a16z crypto: The crypto industry has entered the "Show Me" era, shifting towards data and real-world validation

a16z crypto states that the crypto industry has entered the "Show Me" era, where the market no longer accepts projects that rely solely on vision and whitepapers, instead demanding real data and verifiable product delivery. a16z crypto summarizes the current industry standard as a proof-first mechanism, requiring projects to demonstrate product usage data, on-chain transaction volume, real user growth, and sustained retention. The industry's communication logic has shifted from "what are you building" to "what have you achieved," with the weight of narrative and vision decreasing from 80% to 20%. The industry has entered a results-oriented competitive phase.