a16z crypto research argues that the real battleground for crypto is not token prices, but who controls the ‘center of capital flows’—the point where value is created, transferred, and settled, and where fees and network effects compound. In a new analysis, the firm frames blockchains and network tokens as rare pieces of infrastructure designed to sit directly in the path of economic activity, positioning crypto’s long-term upside as structural rather than speculative.
The argument is based on a report published on June 10, 2026, by Jason Rosenthal. The report draws a historical parallel:… Read more





