2024 sets on-chain adoption record with $10T transaction milestone
2024 was the year of resurgence in on-chain activities across blockchain networks, as major metrics, including adoption, transaction volumes and counts, hit their all-time highs.
Dune On-chain Adoption Index, measuring the level of engagement on the blockchain, hit 77 in Dec. 2024, a little short of the all-time high of 84, last seen in Nov. 2021. On-chain transactions have reached a record high. With on-chain transactions of $817 million in Dec. 2024, beating the previous high of $730 million established in Jan. 2022. This translates to an annual run rate of $10 trillion.
Dune Analytics CEO Fredrik Haga said in his X post that transaction volume reflected the peak of 2021 activity levels across many weeks of the year, which reflects a strong increase in blockchain adoption. The growth comes as the sector continues to face regulatory scrutiny even as it makes a all-round move towards adoption of decentralized frameworks.
Blockchain transaction fees plummeted from $2 billion in Nov. 2021 to $500 million in Dec. 2024, shedding light on the deflationary nature of blockchain technology. Lower costs removed a massive barrier to entry, and now blockchain solutions can be adopted at scale by users and businesses across the board.
It is 2024, the year when the revival of blockchain adoption took place, but amidst intensified regulatory oversight and global economic uncertainty. The ecosystem has shown resilience amidst various obstacles, leading to considerable usage and adoption in all sectors.
2024 in a recap:
In 2024, various aspects of blockchain and cryptocurrency were altered; such as Bitcoin (BTC) hitting an all-time high, the approval of eleven new spot Bitcoin ETFs and nine spot Ether ETFs, all clear indications that digital currencies had begun to gain acceptance amongst the mainstream. The high event was the launch of an NFT rewards program by the Empire State Building, an event that points to the bright future of blockchain technology in commercial real estate and tourism. Politics have begun to recognize the heft of digital assets with Trump’s $4 million in campaign funding from the cryptocurrency sector. These events will pave the ground in 2024 for increased adoption include the major anticipated regulatory changes slated for 2025.
