The 2024 State of Crypto Report reveals unprecedented growth in blockchain activity, with stablecoins emerging as a pivotal application, infrastructure upgrades slashing transaction costs, and innovative intersections between crypto and AI/social networks signaling robust expansion.
Key Insights from the 2024 Report
- All-Time Highs in Crypto Adoption
Active blockchain addresses surged to 220M in September 2023 — a 3x increase since 2022. Solana leads with 100M active addresses, followed by NEAR (31M), Base (22M), and Bitcoin (11M).
📊 Builder Energy Dashboard Highlight: Solana’s developer interest doubled YoY to 11.2%, while Ethereum remains the top choice (20.8%). Crypto as a Political Priority
Cryptocurrency has entered U.S. election discourse, with swing states like Pennsylvania and Wisconsin showing heightened search interest. Regulatory milestones include:- SEC approval of Bitcoin/ETH ETPs ($65B AUM).
- Bipartisan support for the FIT21 Act.
- Wyoming’s DUNA bill recognizing DAOs.
Stablecoins: The Killer App
- $8.5T Q2 2024 volume (2x Visa’s throughput).
- Fees dropped 99%+ post-infrastructure upgrades (e.g., USDC transfers cost <$0.01 on Base).
- Stablecoins now account for 32% of daily crypto activity, trailing only DeFi (34%).
Infrastructure Revolution
- Ethereum’s Dencun upgrade cut L2 fees by ~90%.
- ZK-proof usage grew despite falling costs, enabling scalable privacy solutions.
- Throughput increased 50x since 2020 via L2s/high-capacity chains.
DeFi’s Sustained Growth
- $169B TVL across protocols.
- DEXs capture 10% of spot trading volume.
- Staked ETH rose from 11% to 29%, bolstering network security.
AI x Crypto Convergence
- 34% of crypto projects now integrate AI (vs. 27% in 2023).
- Initiatives like Gensyn (decentralized AI compute) and Near (open-source AI protocols) counter centralized AI risks.
Emerging Consumer Apps
- Low-cost NFT minting (e.g., Zora) and social dApps (10.3% of projects).
- On-chain games (e.g., Pirate Nation) push scalability limits.
FAQs
Q: Why are stablecoins gaining traction?
A: They enable cheap, global payments (vs. $44 avg. wire transfers) and are decoupled from crypto volatility.
Q: How does Ethereum’s Dencun upgrade benefit users?
A: It reduces L2 transaction fees by ~90%, making apps like NFT minting economically viable.
Q: What’s driving political interest in crypto?
A: ETFs widened investor access, while stablecoins amplify dollar hegemony (99% are USD-backed).
Q: Can crypto solve AI’s centralization issues?
A: Projects like Gensyn democratize AI resources, aligning with Web3’s decentralized ethos.
👉 Explore real-time crypto builder trends
👉 Dive deeper into stablecoin adoption
Infrastructure maturity and regulatory clarity are propelling crypto into its next growth phase — with AI and consumer apps poised to redefine the landscape.