A16z crypto: The crypto industry enters the Show Me era, shifting towards data and ground verification

A16z crypto states that the encryption industry has entered the Show Me era, and the market no longer accepts projects that rely solely on vision and white papers, requiring real data and verifiable products to be implemented. A16z crypto summarizes the current industry standards as a proof first mechanism, where projects must demonstrate product usage data, on chain transaction volume, real user growth, and sustained retention. The communication logic of the industry shifts from what you are doing to what you have already achieved, and the weight of narrative and vision has decreased from 80% to 20%. The industry has entered a competitive stage centered on results.