There have never been more monthly active crypto addresses, says the latest ‘State of Crypto’ report by a16z crypto.
According to the report, by September 2024, over 220 million addresses interacted with a blockchain at least once, a figure that has more than tripled since the end of 2023.
The explosion of activity is primarily due to:
- Solana, which accounted for about 100 million active addresses
Following were,
- NEAR (31 million active addresses)
- Coinbase’s popular L2 network Base (22 million)
- TRON (14 million), and
- Bitcoin (11 million)
Of Ethereum Virtual Machine (EVM) chains:
- Base (22 million)
- BNB Chain (10 million)
- Ethereum (6 million).
Meanwhile, the number of monthly mobile crypto wallet users hit an all-time high of 29 million in June 2024.
“While the U.S. makes up the greatest share of monthly mobile wallet users at 12%, its share of the total mobile wallet user base has declined in recent years as crypto adoption grows globally and as more projects seek regulatory compliance by excluding the U.S. through geofencing,” says the report.
According to the report, emerging market countries are coming in big when it comes to mobile wallet users.
After the U.S., the countries with the greatest share of mobile wallet users include:
- Nigeria (which has sought to provide regulatory clarity, including through regulatory incubation programs, and has seen significant growth in consumer uses such as bill payments and retail purchases)
- India (with its booming population and mobile phone adoption),
- Argentina (where many residents have flocked to crypto – especially stablecoins – amid currency devaluation)
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While it’s easy to measure active addresses and monthly mobile wallet users, it’s much trickier to measure the number of actual active crypto users, said the report.
“However, using a combination of methodological approaches, the report estimated that there are 30-to-60 million monthly active crypto users worldwide, a proportion that represents only 5–10% of the total number of the 617 million global crypto owners estimated by Crypto.com in June 2024.”
“The disparity underscores the large opportunity to engage – and re-engage – passive crypto holders. As major infrastructure improvements make brand new, compelling apps and consumer experiences possible, more dormant crypto holders could become active onchain users.”
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