A16z crypto: The crypto industry enters the 'Show Me era', with narrative driven shift towards data and ground verification According to a report by Golden Finance, a16z crypto has released a viewpoint stating that the cryptocurrency industry is entering the so-called "Show Me" era, where the market and media no longer accept projects that rely solely on visions and white papers, but require real data and verifiable products to be implemented. In the past decade, encryption projects often rely on the logic of "vision is product". Through white papers, token narratives and proof of concept, they can gain market attention. However, with the tightening of supervision, the increase of negative events in the industry and the entry of institutions, this model is failing. A16z crypto summarizes the current industry standard as a "proof first" mechanism, which means that projects must demonstrate clear product usage data, on chain transaction volume, real user growth, and sustained retention, rather than just cooperation intentions or conceptual roadmaps. The current communication logic in the industry has shifted from 'what you are doing' to 'what you have already accomplished', emphasizing that narrative and vision are still important, but their weight has decreased from about 80% in the past to 20%, and the industry has officially entered a competition stage centered on results.