a16z crypto: Blockchain Drives Market Supply and Global Demand Matching

a16z crypto states that one of the core values of blockchain is the creation of entirely new markets. By enabling permissionless issuance and global distribution, it breaks through the limitations of traditional financial markets, allowing market supply to better match global potential demand. Almost all representative markets in the crypto industry have benefited from this mechanism, including perpetual contracts, spot DEX, prediction markets, lending, meme coins, NFTs, and tokenization of real-world assets. Perpetual contracts are a direct reflection of this trend, with on-chain RWA perpetual contract trading volume reaching an annualized scale of $1.4 trillion in July this year, accounting for about half of Hyperliquid's trading volume. With mechanisms like HIP-3 and HIP-4 lowering market issuance thresholds, a16z crypto expects that on-chain markets will continue to expand into commodities, foreign exchange, indices, 24/7 stock exposure, as well as risk assets such as CPI, computing power, music, social trends, and sports, which previously lacked mature financial expressions.

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