2024 sets new milestone of $10 trillion for on-chain activity

2024 was the year of resurgence of on-chain activities on blockchain networks as major metrics including adoption, transaction volumes, and counts reached all-time highs.

Dune's on-chain adoption index, which measures the level of participation in the blockchain, reached 77 in December 2024, slightly below the all-time high of 84, last seen in November 2021. Transactions on chain have reached a record. high. With on-chain transactions of $817 million in December 2024, surpassing the previous high of $730 million set in January 2022. This translates to an annual run rate of $10 trillion.

Fredrik Haga, CEO of Dune Analytics, said in his x post that transaction volume reflected the peak of 2021 activity levels for many weeks of the year, reflecting a strong increase in blockchain adoption. The growth comes as the sector continues to face regulatory scrutiny, even as it makes a comprehensive move toward adopting decentralized frameworks.

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https://twitter.com/hagaetc/status/1874775461173276680

Blockchain transaction fees plummeted from $2 billion in November 2021 to $500 million in December 2024, shedding light on the deflationary nature of blockchain technology. Lower costs removed a huge barrier to entry, and now users and businesses across the board can adopt blockchain solutions at scale.

It's 2024, the year that saw a resurgence in blockchain adoption, but amid heightened regulatory oversight and global economic uncertainty. The ecosystem has demonstrated resilience despite various obstacles, leading to considerable usage and adoption across sectors.

2024 in a summary:

In 2024, several aspects of blockchain and cryptocurrencies were modified; such as bitcoin (btc) hitting an all-time high, the approval of eleven new bitcoin spot ETFs and nine Ether spot ETFs, all clear signs that digital currencies had begun to gain mainstream acceptance . The main event was the launch of an nft rewards program by <a target="_blank" href="https://www.avax.network/blog/the-empire-state-building-launches-nft-loyalty-program-on-avalanche-using-uptop” target=”_blank” rel=”nofollow”>Empire State Building

an event that points to the bright future of blockchain technology in commercial real estate and tourism. Politics has begun to recognize the weight of digital assets with Trump's $4 million in campaign funding coming from the cryptocurrency sector. These events will pave the way in 2024 for greater adoption, including anticipated major regulatory changes scheduled for 2025.