ChainCatcher news, Dune founder @hagaetc stated on the X platform, 'In 2024, on-chain adoption rates reached the levels of 2021, while surpassing previous historical highs in transfer volume and transaction counts. Overall on-chain adoption is almost back to the peak of 2021. The costs associated with blockchain have significantly decreased.'
From a certain perspective, this could be interpreted as a decrease in demand, but this may actually be a good thing. Most technologies have deflationary characteristics, so lower costs actually drive greater transaction volume. After experiencing several years of stagnation or decline, on-chain transactions in 2024 are experiencing exponential growth. This clearly illustrates how the decrease in fees has driven an increase in usage.
Despite the regulatory resistance and uncertainty faced by the industry in 2024, this year has still been a breakthrough year for on-chain adoption, with most metrics surpassing the peaks of 2021.