Crypto Makes Big Strides in User Growth, Stablecoin Adoption, and DeFi: a16z Crypto Report

cryptonews.com:

Veronika Rinecker is based in Germany, studied international journalism and media management. She specializes in politics and regulation, energy, blockchain, and fintech. Since 2017, she has been...

Crypto activity is at an all-time high, with the number of monthly active addresses tripling since the end of 2023, according to the recent State of Crypto Report 2024 published by a16z, a Web3 venture capital fund.

As per the report, the crypto industry is experiencing a user boom, with the number of active crypto addresses reaching 220 million by September 2024.

A deeper dive reveals that Solana (SOL) is the primary driver of this surge, accounting for roughly half of the reported active addresses (100 million). This suggests a shift in user preferences, with newer, faster blockchains gaining traction alongside established players like Bitcoin (BTC) with 11 million active addresses. Ethereum (ETH), the dominant blockchain for decentralized applications (DApps), currently sits at 6 million active addresses.

Mobile crypto wallet usage is also soaring, reaching a record 29 million users in June 2024. While the United States (U.S.) still holds the largest share of mobile wallet users (12%), its dominance is waning. This trend reflects the global spread of crypto adoption, with countries like Nigeria, India, and Argentina experiencing significant growth.

However, the report estimates that there are between 30-60 million active crypto users worldwide. This represents only 5-10% of the estimated 617 million crypto owners around the world.

Crypto also has gained significant political appeal, with policymakers and politicians increasingly discussing and supporting its potential benefits.

The listing of Bitcoin and Ether exchange-traded