On-chain adoption hits all-time high in 2024, surpassing 2021 peak
According to Dune data, on-chain adoption in 2024 reached the 2021 level, and set new highs in terms of transfer volume and transaction count:
• Overall on-chain adoption: The Dune on-chain adoption index reached 77 in December 2024, second only to the peak of 84 in November 2021, and multiple weekly data points have reached the 2021 peak level.
• Decreased fees: On-chain fees have decreased from $2 billion in November 2021 to $500 million in December 2024. The reduction in fees has driven more transactions and adoption.
• Record-high transfer volume: By the end of 2024, the on-chain transfer volume surpassed the $7.3 billion record set in January 2022, reaching $8.17 billion in December, with an annualized transfer volume approaching $10 trillion, comparable to Visa's scale.
• Surge in transaction count: In December 2024, the on-chain transaction count exceeded 1 billion for the first time, tripling the 2021 peak.
