a16zcrypto has released a report on the state of the cryptocurrency industry, covering key aspects from the growth of trading volumes to the impact on US policy and the role of stablecoins. Here are the highlights:
1) Cryptocurrency activity at record levels
Cryptocurrency usage soars in 2024, with over 220 million addresses interacting with blockchain networks. #Solana leads the way, followed by $NEAR , Base, and #Bitcoin . Cryptocurrency is used on mobile wallets by 29 million people, with the US at the top, and Nigeria, India, and Argentina close behind.
2) Influence on US policy
Cryptocurrencies are becoming an important part of politics, especially during the primaries. Wyoming is leading the way in decentralized autonomous organization laws, while MiCA is leading the way in Europe. Dollar-linked stablecoins are playing a key role in politics, increasing the dollar’s influence on the global stage.
3) Stablecoins are the main instrument of cryptocurrency
Stablecoins have proven their importance: their transaction volume is more than double that of Visa. They provide fast and cheap money transfers around the world, with $USDC sending $USDC on the Base network costing less than a cent.
4) Blockchain infrastructure is improving
#Ethereum L2 has improved throughput and transaction fees on Base have decreased. Zero-knowledge (ZK) proof technology makes the blockchain faster and cheaper, facilitating the development of new applications.
Conclusion
The report shows that cryptocurrencies are attracting the attention of not only investors but also policymakers. They continue to transform the financial landscape, offering new tools and technologies for the global economy.
Disclaimer: The information is for educational purposes only and does not constitute financial advice.
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