• A report by Andreessen Horowitz (a16z) reveals that the adoption of cryptocurrencies is rising considerably.
• Blockchain exercise has skyrocketed to all-time highs with Solana exhibiting a dramatic evolution.
• The variety of addresses concerned in blockchain jumped to 220 million in September.

Enterprise capital agency Andreessen Horowitz (a16z) has launched its newest State of Cryptocurrency report exhibiting a big improve within the adoption and use of cryptocurrencies. The report additionally highlighted that interactions with blockchain hit an all-time excessive, with the variety of addresses concerned in blockchain reaching 220 million in September, a threefold improve from late 2023. .

Notably, the cryptocurrency trade has proven speedy progress over the previous two years. There are presently 617 million cryptocurrency holders on the planet, with roughly 60 million month-to-month customers. The Base community is the main Ethereum Digital Machine (EVM) chain with 22 million month-to-month lively addresses, and Solana is the highest non-EVM chain with over 100 million lively addresses. Cellular pockets customers will even attain file numbers in 2024, with the US accounting for 12% of worldwide customers.

Progress throughout the ecosystem

Newer blockchains akin to NEAR and older layer 1 networks akin to Tron and Bitcoin are gaining recognition. NEAR has 31 million month-to-month lively addresses, whereas Tron and Bitcoin have 14 million and 11 million lively customers, respectively. Ethereum had 6 million lively customers in September. Nevertheless, a16z highlighted Solana because the blockchain that has undergone essentially the most dramatic evolution, stating:

“The blockchain that noticed the most important change in whole share of builder curiosity was Solana. Particularly, the entire variety of founders who mentioned they had been constructing on or interested by Solana. The proportion elevated from 5.1% final yr to 11.2% this yr.”

In keeping with a16z, the rising adoption of stablecoins is a key driver of the expansion of the cryptocurrency market. “Stablecoin issuance, stablecoin switch, and utilization is insane on each degree,” mentioned Eddie Lazarin, chief know-how officer at a16z.

The report additionally famous elevated curiosity in cryptocurrencies in battleground states akin to Pennsylvania and Wisconsin. a16z claims that cryptocurrencies have change into a key political challenge heading into the November elections, including that there was a big improve in curiosity in crypto searches in these states for the reason that final election. .