Crypto Adoption Hikes, Blockchain Activity Surges to ATH: a16z

• Andreessen Horowitz’s (a16z) report reveals a significant surge in crypto adoption.
• The blockchain activity has surged to an all-time high with Solana showing a dramatic evolution.
• The number of addresses engaging with blockchain surged to 220 million in September.

Venture capital firm Andreessen Horowitz (a16z) released its latest State of Crypto report, which shows a significant increase in cryptocurrency adoption and usage. The report also highlighted a record high in blockchain interactions, with the number of addresses engaging with blockchains reaching 220 million in September—a threefold increase since late 2023.

Notably, the crypto landscape exhibited a rapid growth over the last two years. There are now 617 million global crypto owners and nearly 60 million monthly users. The Base network leads the Ethereum Virtual Machine (EVM) chains with 22 million monthly active addresses, while Solana is the top non-EVM chain with over 100 million active addresses. Mobile wallet users have also reached record numbers in 2024, with the U.S. accounting for 12% of global users.

Growth Across the Ecosystem

Newer blockchains like NEAR and older layer 1 networks like Tron and Bitcoin have seen increased popularity. NEAR has 31 million monthly active addresses, while Tron and Bitcoin have 14 million and 11 million active users, respectively. Ethereum had 6 million active users in September. However, a16z highlighted Solana as the blockchain with the most dramatic evolution, stating:

“The blockchain that saw the biggest change in total share of builder interest is Solana. Specifically, the total share of founders who told us they either are, or are interested in, building on Solana grew to 11.2% this year from 5.1% last year.”

According to a16z, the rising adoption of stablecoins is a major factor in the crypto market’s growth. Eddy Lazzarin, Chief Technology Officer at a16z, said, “Stablecoin issuance, stablecoin transfers and use are off the charts on all levels.”

The report also noted increased crypto interest in swing states like Pennsylvania and Wisconsin. a16z asserts that crypto has become a key political issue ahead of the November election, adding that crypto search interest in these states has risen significantly since the last election.