a16z crypto said one of the core values of blockchains is their ability to create entirely new markets. In a post cited by ChainCatcher, the firm argued that permissionless issuance and global distribution remove long-standing constraints found in traditional finance, including listing committees, legal structures, and geographic fragmentation. That setup, it said, allows market supply to match global demand more effectively.
The firm said many of crypto’s best-known market categories have grown under that model, including perpetual futures, spot decentralized exchanges, prediction markets, lending, meme coins, NFTs, and tokenized real-world assets. Among them, perpetuals were described as the clearest example of the trend.
According to a16z crypto, annualized on-chain RWA perpetual trading volume reached $1.4 trillion in July, accounting for about half of Hyperliquid’s volume. It added that lower issuance barriers under mechanisms such as HIP-3 and HIP-4 could push on-chain markets into commodities, foreign exchange, indexes, 24/7 stock exposure, and risk assets that previously lacked mature financial expression, including CPI, computing power, music, social trends, and sports.
ChainCatcher reported that a16z crypto said one of the core values of blockchains is the ability to 「create entirely new markets」.
The firm said permissionless issuance and global distribution can break through long-standing limits in traditional financial markets, which have been shaped by listing committees, legal frameworks, and geographic fragmentation. In its view, that allows market supply to better match potential demand worldwide.
a16z crypto said nearly all of crypto’s representative market categories have benefited from this mechanism, including perpetual futures, spot DEXs, prediction markets, lending, meme coins, NFTs, and tokenized real-world assets.
It described perpetuals as the clearest expression of that trend. In July this year, annualized on-chain RWA perpetual trading volume reached $1.4 trillion, or about half of Hyperliquid’s trading volume.
As mechanisms such as HIP-3 and HIP-4 lower the barrier to market issuance, a16z crypto said on-chain markets could continue expanding into commodities, foreign exchange, indexes, 24/7 stock exposure, and risk assets that previously lacked mature financial expression, including CPI, computing power, music, social trends, and sports.
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