Anew“StateofCrypto”reportbyventurecapitalfirmAndreessenHorowitz(a16z)showsthattheblockchainspaceachievedall-timehighsforusageandactivity.
Accordingtothepaper,220millionaddressesinteractedwithablockchainatleastonceinSeptember2024,afigurethreetimeshigherthanthatrecordedattheendof2023.
SolanaHasLargestNumberofActiveUsers
MostoftheactivitycamefromSolana,whichlogged100millionactiveusers,followedbyNEAR,whichhad31million.Coinbase’sLayer2(L2)network,Base,wasthird,with22millionwalletsengagingitatleastonce,while14millioninteractedwithJustinSun’sTronnetwork.
Foritspart,Bitcoincataloged11millionuniqueusers,followedinsixthplacebyBinance’sBNBChain,whichhadamillionfewer.
Additionally,interestinSolanaamongblockchainbuildersreportedlygrewby11.2%fromamoremodest5.1%in2023.TherewasalsoenthusiasmforBase,withitstotalshareofbuildersjumping10.7%fromlastyear’s7.8%.
Likewise,thenumberofcryptofoundersinterestedintheBitcoinecosystemwentupto4.2%,aslightuptickfromthe2.6%thatshowedanyattractiontothenetworkin2023.
Anothernotablerevelationfromthea16zstudyistheexplosivegrowthofstablecoins,whichhaveoutperformedtraditionalpaymentsystems.Inthesecondquarterof2024,theyprocessed$8.5trillioninvolume,morethantwiceVisa’s$3.9trillioninthesameperiod.
Commentingonthereport,a16zresearcherDarrenMatsuokasaidstablecoinshavebecomethecryptoecosystem’sstandout“killerapp,”drivenprimarilybyminimaltransactionfees.HepointedoutthatsendingUSDConL2networkslikeBasenowcostslessthanapenny,astarkcontrasttothehefty$44averagefeeforinternationalwiretransfers.
Crypto’sGrowingRoleinU.S.Politics
Further,thepaperindicatedthatcryptohasbecomeamajorpoliticalissue,withtheU.S.electionsdueinthenextfewweeks.
BothDonaldTrumpandVicePresidentKamalaHarrishavemadeoverturestothecryptocommunitytovaryingdegrees.ArecentsurveyfromGalaxyResearchshowsthatwhileTrumpismorefavored,thecommunityisoptimisticthatHarriscouldbemoresupportiveoftheindustrythanBidenhasbeen.
DatafromGoogleTrendsshowsswingstatessuchasPennsylvaniaandWisconsinhadseenariseinsearchinterestforcryptocurrency,placingthemamongthetopfivestateswiththehighestgrowthincryptocuriosity.
OtherkeybattlegroundswherecryptointerestwentupincludeMichiganandGeorgia,withtheoppositehappeninginArizonaandNevada.
Accordingtoa16z,onecauseoftheincreasedfascinationwithdigitalassetsisthelistingofspotBitcoinandEthereumETFs.Together,theseproductscurrentlyhavenearly$90billioninon-chainholdings.
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