QuickNode, a leading end-to-end development platform for Web3 innovation, in collaboration with Artemis, a prominent institutional data platform for digital assets, has today unveiled the Q1’2024 OnChain Report. This comprehensive report offers an in-depth analysis of the rejuvenated blockchain industry, attributing the increased usage trends to the approval of the BTC ETF by the SEC and the subsequent repricing of cryptocurrencies.
The Q1’2024 OnChain Report reveals that daily active addresses (DAA) surged by a remarkable 146% in Q1 2024 across various industries following the SEC’s green light for the BTC ETF in the US. Every sector experienced an uptick in activity, with Stablecoins leading the charge at 1.1 million DAA, followed by Defi with 611,000 DAA.
Alongside the surge in developer and trading activity, technological enhancements stemming from Ethereum’s Dencun upgrade contributed to a 95% reduction in average transaction fees. This quarter also witnessed a burgeoning expansion of Layer 2s, with the Total Value Locked (TVL) in Layer 2 blockchains nearly doubling to exceed $43 billion.
Venture investments into blockchain startups rebounded with a 36% quarter-over-quarter increase in Q1 2024, marking a significant recovery from the decline witnessed in Q3 and Q4 2023. Noteworthy startups securing early-stage funding this quarter include Berachain with a $42 million Series B and 0G Labs with a $35 million pre-seed investment.
Given the influx of investments, developers, and active participants in the industry, QuickNode and Artemis forecast sustained growth in the development of blockchain-enabled products, such as stablecoins, NFT gaming technology, and Layer 2 infrastructure.
The BTC ETF’s approval on January 10, 2024, ignited a resurgence in the blockchain and crypto market, driving a 146% increase in Daily Active Addresses. Stablecoins, propelled by the surge in crypto interest, emerged as the dominant force with regulatory clarity and inherent stability being major contributors. USDC led the transaction volume and registered a substantial increase in average transaction size compared to USDT.
The DeFi sector is poised for a potential second ‘DeFi Summer’, attributed to Solana memecoin mania. Solana and Base spearheaded the DeFi sector’s gains, recording increases of 45% and 17% in active addresses respectively. DeFi dominated the quarter in terms of transactions, gas usage, and project count, signaling a robust ecosystem health.
The gaming sector witnessed significant growth, with a 155% surge in active addresses and a 370% rise in transactions year over year, underscoring its capability to engage and sustain a growing player base. Significant advancements in Layer 2 solutions, particularly by platforms like Arbitrum and Base, have bolstered the technology’s readiness for broader adoption, highlighting the sector’s dedication to improving blockchain efficiency and accessibility.
Continued Blockchain Growth and Innovation
The Q1’2024 OnChain Report by QuickNode and Artemis paints a picture of a vibrant and rapidly evolving blockchain industry. The report’s insights, underpinned by QuickNode’s extensive on-chain activities and Artemis’s comprehensive data analytics, highlight the resilience and potential of blockchain technology.
Dmitry Shklovsky, Co-founder of QuickNode, commented, “We run 30+ chain ecosystems and handle a wide range of blockchain use cases. This provides us with unique insights into on-chain activities. We are excited to share our findings for the second year!”
Established in 2017, QuickNode has emerged as the preferred solution for businesses and innovators seeking world-class blockchain development tools renowned for their speed, reliability, and security. Processing over eight billion blockchain requests daily, QuickNode boasts a response time 2.5X faster than competitors and maintains a 99.99% uptime across 24+ chains and 35+ networks.
Jimmy Zheng, COO of Artemis, remarked, “By offering unique, data-driven insights and fundamental information, we aim to pave the way for broader institutional and consumer adoption of blockchain applications. This initiative underscores our commitment to transparency and innovation in an increasingly digital future.”
Since its inception in 2022, Artemis has ascended as a premier institutional data platform for digital assets. Offering insights across 25+ blockchains, Artemis is distinguished as the definitive data science layer for crypto fundamental information. From sector-specific metrics to real-time developer engagement insights, Artemis ensures users are equipped with the most comprehensive and customizable digital asset data available.
The Q1’2024 On-Chain Report is now available, offering detailed insights and comprehensive analyses. It offers detailed analyses and valuable insights for stakeholders navigating this dynamic landscape. As blockchain-enabled products continue to gain traction, the industry is set for further innovation, transparency, and broader adoption in an increasingly digital future.
