2024 Sets New $10 Trillion Milestone for On-Chain Activity

2024 is the year of a resurgence of on-chain activity in blockchain networks, as key metrics including adoption, transaction volumes, and counts reach all-time highs.

The Dune On-Chain Adoption Index, which measures the level of interaction on the blockchain, reached 77 in December 2024; This is just below the all-time high of 84 last seen in November 2021. On-chain transactions reached a record. high. On-chain transactions of $817 million in December 2024 surpassed the previous high of $730 million set in January 2022. This corresponds to an annual transaction rate of $10 trillion.

Fredrik Haga, CEO of Dune Analytics, said in the The growth comes as the industry continues to face regulatory scrutiny despite making a multifaceted push towards the adoption of decentralized frameworks.

OK, prices have increased, but what does real on-chain adoption look like in 2024!? Let’s look at the data 👇

In 2024, chainless adoption reached 2021 levels and also exceeded previous highs in terms of transfer volume and number of transactions!

Overall on-chain adoption – almost… pic.twitter.com/IImeJjNtIj

— hagaetc.eth (@hagaetc) January 2, 2025

Blockchain transaction fees dropped from $2 billion in November 2021 to $500 million in December 2024, shedding light on the deflationary nature of blockchain technology. Low costs have removed a major barrier to entry, and blockchain solutions can now be adopted at scale by users and businesses.

2024 is the year of a resurgence of Blockchain adoption, but amid intense regulatory oversight and global economic uncertainty. The ecosystem has demonstrated resilience despite various obstacles, leading to significant use and adoption across all sectors.

2024 in summary:

Various aspects of blockchain and cryptocurrency have been changed in 2024; Bitcoin (BTC) reaching an all-time high and the approval of eleven new Spot Bitcoin ETFs and nine spot ether ETFs were clear indicators that digital currencies are gaining acceptance among mainstream currencies. The most notable event was the launch of an NFT rewards program by the Empire State Building, an event that hinted at the bright future of blockchain technology in commercial real estate and tourism. Politics began to take notice of the magnitude of digital assets with Trump’s $4 million in campaign funds from the cryptocurrency industry. These events will pave the way for further adoption in 2024 and will include significant regulatory changes planned for 2025.