A16z Crypto has released its latest report, highlighting a significant growth in the cryptocurrency landscape. As of September 2024, the global count of cryptocurrency holders reached approximately 617 million. Monthly active users now stand at around 60 million.
The transaction amount of stablecoins exceeded that of Visa in Q2 of 2024, and it was $3.9 trillion, i.e., the number surpassed by 2x. Also, fees for USDC to be transmitted on the Base protocol are mere fractions of a cent, whereas international wire transfers usually cost about $44.
The report marks a sharp contrast to the previous two years. Back then, crypto was not a priority for policymakers. Bitcoin and Ether exchange-traded products (ETPs) lacked SEC approval. Ethereum had not transitioned to energy-efficient proof-of-stake. Layer two (L2) networks were largely inactive and expensive.
Crypto as a policy issue in 2024
The 2024 State of Crypto report highlights crypto evolution as a hot policy issue. It provides technological advancements in blockchain networks and signifies the current trends among crypto builders and users.
The adoption and the Prosperity-focusedthetic to the crypto-asset and their deployment in built-in elements, for example, smart contract technology and chain usage, are particularly interesting advanced uses. The report touches on the intersection involving AI and gaming, and it is included in the summaries of the levels of interest in the case of crypto in swing states as the U.S. election day gets closer.
Activity within the crypto sphere has soared. In September, 220 million addresses interacted with blockchains, tripling since late 2023. Solana led the charge, with about 100 million active addresses. NEAR, Base, and Tron also saw substantial activity.
A new tool, the a16z crypto Builder Energy dashboard, offers insights into where builder interest lies. The data shows a growing interest in Solana, which rose from 5.1% to 11.2% this year. Base increased from 7.8% to 10.7%. Overall, Ethereum continues to attract the most builder interest at 20.8%.
The number of mobile crypto wallet users increased by 29 million monthly in June 2024. The U.S. had lost its dominance as the users were moving overseas. Nigerian transactions also intensify the growth of foreign online payments by Visa from India.
Meanwhile, stablecoin continues to boom around the world, bringing an era of fast and inexpensive transactions. Their share was $8.5 trillion in transaction volume during Q2 2024. This trend crystallizes their state as indispensable tools in the crypto space.
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