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DeFi remains popular amid explosion in crypto usage: a16z report

Author: Content Editor
The decentralized finance (DeFi) ecosystem is experiencing significant growth and increased usage, according to a report by venture capital firm Andreessen Horowitz (a16z). The crypto industry has seen a surge in activity, with a record level of overall crypto usage. In September 2024, 220 million addresses interacted with protocols across the blockchain ecosystem, more than triple the figures from late 2023. Solana (SOL) saw a massive spike in activity, with 100 million active addresses. Other networks that experienced an increase in active addresses include Near Protocol, Coinbase's Base, Tron, and Bitcoin. The report also highlighted key growth metrics and issues in the crypto industry, including the political significance of crypto in the U.S. election and the growth and regulation of stablecoins. DeFi has seen the most usage across daily active addresses in the past year, accounting for 10% of spot crypto trading activity. DeFi protocols have locked over $169 billion in total value, with platforms such as Lido, Aave, and Uniswap leading the way. Ethereum, Solana, and Bitcoin were identified as the top blockchains in terms of builder activity or interest. Ethereum attracts the most developer activity, while Solana and Base have seen significant growth in this sector.

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