This episode of the a16z Podcast goes deep on various trends in cryptocurrencies — from mental models for understanding tokens and what may give them long-term value; to the role of stablecoins in the ecosystem; to scaling, on-chain and off-chain protocols, forks, and more.

The discussion features general partner Chris Dixon in conversation with Nick Tomaino, the founder of early-stage crypto venture fund 1confirmation, editor of The Control, and former business development at Coinbase. (He is also an investor in Basecoin, Cosmos, Ethereum, and MakerDAO.) You can also check out past episodes in this series, covering everything from investing in cryptocurrencies and protocols to accelerating research and practical applications to why crypto tokens matter — as well as a video covering the building blocks of all things crypto — at a16z.com/crypto.