 2022", surveys the state of web3 as of May 2022, with most market data dated 5/12/2022. It covers why web3 is framed as a third era of the internet, the cyclical growth of crypto markets, layer 1 and layer 2 blockchains, decentralized finance (DeFi), stablecoins, NFTs, web3 gaming, metaverse land sales, DAOs, and real-world applications. The authors argue that web2 platforms have become more extractive over time, and that web3 aligns network participants toward a shared goal. Figures are drawn from sources including CoinMarketCap, Nansen, DeFi Llama, L2Beat and Token Terminal. The report states that DeFi grew from nearly zero to over $100 billion in less than two years, and that DAOs held more than $10 billion in treasury assets under management. It also notes that stablecoins remain a tiny fraction of the world's money supply, and that the NFT market remained active, with gaming-related assets accounting for 20% of NFT sales volume in 2021.
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