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Jul 16

Some think this is reversal of a16z’s decentralization view but I see it as a correction towards institutional reality.

This essay tempers DeFi maximalism with institutional realism — but decentralization still matters deeply for the open ecosystem’s vitality and long-term optionality.

Most of us were wrong with wishful thinking expecting it to dominate or fully subsume TradFi. That fight is lost — and probably was lost since the start.

This also tracks broader web3 industry evolution toward hybrid realities and towards — those who bring customers win 🥇 reality.

The underlying tech still matters but it doesn’t bring customers it is used by them.

https://x.com/a16zcrypto/status/2077098776003543381?s=46&t=vGdL6gMJv0qcvymUV8209g

X (formerly Twitter)

a16z crypto (@a16zcrypto) on X

https://t.co/E5pbc7xfEn](https://x.com/a16zcrypto/status/2077098776003543381?s=46&t=vGdL6gMJv0qcvymUV8209g)