New record as blockchains reach 220 million active addresses: a16z

A new “State of Crypto” report from venture capital firm Andreessen Horowitz (a16z) shows that the blockchain space has reached unprecedented heights in usage and activity.

According to the newspaper, 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 the highest number of active users

Most of the activity came from Solana, which had 100 million active users, followed by NEAR, which had 31 million. Coinbase’s Layer 2 (L2) network, Base, comes in third, with 22 million wallets using it at least once, while 14 million have interacted with Justin Sun’s Tron network.

For its part, Bitcoin cataloged 11 million unique users, followed in sixth position by Binance’s BNB chain, which had a million fewer.

Additionally, interest in Solana among blockchain builders reportedly increased to 11.2%, up from a more modest 5.1% in 2023. There was also enthusiasm for Base, with its total builder share jumping 10%. .7% compared to 7.8% last year.

Likewise, the number of crypto founders interested in the Bitcoin ecosystem increased to 4.2%, a slight increase from the 2.6% who showed 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 double Visa’s $3.9 trillion in the same period.

Commenting on the report, Darren Matsuoka, researcher at a16z, said that stablecoins have become the flagship application of the crypto ecosystem, mainly thanks to minimal transaction fees. He pointed out that sending USDC over L2 networks like Base now costs less than a cent, in stark contrast to the high average fee of $44 for international wire transfers.

The growing role of crypto in American politics

Additionally, the paper says crypto has become a major political issue, with the US elections expected in the coming weeks.

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 even though 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 that swing states such as Pennsylvania and Wisconsin have seen an increase in search interest in cryptocurrency, placing them among the top five states with the highest growth in interest in cryptocurrency.

Other key battlegrounds where interest in crypto has increased include Michigan and Georgia, with the opposite occurring in Arizona and Nevada.

According to a16z, one of the causes of the increased fascination with digital assets is the listing of Bitcoin and Ethereum spot ETFs. Together, these products currently represent nearly $90 billion in on-chain securities.