A16Z Crypto · 4 November 2026 · Investment Thesis

When software stops being the moat

A16Z Crypto

As AI commoditizes software, network effects and shared state become the true moat. Crypto protocols, DAOs, decentralized identities, and onchain liquidity pools—historically underexploited—are poised to unlock value when AI agents and builders can rapidly compose on top of them.

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Topics: Crypto & Web3 · AI (Horizontal)

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