Dune Founder: On-chain Adoption Rate to Reach 2021 Peak Again in 2024, Transaction Volume to Triple 2021 Peak

BlockBeats News, January 2nd, Dune founder @hagaetc stated on social media, "In 2024, on-chain adoption reached the level of 2021, surpassing previous historical highs in both transaction volume and number of transactions. The overall on-chain adoption almost returned to the peak of 2021. The Dune on-chain adoption index reached an average peak of 84 in November 2021, and in December 2024, it reached 77. Looking at weekly data, there were several weeks that reached the adoption levels of 2021 peak."

Transaction fees decreased from $20 billion in November 2021 to $5 billion in December 2024. The cost for using the blockchain has dropped significantly. In a way, this could be interpreted as a reduction in demand, but it may actually be a good thing. Most technologies have deflationary characteristics—lower costs actually drive greater transaction volumes.

The on-chain transfer value exceeded previous highs for the first time at the end of 2024, reaching $7.3 billion in January 2022 and $8.17 billion in December 2024, with an annualized transfer volume of $100 trillion, comparable to Visa's transaction scale.

The number of transactions has tripled compared to the peak in 2021, with December 2024 surpassing 1 billion transactions for the first time. After experiencing several years of stagnation or decline, on-chain transactions in 2024 showed exponential growth. This clearly demonstrates how the decrease in fees has driven an increase in usage. Despite facing regulatory resistance and uncertainty in the entire industry in 2024, it was still a breakthrough year for on-chain adoption, with most indicators surpassing the peak of 2021."