New Record as Blockchains Reach 220M Active Addresses: a16z
A new “State of Crypto” report by venture capital firm Andreessen Horowitz (a16z) shows that the blockchain space achieved all-time highs for usage and activity.
According to the paper, 220 million addresses interacted with a blockchain at least once in September 2024, a figure three times higher than that recorded at the end of 2023.
Solana Has Largest Number of Active Users
Most of the activity came from Solana, which logged 100 million active users, followed by NEAR, which had 31 million. Coinbase’s Layer 2 (L2) network, Base, was third, with 22 million wallets engaging it at least once, while 14 million interacted with Justin Sun’s Tron network.
For its part, Bitcoin cataloged 11 million unique users, followed in sixth place by Binance’s BNB Chain, which had a million fewer.
Additionally, interest in Solana among blockchain builders reportedly grew by 11.2% from a more modest 5.1% in 2023. There was also enthusiasm for Base, with its total share of builders jumping 10.7% from last year’s 7.8%.
Likewise, the number of crypto founders interested in the Bitcoin ecosystem went up to 4.2%, a slight uptick from the 2.6% that showed any attraction to the network in 2023.
Another notable revelation from the a16z study is the explosive growth of stablecoins, which have outperformed traditional payment systems. In the second quarter of 2024, they processed $8.5 trillion in volume, more than twice Visa’s $3.9 trillion in the same period.
Commenting on the report, a16z researcher Darren Matsuoka said stablecoins have become the crypto ecosystem’s standout “killer app,” driven primarily by minimal transaction fees. He pointed out that sending USDC on L2 networks like Base now costs less than a penny, a stark contrast to the hefty $44 average fee for international wire transfers.
Crypto’s Growing Role in U.S. Politics
Further, the paper indicated that crypto has become a major political issue, with the U.S. elections due in the next few weeks.
Both Donald Trump and Vice President Kamala Harris have made overtures to the crypto community to varying degrees. A recent survey from Galaxy Research shows that while Trump is more favored, the community is optimistic that Harris could be more supportive of the industry than Biden has been.
Data from Google Trends shows swing states such as Pennsylvania and Wisconsin had seen a rise in search interest for cryptocurrency, placing them among the top five states with the highest growth in crypto curiosity.
Other key battlegrounds where crypto interest went up include Michigan and Georgia, with the opposite happening in Arizona and Nevada.
According to a16z, one cause of the increased fascination with digital assets is the listing of spot Bitcoin and Ethereum ETFs. Together, these products currently have nearly $90 billion in on-chain holdings.
The post New Record as Blockchains Reach 220M Active Addresses: a16z appeared first on CryptoPotato.
