Home Altcoins Crypto Users Triple in 2024: Which Chain Leads the Pack?

Crypto Users Triple in 2024: Which Chain Leads the Pack?

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  • Monthly crypto activity is at an all-time high.
  • Monthly activity is not the same as unique crypto users.
  • Doubts swirl about Solana‘s legitimacy.

The crypto industry’s ultimate goal is mass adoption, where blockchain becomes so accessible and desired that it seamlessly integrates into everyday life.

In just a few years, crypto usage has surged, with blockchains and their diverse use cases drawing in more users. In 2024 alone, monthly active addresses have tripled compared to the end of last year.

Crypto Usage Skyrockets

The latest State of Crypto report from Andreessen Horowitz (a16z) highlighted a significant rise in crypto users, with monthly active addresses reaching an all-time high. Since the end of 2023, the number of addresses has tripled, signaling growing engagement across blockchain networks.

The growth of monthly active users over time showing usage at an ATH n 2024, per a16z
Monthly active crypto users per a16z

By September 2024, researchers found that 220 million addresses had interacted with a blockchain at least once per month, a sharp increase from the 70 million recorded in 2023.

a16z drew parallels between this growth and internet adoption. According to their projections, monthly active crypto addresses could hit 1 billion by 2031, showcasing the long-term potential for blockchain adoption.

Crypto users may interact with many chains more than once per month, meaning monthly active addresses don’t directly translate to unique users. a16z estimated that there are between 30-60 million unique monthly users.

Solana in the Spotlight

a16z attributed the surge in monthly address activity to Solana, which contributed 100 million of the 220 million total. This far surpassed the next closest competitor, Near, with 31 million monthly active users, followed by Base, an Ethereum-compatible chain, with 22 million.

Monthly crypto activity by chain showing Solana leading the pack, per a16zMonthly crypto activity by chain showing Solana leading the pack, per a16z
Monthly activity by chain per a16z

Despite Solana’s dominance, the chain has faced ongoing accusations of inflating activity through bots. Blockchain Army founder MonteDev reported that bot activity on Solana reached $30.4 million in volume last week, with the trend increasing over the past three weeks.

The a16z report didn’t specify whether its methodology accounted for removing bot activity across the chains, leaving questions about the accuracy of the figures.

On the Flipside

  • The discrepancy between active addresses and estimated unique users underscores the challenge of accurately measuring crypto adoption.
  • Reaching mass adoption depends on enticing “no-coiners” to participate.

Why This Matters

While the tripling of crypto activity marks a significant milestone, it’s crucial to distinguish between increased transactions and genuine progress toward mass adoption.

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