a16z: The crypto market is cooling down, but the fundamentals remain positive, and the industry is entering a phase of value accumulation.

CoinFeed reported on May 5th that a16z published an article stating that the crypto industry cycle typically follows an evolutionary path of "speculation—construction—accumulation": funds and attention flood in during peak periods, some of which are wasted, but this also drives the construction of critical infrastructure; when the bubble bursts, what remains are often more practical and valuable long-term results. a16z believes that the current market is in a relatively "cooling-off phase," but the underlying development signals are among the most positive in recent years. Stablecoins are considered the clearest example: although trading volume fluctuates with the market, their usage has continued to grow during bear markets, and they are widely used in savings, cross-border payments, and daily transactions, exhibiting a natural expansion similar to a "network effect."