Blockchain Usage Reaches All-Time Highs, Stablecoins Outperform Traditional Payment Systems: Report
According to a recent “State of Crypto” report by venture capital firm Andreessen Horowitz (a16z), the blockchain space has achieved all-time highs for usage and activity. The paper reveals that 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 led the way with 100 million active users, followed by NEAR with 31 million and Coinbase’s Layer 2 (L2) network, Base, which had 22 million wallets engaging it at least once. Bitcoin cataloged 11 million unique users, while Binance’s BNB Chain was in sixth place with one million fewer users.
Interest in Solana among blockchain builders reportedly grew by 11.2% from a more modest 5.1% in 2023, and there was also enthusiasm for Base, with its total share of builders jumping from last year’s 7.8% to over ten percent this year. The number of crypto founders interested in the Bitcoin ecosystem increased to 4.2%. Furthermore, stablecoins have outperformed traditional payment systems this year; they processed $8.5 trillion in volume during Q2 of this year – more than twice Visa’s $3.9 trillion during the same period.
The explosive growth of stablecoins is driven primarily by minimal transaction fees – sending USDC on L2 networks like Base costs less than a penny compared to an average fee of $44 for international wire transfers. In addition to achieving all-time highs for usage and activity within the crypto industry itself, it appears that cryptocurrency has become an increasingly significant political issue as well. Both Donald Trump and Vice President Kamala Harris have made overtures toward the crypto community ahead of upcoming US elections. Though data shows Trump is more favored among crypto enthusiasts so far; many remain optimistic about potential support from Harris if elected due to her perceived openness towards innovation within financial technology sectors such as cryptocurrencies or blockchain applications themselves overall across various industries worldwide today too!
