The crypto industry is maturing rapidly. In late 2024, a16z crypto identified five critical metrics to track the sector's growth and development. Here’s a mid-2025 update on these indicators, their drivers, and why they matter.
1. Monthly Active Mobile Wallet Users: +23%
- 2025 Average: 34.4 million
- 2024 Average: 27.9 million
Why This Matters
Wallet infrastructure has improved dramatically, with lower fees, account abstraction protocols (EIP-7702), and embedded wallets (e.g., Privy, Turnkey). This creates fertile ground for next-gen mobile crypto apps.
Recent Developments:
- Stripe acquired Privy, a leading wallet infrastructure provider.
2. Adjusted Stablecoin Trading Volume: +49%
- 2025 Monthly Average: $702 billion
- 2024 Monthly Average: $472 billion
Why This Matters
Stablecoins have achieved product-market fit, enabling sub-cent, near-instant dollar transfers. Major financial institutions are now integrating them for payments.
Recent Developments:
- Circle (USDC issuer) went public on NYSE.
- Visa/Mastercard expanded stablecoin support.
- Meta is reportedly exploring stablecoin payments.
3. ETP Net Inflows (BTC/ETH): +28%
- June 2025: $45 billion total ($42B BTC, $3.4B ETH)
- Dec 2024: $35 billion total ($33B BTC, $2.4B ETH)
Why This Matters
Institutional capital inflows signal market maturity. Clearer regulations and product launches (e.g., Solana ETF filings) are accelerating adoption.
4. DEX-to-CEX Spot Trading Volume Ratio: +51%
- 2025 Average: 17% of total volume
- 2024 Average: 11%
Why This Matters
Rising DEX usage reflects DeFi’s expansion. Platforms like Coinbase are now natively integrating DEX trades, broadening access to assets.
5. Total Transaction Fees (Block Space Demand): -43%
- 2025 Monthly Average: $239 million
- 2024 Monthly Average: $439 million
Why This Matters
Lower fees indicate scaling success but complicate revenue analysis. Projects aim to balance cost efficiency with sustainable economic value.
Recent Debate:
- Crypto Twitter is abuzz over metrics like REV (realized earnings value).
Bonus Metric: 22 tokens now generate $1M+ monthly net profits (Token Terminal, June 2025). New regulations are enabling healthier tokenomics by linking revenue to token value.
FAQs
Q1: What’s driving stablecoin adoption?
A: Institutional payment use cases and regulatory clarity (e.g., Circle’s IPO).
Q2: Why are DEX gains outpacing CEX?
A: Improved UX and institutional-grade liquidity solutions.
Q3: How do lower fees impact blockchain projects?
A: They attract users but challenge long-term revenue models.
Sources: a16z Crypto, Visa, Dune Analytics, The Block (data as of June 2025).