[{"type":"paragraph","children":[{"text":"Reading through a16z's 2026 outlook, perhaps the most striking thing is the clear call made in its concluding section: the industry must shift from a "},{"text":"\"light construction, heavy trading\" ","bold":true},{"text":"casino model to a "},{"text":"\"light trading, heavy construction\" ","bold":true},{"text":"factory model."}]},{"type":"paragraph","children":[{"text":"The \"construction\" direction identified in the report:","bold":true}]},{"type":"bulleted-list","children":[{"type":"list-item","children":[{"text":"Build financial assets "},{"text":"native to the chain ","bold":true},{"text":"(such as perpetual contracts), rather than simply moving off-chain assets."}]},{"type":"list-item","children":[{"text":"Building an identity and payment layer for "},{"text":"AI agents ","bold":true},{"text":"has become the cornerstone of silicon-based civilization."}]},{"type":"list-item","children":[{"text":"Design "},{"text":"privacy and security ","bold":true},{"text":"as foundational capabilities at the protocol layer, rather than as an after-the-fact patch at the application layer."}]}]},{"type":"paragraph","children":[{"text":"The logic behind it: ","bold":true},{"text":"With regulatory clarity, the industry must fulfill its technological promises, truly solve problems, and create value in order to usher in the \"golden age of builders\"."}]},{"type":"paragraph","children":[{"text":"What this means for you and me: ","bold":true},{"text":"The rewards of the future market will flow more towards protocols and infrastructure that solve real problems, rather than short-term speculation. Do you agree with this judgment?"}]},{"type":"paragraph","children":[{"text":""}]},{"type":"paragraph","children":[{"text":"Full report and opinion ","bold":true},{"text":": https://blog.ju.com/a16z-2026-crypto-trends-report/?utm_source=blog\n"},{"type":"topic","character":"Builders","children":[{"text":""}]},{"text":" "},{"type":"topic","character":"IndustryTurns","children":[{"text":""}]},{"text":" "},{"type":"topic","character":"ValueInvestment","children":[{"text":""}]},{"text":" "},{"type":"topic","character":"Infrastructure","children":[{"text":""}]},{"text":" "}]}]