The post New Record as Blockchains Reach 220M Active Addresses: a16z appeared on BitcoinEthereumNews.com.

A new “State of Crypto” report by venture capital firm Andreessen Horowitz (a16z) shows that the blockchain space achieved all-time highs for usage and activity. According to the paper, 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 Has Largest Number of Active Users Most of the activity came from Solana, which logged 100 million active users, followed by NEAR, which had 31 million. Coinbase’s Layer 2 (L2) network, Base, was third, with 22 million wallets engaging it at least once, while 14 million interacted with Justin Sun’s Tron network. For its part, Bitcoin cataloged 11 million unique users, followed in sixth place by Binance’s BNB Chain, which had a million fewer. Additionally, interest in Solana among blockchain builders reportedly grew by 11.2% from a more modest 5.1% in 2023. There was also enthusiasm for Base, with its total share of builders jumping 10.7% from last year’s 7.8%. Likewise, the number of crypto founders interested in the Bitcoin ecosystem went up to 4.2%, a slight uptick from the 2.6% that showed any attraction to the network in 2023. Another notable revelation from the a16z study is the explosive growth of stablecoins, which have outperformed traditional payment systems. In the second quarter of 2024, they processed $8.5 trillion in volume, more than twice Visa’s $3.9 trillion in the same period. Commenting on the report, a16z researcher Darren Matsuoka said stablecoins have become the crypto ecosystem’s standout “killer app,” driven primarily by minimal transaction fees. He pointed out that sending USDC on L2 networks like Base now costs less than a penny, a stark contrast to the hefty $44 average fee for international wire transfers. Crypto’s Growing Role in U.S. Politics Further, the paper…

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Filed under: News - @ October 19, 2024 9:59 pm