Crypto Market Thrives Despite Price Dip: a16z Report

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• The a16z report finds that blockchain adoption has increased, with more active users and DeFi activity indicating a maturing market.
• Uniswap trading volumes have surpassed Coinbase’s, while NFTs have seen an uptick in buyers.
• Developers remain active, with new products launching and scaling solutions lowering gas fees.

Crypto Market Maturing Despite Price Declines

The latest ‘State of Crypto’ report from a16z shows that the crypto market is ‘healthier’ than prices may indicate, despite a drop in prices since 2021. Active users on blockchains have increased significantly over the last two years, while decentralized exchanges (DEXs) saw monthly trading volumes of over $100 billion last month. Non-fungible tokens (NFTs) are also gaining traction once again, with the number of NFT buyers increasing and creators earning over $1.9 billion in royalties over the past two years. Finally, developers remain active in the space, with new products launching and scaling solutions lowering gas fees.

Increase in Blockchain Users

The number of active addresses on blockchains reached an all-time high of 15 million last month — nearly double what it was two years ago. This surge can be attributed to users having more ways to interact with blockchains and Web 3.0 applications such as DeFi and 700 new Web 3.0 games launched last year — as well as lower gas fees due to scaling solutions advances reducing transaction costs..

Rise of DEX Trading Volumes

DEX Uniswap recorded higher trading volume than Coinbase over the past two months — which highlights the growing popularity of DeFi platforms across different markets. Collectively, DEXs saw monthly trading volumes of over $100 billion last month — another indication that decentralized finance is becoming increasingly popular among traders and investors alike..

Uptick In NFT Buyers

Non-fungible tokens (NFTs) are also regaining their momentum after the speculation period cooled off — as evidenced by an increase in NFT buyers who paid out $1.9 billion to creators in royalties during the past two years..

Active Development Community

Despite falling prices overall, developers remain active in creating new products for blockchain networks and improving existing ones—scaling solutions are getting better at lowering gas fees which incentivize more users onto blockchains and other Web 3 applications..

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