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a16z Accelerator CSX Reopens "Splash Grant Mode": Is the Next Batch of Blockbusters Here?
Recently, a16z's Crypto Startup Accelerator (CSX) has been frequently hitting the headlines, with many fundraising projects seeing its lead investment or participation. On March 31, the official Twitter account even announced the launch of the Spring 2025 cohort of CSX (CSX 04) in San Francisco. Even amidst what netizens jokingly refer to as the "dumpster time" of low market sentiment, CSX continues to incubate new projects incessantly. So, what exactly is the background of this accelerator? And what surprises will it bring to the crypto OGs?
Web3 Version of the "Star Factory"
CSX is an acceleration program created by a16z crypto specifically for early-stage blockchain and crypto technology startups, with each cohort lasting 8 to 10 weeks. Participants not only receive at least $500,000 in direct investment (standard terms being 7% equity), but also benefit from intensive courses, one-on-one mentoring, and industry resource expansion to rapidly enhance their product development and market competitiveness.
Since its establishment, CSX has successfully held multiple cycles with events in San Francisco, London, and New York. The London cohort in Spring 2024 selected 25 startups, the New York cohort in Fall 2024 included 21, while the San Francisco cohort in Spring 2025 (CSX 04) has announced 9 shortlisted projects. At the end of each cohort, CSX hosts a "Demo Day" where entrepreneurs showcase their progress to top investors and industry leaders, accelerating further funding into the projects quickly.
Through funding support, industry resources, and top-tier mentors, CSX has helped numerous startup projects go from concept to reality, becoming one of the most influential accelerators in the Web3 startup community.
Investment Highlights and Representative Projects
CSX 04 was announced on March 31, 2025, and the fourth Crypto Startup Accelerator program's queue kicked off in early April. Over the next two months, the founders of these companies will receive first-hand guidance and support from a16z crypto's investment and operations team, with a16z CSX also investing at least $500,000 in each accepted company.
CSX will help early-stage startups find technical development to accelerate their products and quickly align precisely with market demands. The companies participating in CSX 04 this time are Cambrian Network, Ambient, Inco, KYD Labs, Launcher Capital, Mahojin, ORO AI, Toji, and ZAR.
Here are a few standout project examples from various Crypto Startup Accelerator programs:
AminoChain (CSX Spring 2024)
AminoChain was co-founded by biotechnology expert Elena Petrova and blockchain engineer Mark Smith. They aim to use blockchain technology to connect research institutions with biopharmaceutical companies, creating a transparent platform for biological sample transactions.
The project made a name for itself in the Spring 2024 London cohort, receiving a $500,000 investment from a16z, and later attracting $3 million in follow-on funding at Demo Day. Petrova stated, "CSX's mentors helped us redefine our market strategy, enabling us to go from the lab to global."
Cork Protocol (CSX Fall 2024)
Cork Protocol was founded by former Goldman Sachs analyst Liam Chen. Its goal is to extend on-chain credit markets using blockchain technology to help market participants price and hedge risks.
In the Fall 2024 New York cohort, Cork not only received CSX's initial investment but also announced partnerships with entities like Orange DAO and IDEO VC during the accelerator, completing a multimillion-dollar funding round. Chen admitted, "CSX's 'group therapy-style' guidance helped us quickly find our product-market fit."
Cambrian Network (CSX 04, 2025)
One of the standout projects in the Spring 2025 cohort, Cambrian Network is led by Chinese engineer Zhang Wei. The team focuses on integrating AI with blockchain to offer decentralized financial intelligence solutions. It is reported that the project was valued at $59 million during CSX.
Project lead Zhang Wei said, "CSX's resources allowed us to engage with top crypto founders, accelerating our tech implementation."
In addition, CSX's investment portfolio also includes PIN AI, focused on AI, Blocksense in the infrastructure space, and consumer applications such as Sekai (an interactive storytelling platform). The diversity of these projects effectively demonstrates CSX's support for Web3 full-stack innovation.
CSX's Team: The Unsung Heroes of a16z
CSX's success is inseparable from the strong team behind a16z Crypto, all orchestrated by Jason Rosenthal himself.
As an operating partner at a16z, Rosenthal brings a wealth of entrepreneurial experience, having served as CEO of multiple tech companies, leading teams that are nothing short of exceptional. Investment partner Elizabeth Harkavy, technical expert Ali Yahya, and policy advisor Tomicah Tillemann each provided crucial support in their respective fields for the projects. The seamless collaboration of these three individuals forms the core pillar of CSX's success.
Harkavy has mentioned, "What's unique about CSX is that we not only provide funding, but also act like 'startup doctors,' helping founders diagnose issues and find solutions." Additionally, CSX frequently invites industry leaders to share their experiences, such as Coinbase founder Brian Armstrong and Solana co-founder Anatoly Yakovenko. This indicates that CSX can indeed learn from and absorb the experiences of these high-quality projects to bring better resources for accelerating projects.
CSX serves as both an accelerator and a catalyst, facilitating project growth by connecting founders with capital, experts, and industry networks. For example, AminoChain from the 2024 London cohort launched a product beta in less than half a year after concluding at CSX, while Cork Protocol completed key testnet deployments during the acceleration period.
A Bright Future Ahead, Setting Sail to New Heights
For the entire crypto ecosystem, CSX's significance lies in driving technological adoption and diversified innovation. Chris Dixon once said, "The potential of crypto is underestimated, and CSX is the tool through which we achieve that potential." While other VCs remain cautious about the crypto space, a16z's ongoing commitment has attracted more talent and creativity into Web3.
From San Francisco to London, and all the way to New York, a16z CSX has become the "rocket fuel" for crypto entrepreneurs with its unique model and strong support system.
Whether it's the biotech revolution led by AminoChain or the AI computing breakthrough brought by Cambrian Network, these innovative projects all bear the deep influence of CSX. Under the leadership of individuals like Chris Dixon and Jason Rosenthal, CSX is injecting a constant stream of energy into the future of Web3. Let's look forward to the development of the projects they support together.
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Mixin has launched USTD-margined perpetual contracts, bringing derivative trading into the chat scene.
The privacy-focused crypto wallet Mixin announced today the launch of its U-based perpetual contract (a derivative priced in USDT). Unlike traditional exchanges, Mixin has taken a new approach by "liberating" derivative trading from isolated matching engines and embedding it into the instant messaging environment.
Users can directly open positions within the app with leverage of up to 200x, while sharing positions, discussing strategies, and copy trading within private communities. Trading, social interaction, and asset management are integrated into the same interface.
Based on its non-custodial architecture, Mixin has eliminated friction from the traditional onboarding process, allowing users to participate in perpetual contract trading without identity verification.
The trading process has been streamlined into five steps:
· Choose the trading asset
· Select long or short
· Input position size and leverage
· Confirm order details
· Confirm and open the position
The interface provides real-time visualization of price, position, and profit and loss (PnL), allowing users to complete trades without switching between multiple modules.
Mixin has directly integrated social features into the derivative trading environment. Users can create private trading communities and interact around real-time positions:
· End-to-end encrypted private groups supporting up to 1024 members
· End-to-end encrypted voice communication
· One-click position sharing
· One-click trade copying
On the execution side, Mixin aggregates liquidity from multiple sources and accesses decentralized protocol and external market liquidity through a unified trading interface.
By combining social interaction with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly within the same environment.
Mixin has also introduced a referral incentive system based on trading behavior:
· Users can join with an invite code
· Up to 60% of trading fees as referral rewards
· Incentive mechanism designed for long-term, sustainable earnings
This model aims to drive user-driven network expansion and organic growth.
Mixin's derivative transactions are built on top of its existing self-custody wallet infrastructure, with core features including:
· Separation of transaction account and asset storage
· User full control over assets
· Platform does not custody user funds
· Built-in privacy mechanisms to reduce data exposure
The system aims to strike a balance between transaction efficiency, asset security, and privacy protection.
Against the background of perpetual contracts becoming a mainstream trading tool, Mixin is exploring a different development direction by lowering barriers, enhancing social and privacy attributes.
The platform does not only view transactions as execution actions but positions them as a networked activity: transactions have social attributes, strategies can be shared, and relationships between individuals also become part of the financial system.
Mixin's design is based on a user-initiated, user-controlled model. The platform neither custodies assets nor executes transactions on behalf of users.
This model aligns with a statement issued by the U.S. Securities and Exchange Commission (SEC) on April 13, 2026, titled "Staff Statement on Whether Partial User Interface Used in Preparing Cryptocurrency Securities Transactions May Require Broker-Dealer Registration."
The statement indicates that, under the premise where transactions are entirely initiated and controlled by users, non-custodial service providers that offer neutral interfaces may not need to register as broker-dealers or exchanges.
Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.
Its core capabilities include:
· Aggregation: integrating multi-chain assets and routing between different transaction paths to simplify user operations
· High liquidity access: connecting to various liquidity sources, including decentralized protocols and external markets
· Decentralization: achieving full user control over assets without relying on custodial intermediaries
· Privacy protection: safeguarding assets and data through MPC, CryptoNote, and end-to-end encrypted communication
Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.
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