Blockchains create net new markets

Key points

• The author argues blockchains remove historic supply constraints on markets — listing committees, legal frameworks and geographic fragmentation — enabling permissionless issuance and global distribution.
• Perps are cited as the clearest proof, with onchain RWA perps volume reaching a $1.4T run-rate in July, comprising half of Hyperliquid's book.
• The piece says onchain venues priced WTI while CME was closed and pre-IPO markets for Cerebras and SpaceX tracked actual open prices closely.

AI summary of a16z crypto’s report, written only from the publisher’s text. Read the original for full context.