Monthly Active Crypto Addresses Hit a New ATH: a16z Crypto
“State of Crypto 2024” report by the venture capital a16z Crypto reveals all-time highs in crypto activity, improvements to blockchain networks, and progress in regulatory discussions.
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“State of Crypto 2024” report by the venture capital a16z Crypto reveals all-time highs in crypto activity, improvements to blockchain networks, and progress in regulatory discussions.
According to research “There have never been more monthly active crypto addresses.” In September 2024, monthly addresses interacting with blockchain at least once hit a new all-time high of 220 million. And, in June 2024 mobile crypto wallet users hit an all-time high of 29 million.
However, of the estimated 617 million global crypto owners, only 5-10% (or 30-60 million) are active users.
Interest in building on blockchain has also increased, with the biggest change for Solana. a16z mentions that the total share of founders that are either building or are interested in building on Solana grew to 11.2% compared to 5.1% last year.
Related: Solana Breakpoint 2024: Key Takeaways
Next, come Base and Bitcoin, whose total share increased to 10.7% from 7.8% last year, and to 4.2% from 2.6% respectively over the last year.
Despite the growing interest in various blockchains, Ethereum still attracts most of the total builder interest (20.8%).
a16z's ‘State of Crypto 2024' report analyzes builder interest across various blockchains. Source: a16z crypto
The report mentions that crypto has become a hot topic for policymakers, and SEC’s approval of crypto exchange-traded products (ETPs), increases investor access. Referring to the presidential election in the US, a16z believes regardless of who is the winner, bipartisan crypto legislation is highly possible. They mentioned that many politicians speak positively of the industry.
Talking about infrastructure improvements, the report says:
Blockchains are processing more than 50 times as many transactions per second as they were just four years ago thanks to the rise of Ethereum L2 networks and other high-throughput blockchains.
Among the hottest categories for builder activity are DeFi, DePin, and infrastructure.
Related: Chainalysis Report: Global Cryptocurrency Adoption in 2024
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