Blockchain usage hits 220 million addresses in September 2024. Solana, Base, and stablecoins lead growth in crypto adoption.
A recent venture capital firm Andreessen Horowitz (a16z) report reveals that blockchain usage has hit all-time highs. The “State of Crypto” report shows that in September 2024, 220 million blockchain addresses interacted with networks at least once. This is a significant increase, more than three times higher than at the end of 2023.
While the majority of blockchain activity was driven by Solana. The network recorded a remarkable 100 million active users in September, which put them light years ahead of other networks. NEAR came after with 31 million active users. Base, Coinbase’s Layer 2 network had 22 million users while Tron had 14 million. Bitcoin had 11 million active users, and Binance’s BNB Chain recorded of 10 million users.
Solana Dominates as Developer Interest Grows 11.2% in 2024
Solana’s dominance is clear. It also resulted in an 11.2% rise in developers showing interest in the network, from 5.1% in 2023. Builder interest in Base, the network operated by Coinbase, also increased in the same period, from 7.8% to 10.7%. These numbers demonstrate the growth in the adoption of Solana and Base within the broader blockchain industry.
Although Solana is dominant at the moment, Bitcoin does not lag far behind in the crypto world. Interest from blockchain builders also rose slightly for Bitcoin, from 2.6% in 2023 to 4.2% in 2024. This implies that demand for places on the Bitcoin platform is still high even with the rising competition among developers and founders.
The second type of cryptocurrency mentioned in the report as experiencing constant growth is stablecoins. They have emerged as the leading form of currency in the world of cryptocurrency. According to the data, a stablecoin handled $8.5 trillion in Q2 2024. This is more than double the $3.9 trillion Visa processed during the same period. The use of stablecoins has shown to be cheaper compared to other payment systems, especially for cross-border transactions.
The report links low transaction fees as a major factor in the expansion of stablecoins. Darren Matsuoka, a16z researcher, said that using Base as an example, sending USDC on Layer 2 networks cost a fraction of a penny. However, standard international bank wire transfers cost an average of $44 per transaction. These costs are considerably higher than the price of traditional stablecoins. In this way, it encourages more consumers to make stablecoins their go-to currency.
The a16z report holds out a rosy picture for blockchain technology. With networks like Solana and Base gaining more users, and stablecoins continuing to grow. Blockchain adoption is reaching new heights, with more users and developers embracing the technology.
