According to the "State of Crypto Report" by a16z crypto
Andreessen Horowitz (a16z) is an American venture capital firm that has been operating since 2013., the activity and usage of cryptocurrencies reached record levels. In September, 220 million addresses interacted with the blockchain at least once, more than tripling since the end of 2023.
The increase in activity is primarily linked to Solana, which accounts for approximately 100 million active addresses. It is followed by NEAR (31 million active addresses), the popular Coinbase Base L2 network (22 million), Tron (14 million), and Bitcoin (11 million).
Among Ethereum Virtual Machine (EVM) chains, the BNB network from Binance was the second most active after Base, with 10 million addresses, followed by Ethereum with 6 million.
The blockchain that developers are most interested in is Solana. Specifically, the overall percentage of developers interested in building on Solana rose to 11.2% this year compared to 5.1% in 2023.
In absolute terms, Ethereum still attracts the largest share of developers' interest at 20.8%, followed by Solana and Base (whose share increased to 10.7% from 7.8% last year). Next are Polygon (7.9%), Optimism (6.7%), Arbitrum (6.2%), Avalanche (4.2%), and Bitcoin (4.2%).
The number of monthly users of mobile cryptocurrency wallets reached a record high of 29 million in June 2024. The largest user base is in the United States, comprising 12%.
After the U.S., the countries with the highest percentage of mobile wallet users include Nigeria, India, and Argentina.
The report also states that there are between 30 and 60 million monthly active cryptocurrency users, which only represents 5-10% of the total number (617 million cryptocurrency owners), according to estimates by Crypto.com as of June 2024.
Cryptocurrencies have become a key political issue ahead of the U.S. elections, with Pennsylvania and Wisconsin seeing the fourth and fifth largest growth in interest in cryptocurrencies since the last elections in 2020 based on Google Trends. Meanwhile, Arizona and Nevada have experienced a moderate decline in interest since 2020.
One of the factors that may have increased people's interest in cryptocurrencies this year is the emergence of Bitcoin and Ethereum exchange-traded funds. This list may soon include XRP.
The EU and the UK have been the most active in engaging the public on cryptocurrency policy and regulation issues.
Furthermore, the report highlights the following trends: stablecoins have become one of the most popular cryptocurrencies (which is not surprising given their low transaction fees compared to traditional banks). In the second quarter of 2024, there were 1.1 billion transactions using stablecoins. The total amount processed in these transactions reached $8.5 trillion, more than double the transaction volume of Visa at $3.9 trillion for the same period.
Some countries are exploring Central Bank Digital Currencies (CBDCs)A digital currency issued and controlled by a country's central bank., with the U.S. being the closest to achieving this goal.
Source: a16z crypto
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