Crypto Industry Enters 'Show Me' Era as Standards Rise, a16z Crypto Partner States on June 23

According to Paul Cafiero, communications partner at a16z Crypto, the industry has entered a "Show Me" era where vision and minimum viable products alone are no longer sufficient to gain external recognition. Cafiero noted on June 23 that traditional finance institutions now entering crypto—including BlackRock's tokenized money market fund, Fidelity's crypto ETF application, and JPMorgan's blockchain settlement—have permanently raised sector standards.

Cafiero stated that industry standards have shifted fundamentally. Partnerships now require actual deployment and willing partners; data must show mainnet transaction volume, active users, revenue and retention curves rather than testnet figures; and product-market fit is best proven by organic community growth before launch, not announcements. He added that in 2021, the ratio was 80% vision and 20% substance; that proportion has reversed.