BlackRock Chairman 
& CEO Larry Fink 

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State of Crypto  

2023 

Market Metrics 

31 

©2023 Andreessen Horowitz.  
All rights reserved worldwide. 

a16z crypto 

State of Crypto 

2023 

Market Metrics 

32 

Tech markets are a function of supply and 
demand, or innovation and adoption 

Networks attract 
more builders 

Innovation 
(Supply) 

Builders create 
new products 

New products 
generate new 
networks 

Adoption 
(Demand) 

Consumers adopt 
products 

a16z crypto 

State of Crypto  

2023 

Innovation Indicators: Supply Side 

33 

©2023 Andreessen Horowitz.  
All rights reserved worldwide. 

a16z crypto 

State of Crypto 

2023 

Innovation Indicators: Supply Side 

34 

Developers, products, and research drive 
innovation 

Supply-side KPIs 

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State of Crypto 

2023 

Innovation Indicators: Supply Side 

35 

Bull markets attract new developers who tend to 
stick around
State-of-Crypto2023