Crypto activity hits all time high in September: Report
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The news: Crypto activity and usage hit all-time highs in September, more than tripling since the end of 2023, according to a16z crypto's 'State of Crypto Report'.
The numbers: The report found that 220 million crypto addresses interacted with a blockchain at least once in September, with blockchain platform Solana accounting for around 100 million active addresses.
Solana was the blockchain that saw the biggest change in total share of builder interest, growing from 5.1% last year to 11.2% in 2024. At 20.8%, Ethereum is still attracting the greatest share of total builder interest.
Meanwhile, the number of monthly mobile crypto wallet users hit an all-time high of 29 million in June 2024, with US making up the greatest share of monthly mobile wallet users at 12%.
The context: The report also found that crypto has become a key political issue ahead of the US election, with battleground states Pennsylvania and Wisconsin seeing the fourth- and fifth-biggest jumps in crypto search interest since the last election.
Elsewhere, the report highlighted the following trends:
- Stablecoins have found product-market fit, making one of crypto's most obvious "killer apps";
- Infrastructure improvements have increased capacity and drastically reduced transaction costs;
- The only category attracting buildings more than blockchain infrastructure is decentralised finance, or DeFi, which also account for the most crypto usage;
- Crypto could solve some of AI’s most pressing challenges, with a major overlap between visitors to chatgpt.com and visitors to top crypto websites; and
- More scalable infrastructure has unlocked new onchain applications.
The source: State of Crypto report
