According to Odaily Planet Daily, a16z released its "State of Crypto 2025" report, noting that the crypto market continues to expand and exhibits a "price-developer-user" feedback loop. Crypto adoption is global, but the fastest-growing on-chain activity is in developing countries. Developers are most active in multi-chain ecosystems such as Ethereum (including L2), Solana, and Bitcoin. Furthermore, stablecoins have become a widely discussed topic, with annual transaction volume reaching $46 trillion, 20 times that of PayPal and 3 times that of Visa.