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Today, we're thrilled to present the semi-annual Q1 2024 OnChain Report.

Packed with breakthrough insights from our collaboration with Artemis, a leading institutional data platform for digital assets, this edition dives deep into the growth of key categories that have revitalized web3, highlights usage trends fueled by developments such as the BTC ETF approval, and covers a critical resurgence of VC investment into onchain technologies.

Read the report now to gain significant insights into where daily user activity is growing the most, the most exciting chain developments, and the next big trends to watch.

Dynamic Shifts in Blockchain Utilization

The OnChain Report reveals a remarkable surge in blockchain activity, with daily active addresses (DAA) increasing by 146% from Q3 lows in Q1 2024, hitting a new all-time high:

This massive growth has been observed across all sectors following the SEC's green light for the spot BTC ETF in the United States.

Here are some of the key takeaways from the Q1 2024 OnChain Report:

• Stablecoins Take the Lead: Stablecoins recorded 1.1M DAAs, leading the pack, a testament to their utility as regulatory clarity increases.

• DeFi on the Rise: The DeFi sector showed impressive growth with 611K DAAs, highlighting its continuous appeal and potential for expansion.

• Web3 Gaming Levels Up: With increases of 155% in DAAs and 370% in transactions YoY, gaming showed its ability to captivate a growing player base.

Further adding to the ecosystem's robustness, Ethereum’s Dencun update has dramatically reduced average transaction fees on Layer 2s by >95% overnight, making operations more cost-effective and fostering broader adoption. The expansion of L2 solutions has also been noteworthy, with Total Value Locked (TVL) surpassing $43B and nearly doubling in Q1 2024 alone.

Venture Investments Spark Further Innovation

The first quarter of 2024 also witnessed a 36% QoQ increase in venture capital investments into blockchain startups, recovering strongly from a decline in the latter half of 2023. Highlighting this trend, notable startups such as Berachain secured $42M in Series B funding, and 0G Labs attracted $35M in pre-seed investment, underscoring blockchain technologies' vibrant investment landscape and promising future.

Insights From Our Leaders

Get the Full Insights

Read the full Q1 2024 OnChain Report now to dive into detailed analyses and comprehensive insights that will help you stay ahead in the rapidly evolving world of web3.