The Collective

Blockchains are the only venue in the world where one can issue net new assets without permission and distribute these assets globally to anyone with an internet connection Every category-defining outcome in crypto has been downstream of permssionless issuance and global distribution – stablecoins, perps, prediction markets, synthetic dollars, memecoins, NFTs This is the technological unlock for blockchains – enabling a new marketplace of supply and demand side participants, who would have otherwise been censored, to coordinate at scale While it’s unclear what the next iterations of net new assets will be (RWA perps and collectibles are interesting front-runners), on-chain will remain the path of least resistance

Andreessen Horowitz (@a16zcrypto) is one of the most well-known venture capital funds in the crypto space. According to data from @coingecko, the market capitalization of tokens in the "a16z Portfolio" category currently stands at around $389 billion, driven largely by the strong presence of major projects like $ETH, $SOL, and $AVAX. However, we’ve noticed that some tokens in their portfolio remain undervalued compared to their true potential and role in the ecosystem. Here are 4 projects that clearly demonstrate this: 1/ @Aptos A16z investment: Lead Series A round in 2022 with $150M invested (total round size $200M). Comparison with #Near and #Sui: Aptos stands out due to its large volume of stablecoin transfers, which indicates real network activity. In terms of speed, Aptos is almost on par with Sui, and in some blockchain metrics, it even outperforms it. However, Aptos' market capitalization is only about ~$700M, while Near and Sui are significantly more valued. 2/ @LidoFinance A16z invested $70M in 2022 (one of the major investments in liquid staking). Comparison with @eigencloud (EIGEN), @ether_fi, @renzoai: Lido currently holds around $19B in TVL and remains the largest liquid staking protocol on Ethereum with a dominant market share. At the same time, restaking projects like EigenLayer, EthFi, and Renzo have gained much more attention, leading to higher valuations despite the fact that their TVL and actual role still don’t surpass Lido’s. 3/ @Optimism A16z invested $90M in $OP tokens in its 2024 private funding round. Comparison with @arbitrum: OP boasts a powerful OP Stack technology, but it currently lags behind Arbitrum in terms of TVL and popularity. The market capitalization of OP is only around ~$230M, which is much lower compared to other leading Layer 2 solutions (L2). 4/ @AleoHQ A16z led a $28M Series A round in 2021. Comparison with @zama and @Zcash: Aleo is one of the first privacy-focused projects, specializing in zero-knowledge applications. Recently, $ZAMA and $ZEC have attracted more attention, leading to higher valuations, even though Aleo has a much stronger technical foundation from the outset. In our view, many tokens in a16z's portfolio are currently undervalued because: The narratives either haven’t arrived yet or have already faded (L2, privacy). The market tends to focus more on short-term hype rather than on fundamental factors. The bear market is compressing valuations. This is not investment advice. DYOR.

Congrats @openfx_ !

Sam Broner says that stablecoins are just the first step. "If stablecoins win, everybody succeeds. Once I'm paying every day, there's a lot of services that want to move onchain due to that gravity." "Identity is the most obvious. Then social networks begin to form on top of that. Then so do customer to merchant relationships." "As you begin to move payments onchain a lot of additional things begin to quickly follow, and those opportunities are potentially even bigger and more creative than just the simple payments, just the simple exchange." @SamBroner

RWA tokenization as of March 2026 — a concise overview with key figures and trends. Current market state The total value of on-chain RWAs has reached ~$25.9B. A year ago, it stood at around $6.4B — roughly 4x growth year-over-year. The number of holders has surpassed 655K. Outlook: ~$400B by 2026 and up to $30T by 2030. Asset class breakdown Private credit leads with ~$15.6B. U.S. Treasuries follow at ~$9.8B (+136% year-to-date). Tokenized gold and commodities account for ~$2.97B. Corporate bonds — ~$906M. Institutional alternative funds — ~$416M. Top players BlackRock BUIDL — around $2.8B (~30% market share). Ondo Finance — ~$1.9B (tokenized equities and Treasuries). Franklin Templeton BENJI — ~$1.2B. Invesco USTB — ~$900M. Maple Finance — ~$4B AUM (private credit). Centrifuge — ~$1.1B TVL. Hashnote USYC — ~$600M. Backed Finance — tokenized equities. Goldfinch — emerging market credit. Amundi — ~$100M in a tokenized UCITS fund (Ethereum + Stellar). Blockchains by volume Ethereum — ~$15.4B (about 59% market share). Solana — ~$1.7B (+44% over the past 30 days). Stellar — ~$1.3B. Polygon — expanding its institutional footprint. Avalanche — building infrastructure (including the Spruce subnet). Macro signals Larry Fink compares tokenization to the internet in 1996. The SEC has approved trading of tokenized securities via Nasdaq. The ECB is advancing the Appia roadmap — DLT rollout expected in Q3 2026. NYSE is preparing for 24/7 trading of tokenized assets. BlackRock already manages around ~$150B in digital assets. Market context ~$130T — global bond market. ~$326T — real estate. ~$10T — private credit. Key takeaway: the shift of these markets on-chain is not a question of if, but when.

Today, several teams at the EF are launching pq.ethereum.org, a dedicated resource for Ethereum's post-quantum security effort. What started with early STARK-based signature aggregation research in 2018 has grown into a coordinated, multi-team effort, all open source. The Post-Quantum team and Cryptography teams, with help from the Protocol Architecture and Protocol Coordination teams, have been working on this body of work for 8+ years. At pq.ethereum.org you'll find: - How PQ impacts each protocol layer - The full PQ roadmap (strawmap.org) - Open resources: repos, specs, papers, EIPs - FAQ: 14 questions across 5 categories, written by the PQ team - A 6-part lean Ethereum interview series (@zeroknowledgefm) - Interest form for the 2nd Annual PQ Research Retreat (Cambridge, UK, Oct 2026) - 10+ client teams are already building and shipping devnets weekly through PQ Interop. All the work is public and all of it is open. pq.ethereum.org

Payy is built on Ethereum. @payy_link is a privacy-first stablecoin chain designed so your transactions aren’t exposed to the world. It brings programmable payments to Ethereum, without sacrificing privacy by default.

20/ Neo-Cypherpunk elevates the significance of culture in communicating its ideas, making no sharp distinction between technical and non-technical contributors. Find your way to @web3privacy, @winprivacy and @ETHPanda_Org to get involved.

21/ Many privacy projects from @rotkiapp to @fileverse often struggle to keep the lights on. That’s a crazy situation and we shouldn’t stand for it. Contribute to privacy projects with your wallet. Recently, over 100 projects participated in public goods pro-privacy rounds on Gitcoin and Octant:

ZKPass is built on Ethereum. @zkPass is a privacy-preserving identity protocol letting users prove information about themselves without revealing the underlying data. It enables secure verification of credentials onchain while keeping personal information private by default.

Free markets for sports is a better UX and better prices for people. In a few years the idea that free markets for sports was not the default will feel absurd. MLB is the first major sports league to get it A better sportsbook is not why we are here of course. Better information and more truth for ALL facets of culture is the motivation. Sports is just one category, but it’s a big one

Today is day 21 of the Iran war and over 2000 people have died Peace markets on Polymarket indicate this will not be another endless war but it's not ending soon

Predictions markets at their best are transparent and global. Polymarket

Companies that now regularly use artificial intelligence are starting to track their workers’ use of tokens, AI’s unit of measurement on.wsj.com/473nAnZ

Cursor's Composer 2 just took second place on the Next.js evals leaderboard, beating both Opus and Gemini. See the full rankings ↓ vercel.fyi/next-composer2

huge shoutout to @nvidia for lending engineers to help triage our security advisories 🛡️🦞 open source security hits different when GPU companies show up to help

Most Agents can only chat 🥀 They can't read your UI or do anything in your app. useAgentContext + useFrontendTool fixes that. One lets your agent see. The other lets it act. Simple and ready in minutes 👇

GPT-5.4 mini is available today in ChatGPT, Codex, and the API. Optimized for coding, computer use, multimodal understanding, and subagents. And it’s 2x faster than GPT-5 mini. openai.com/index/introduc…

Korean AI startup Upstage is in discussions with AMD to buy 10,000 of its latest AI accelerators as part of an effort to bring large-scale compute into the country bloomberg.com/news/articles/…