A  hallway-style conversation between a16z crypto's Chris Dixon, Eddy Lazzarin, and Sonal Chokshi about market conditions, cycles of innovation, and mental models for navigating crypto and web3 -- as well as the longer arc and evolution of technology; methods & metrics for measuring price-innovation cycle ebbs and flows; some key trends; and more.

This episode originally ran in May 2022, as episode #1 in our new show 'web3 with a16z'. The 2022 State of Crypto report referenced can be found at a16zcrypto.com/stateofcrypto -- please sign up for our newsletter to be notified about the next report and other resources + updates: https://a16zcrypto.substack.com/

As a reminder, none of this discussion should be taken as business, legal, tax, or investment advice; please see a16z.com/disclosures for more important information, including a link to a list of our investments.