2024 sets on-chain adoption record with $10T transaction milestone
2024 was the yr of resurgence in on-chain actions throughout blockchain networks, as main metrics, together with adoption, transaction volumes and counts, hit their all-time highs.
Dune On-chain Adoption Index, measuring the extent of engagement on the blockchain, hit 77 in Dec. 2024, slightly wanting the all-time excessive of 84, final seen in Nov. 2021. On-chain transactions have reached a report excessive. With on-chain transactions of $817 million in Dec. 2024, beating the earlier excessive of $730 million established in Jan. 2022. This interprets to an annual run fee of $10 trillion.
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Dune Analytics CEO Fredrik Haga mentioned in his X put up that transaction quantity mirrored the height of 2021 exercise ranges throughout many weeks of the yr, which displays a powerful improve in blockchain adoption. The expansion comes because the sector continues to face regulatory scrutiny even because it makes a all-round transfer in direction of adoption of decentralized frameworks.
Okey so costs went up, however what did precise onchain adoption appear to be in 2024!? Let’s take a look at the information 👇
In 2024 unchain adoption reached 2021 ranges whereas additionally surpassing earlier highs by way of switch quantity and transaction depend!
Total onchain adoption – nearly… pic.twitter.com/IImeJjNtIj
— hagaetc.eth (@hagaetc) January 2, 2025
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Blockchain transaction charges plummeted from $2 billion in Nov. 2021 to $500 million in Dec. 2024, shedding mild on the deflationary nature of blockchain know-how. Decrease prices eliminated a large barrier to entry, and now blockchain options might be adopted at scale by customers and companies throughout the board.
It’s 2024, the yr when the revival of blockchain adoption came about, however amidst intensified regulatory oversight and world financial uncertainty. The ecosystem has proven resilience amidst varied obstacles, resulting in appreciable utilization and adoption in all sectors.
2024 in a recap:
In 2024, varied elements of blockchain and cryptocurrency have been altered; that was with Bitcoin (BTC) hitting an all-time excessive and the approval of 11 new Spot Bitcoin ETFs and 9 spot ether ETFs, all clear indications that digital currencies had begun to achieve acceptance amongst the mainstream. The excessive occasion was the launch of an NFT rewards program by the Empire State Constructing, an occasion that factors to the intense way forward for blockchain know-how in industrial actual property and tourism. Politics have begun to acknowledge the heft of digital belongings with Trump’s $4 million in marketing campaign funding from the cryptocurrency sector. These occasions will pave the bottom in 2024 for elevated adoption embrace the key anticipated regulatory modifications slated for 2025.
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