The numbers of crypto adoption

According to a recently published report by a16z crypto, cryptocurrency adoption has reportedly reached its all-time high with respect to several parameters.

Cryptocurrency adoption has reached all-time highs in several key areas, according to a recent report by a16z crypto.

The number of crypto holders has now reached 617 million, with 60% of them being monthly active users, the company estimates.

The number of addresses is also set to grow to 220 million by 2024, thanks largely to the participation of layer-2 and new layer-1 networks.

Among the EVM chains, Base is expected to gather the most new addresses (22 million), while Solana leads the L1 category with 100 million addresses.

Mobile wallets are also showing strong growth, accounting for 12% of total digital wallets in the U.S.

A major factor driving adoption is the Dencun update on Ethereum, which has significantly reduced transaction costs on the network and L2s, with fees generally down by 94%.

"We seem to be at a turning point for crypto infrastructure, which has rapidly advanced blockchain scalability and will unlock new possibilities for applications and user activity," Daren Matsuoka, data scientist at a16z crypto, told The Block in an interview.

"The sharp drop in fees on user transactions has helped stablecoins find a new positioning, and on the NFT side the change is also interesting, with affordable live collections and a stopping of purely speculative activity."

Finally, the report also highlights the impact of ETFs, which have brought several traditional financial players into the crypto market, helping the total volume reach $437.6 billion since January 2024.

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