A16zCrypto's 2024 State of Crypto Report
Key trends which stand out from the 2024 State of Crypto Report by venture capital firm A16z, include:
Crypto usage has reached record levels, with Solana leading in active addresses
Crypto activity and usage hit all-time highs
Crypto could solve some of AI's most pressing challenges. Crypto's intersection with AI shows promise
Crypto has become a key political issue ahead of the U.S. election
Stablecoins have found product-market fit
Blockchain infrastructure improvements – mainly in scaling – have slashed transaction costs and unlocked new onchain applications.
DeFi remains popular - and it's growing
Use cases breakout as follows: Decentralized Finance (DiFi): 34%, Stablecoins: 32%, Infrastructure: 14%, Token Transfers: 13%, Centralized Exchanges: 3%, Gaming: 2%, NFTs: 1% and Social: <1%. Gaming and social applications show the greatest upside promise.
There’s a general recognition that blockchains can address some of the most pressing challenges facing the AI industry
There is a heavy overlap between crypto and AI users
NFT activity appears to have shifted from high-volume secondary markets to low-cost social collecting experiences.
Thousands of DeFI protocols now control billions of dollars – and leaders are emerging
A diversity of blockchains are attracting builders, including Ethereum and its adjacent L2 networks, plus Solana, Bitcoin and others.
You’ve got to give credit to A16zCrypto: releasing this annual report before the 2024 elections and the State of the Union in early 2025 is a bold move, considering how much the political and economic environment could change in that time.
But this report is very insightful. For full details, see here.