a16zcrypto produced a report filled with information about the condition of cryptocurrencies. The report ranges from a record high in the crypto trade to crypto’s influence on U.S. politics and the relevance of stablecoins.
Are you curious about today’s crypto trends and how AI infrastructure advancements drive them forward? This report is what you’ll need.
1) Crypto Activity Hits an All-Time High
Crypto climbs to new heights in 2024. The use of cryptocurrency has grown, with over 220 million addresses interacting with blockchain networks in September. This surge stems from Solana, which accounts for about 48% of these addresses, with NEAR, Base, Tron, and Bitcoin following behind. Ethereum’s Binance Smart Chain (BNB) is still famous but saw fewer active addresses than newer networks like Base.
The number of people using crypto on mobile wallets also hit 29 million in June. The U.S. stays ahead, while Nigeria, India, and Argentina show growing user wallets.
Source: a16zcrypto report
2) Crypto’s Impact on U.S. Politics
Crypto is as much a part of the financial system and politics. With the U.S. beginning the primary elections, people in Pennsylvania and Wisconsin are showing increased interest in the crypto industry. U.S. blockchain users now wish to understand how ETPs may disrupt the market that accounts for $65 billion in Bitcoin and Ethereum products. The Democrats and Republicans are now discussing cryptocurrencies more often.
Wyoming is leading the way with laws recognizing DAOs, while Europe is ahead with its crypto policy (MiCA). Stablecoins—those digital coins pegged to the U.S. dollar—are central to many of these political discussions. Why? Stablecoins are a means to strengthen the dollar’s influence globally.
3) Stablecoins: The crypto MVPs
Stablecoins have proved their existence as essential to the global economy. In Q2-2024, stablecoin transactions were more than twice the volume that Visa handled. Stablecoins enable people to conduct cross-border money transfers in minutes and at a lower cost than wire transfers. On Coinbase’s Base network, sending USDC (a U.S. dollar-pegged stablecoin) costs less than a penny.
Stablecoin usage continues, even when crypto trading volumes decrease. People use stablecoins to pay for things and even handle business deals.
4) Infrastructure Is Getting Better and Cheaper
People are now using more stablecoins and other crypto tools because the blockchain is improving. The Ethereum L2 networks have brought blockchains from processing 10 TPS four years ago to 50 TPS today.
Fees are falling—transactions on Base cost a fraction of what they once did, and cryptocurrency has never been easier to buy.
Continuing the same theme, we have another creation: zero-knowledge (ZK) proofs. They allow developers to verify off-chain computations and improve execution speed. ZK technology also helps developers create even more practical applications on the blockchain at a lower cost.
Conclusion
This a16zcrypto 2024 report confirms the current high trading level, politicians’ focus, and the increased popularity of stablecoins. However, crypto will not disappear at any time. One thing is clear: Crypto is a participant that constantly seeks to introduce change into the financial environment. Here is the second part.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.
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The post a16zcrypto Report: Insights on States, Stablecoins, and AI – Part 1 appeared first on Altcoin Buzz.
This articles is written by : Fady Askharoun Samy Askharoun
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