Investment report from #A16Z Future directions in crypto worth watching RWA: It’s not about putting assets on-chain, but about traditional finance being restructured on-chain. AI Agent: AI starts earning and spending money on its own, making wallets and payments a necessity. DeFi: The next round isn’t about APY, but real revenue and real users. DePIN: What’s truly worth watching is whether real-world resources can be turned into tradable global networks. The only common thread: moving from hyped narratives to the real economy.