Các lãnh đạo của a16z nhấn mạnh với các nhà phát triển: Đừng vội vàng xây dựng sàn giao dịch, kỷ nguyên quản lý mới đang bắt đầu

【Coin Circle】Two senior executives from a16z Crypto recently sounded an alarm bell for crypto developers.

General Partner Arianna Simpson pointed out a phenomenon: aside from stablecoins and base layer infrastructure, most crypto companies performing reasonably well these days are crowding into the trading platform route. It sounds good, but the problem is——this kind of homogeneous competition is too intense. The result is that most enterprises have their attention severely dispersed, and ultimately only a few true winners can survive.

Simpson’s advice is straightforward: founders rushing to pivot to trading business may be missing a bigger opportunity——building businesses that are truly defensible and can survive long-term. In other words, developers who focus on polishing the product itself rather than simply stacking trading features may actually become the ultimate winners. This logic is somewhat counterintuitive, but it’s often correct in a fully competitive market.

On the other side, Miles Jennings, a16z Crypto’s policy team and general counsel, has turned his attention to the regulatory front. He emphasizes that developers must put regulatory compliance on their agenda. More critically, the Trump administration is now closer than ever to passing cryptocurrency market structure regulatory legislation. If this bill actually passes, what would be the impact? Incentivize transparency, establish clear standards, create clear pathways for fundraising and token issuance, and lay a solid foundation for the development of decentralized applications. In other words, this could be a long-awaited policy-friendly window for the crypto industry.