Two years after the inaugural State of Crypto Report, the landscape has transformed dramatically. Policymakers now prioritize crypto, Bitcoin/ETH ETPs are SEC-approved, Ethereum transitioned to proof-of-stake, and L2 networks have slashed transaction costs. The 2024 report highlights:
- Cryptocurrency as a policy focal point in U.S. elections
- Stablecoins emerging as a "killer app"
- AI-crypto convergence addressing decentralization challenges
- Infrastructure scalability enabling new on-chain applications
7 Key Takeaways
- Record-breaking adoption: Monthly active crypto addresses hit 220M, led by Solana (100M) and Base (22M).
- Political momentum: Swing states like Pennsylvania and Wisconsin show heightened crypto interest.
- Stablecoin dominance: $8.5T in 2024 transactions—surpassing Visa’s volume. Fees now under $0.01 per transfer.
- Infrastructure leaps: Post-Dencun upgrade, L2 fees dropped >99%. ZK proofs enhance scalability.
- DeFi resilience: $169B TVL; DEXs capture 10% of spot trading, up from near-zero in 2020.
- AI synergy: 34% of crypto projects integrate AI, tackling compute centralization (e.g., Gensyn, NEAR).
- New consumer apps: Low-cost NFT minting, social networks (10.3% of projects), and on-chain games flourish.
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1. Unprecedented Crypto Activity
- 220M active addresses (September 2024), 3x growth since 2023.
- Top chains: Solana (100M), NEAR (31M), Base (22M).
- Global adoption: Nigeria, India, and Argentina lead in mobile wallet usage.
2. Crypto in U.S. Politics
- Bitcoin/ETH ETPs hold $65B in assets.
- FIT21 bill advances with bipartisan support; Wyoming’s DUNA law legitimizes DAOs.
- Stablecoin policies could reinforce the dollar’s global reserve status.
3. Stablecoins: The Killer App
- 32% of daily crypto usage; average fee: $0.01 (vs. $44 for wire transfers).
- No correlation with market volatility—utility-driven growth.
4. Infrastructure Breakthroughs
- Dencun upgrade cut L2 fees by 99%.
- ZK proofs enable cheap, verifiable computation (though zkVMs lag traditional systems).
5. DeFi’s Expansion
- 34% of daily activity; DEXs claim 10% of spot trades.
- ETH staking rises to 29%, bolstering network security.
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6. AI × Crypto Intersection
- Projects like Gensyn democratize AI compute; Story protects IP.
- AI-related crypto projects grew from 27% to 34% in a year.
7. Emerging On-Chain Apps
- Social networks: 10.3% of projects (e.g., Farcaster).
- NFTs: Shift to low-cost minting (Zora, Rodeo).
- Prediction markets: Gaining traction pre-election.
FAQs
Q: How accurate are active address metrics?
A: Addresses can be manipulated—see our methodology. We estimate 30M–60M true monthly users.
Q: Why are stablecoins so popular?
A: They enable fast, cheap global payments—key for remittances and e-commerce.
Q: What’s next for crypto-AI?
A: Expect deeper integration, especially in decentralized compute and data verification.