On-chain adoption rate hits record high in 2024, surpassing peak in 2021

PANews reported on January 3 that Dune data shows that on-chain adoption rates will reach 2021 levels in 2024 and hit new highs in terms of transfer volume and number of transactions:

• Overall on-chain adoption rate: The Dune on-chain adoption index reached 77 in December 2024, second only to the peak of 84 in November 2021, and multiple weekly data have reached the 2021 peak level.

• Fee decline: On-chain fees dropped from $2 billion in November 2021 to $500 million in December 2024. Reduced fees drive more transactions and adoption.

• Transfer volume hits new high: At the end of 2024, the on-chain transfer volume exceeded the record of US$730 million in January 2022, and reached US$817 million in December. The annual transfer volume is close to US$10 trillion, which is equivalent to the scale of Visa.

• Surge in the number of transactions: In December 2024, the number of on-chain transactions exceeded 1 billion for the first time, which was three times the peak in 2021.