It's 2024, are we still far from the widespread adoption of encryption?

Mass Adoption and Simplified User Experience once again took center stage during this Brussels EthCC period.

Quickly understand the current adoption speed, challenges, and user preferences of Web3 with 10 charts, and see how far away my grandma’s entry is still long↓

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Since its launch in 2009, the number of Cryptocurrency holders worldwide has skyrocketed to about 560 million 📈

This rise rate far exceeds the fastest rise speed of the largest traditional Payment Network in the past five years.

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Only 6.8% of the global population holds Cryptocurrency. According to Triple A’s research, the number of Cryptocurrency holders has risen by 33% to reach 420 million people in 2023.

Among these holders, 34% of them are aged between 24-35 years old.

Count me in

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Asia has led the rise in the number of holders, increasing from 268 million to 326.8 million, an increase of 21.8%.

This rise highlights the important role that Asia has played in shaping the Cryptocurrency landscape

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However, the number of 560 million is somewhat exaggerated, and it also includes users who hold assets in centralized exchanges (CEX) or other digital asset custodians.

Based on the on-chain indicators, as of 2024, the total number of monthly active addresses for the Top20 Layer1s has just exceeded 75 million.

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Even if we include the monthly active addresses of the most popular Layer2s (slightly less than 20 million), the total number of on-chain users of all mainstream is only about 100 million people.

It may also be due to the repeated calculation of longAddress by one person

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By adding the BTC Address indicator, it can be seen that the monthly growth rate of new Addresses has slowed to the level of 2018. This indicates a shrinking on-chain activity, which is a typical manifestation of the declining network fundamentals.

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The main driver of the surge in encryption users may be the approval of BTCETF at the beginning of this year.

Among non-crypto users, 21% of people said that this approval had a positive impact on their investment decisions.

8/

Although the acceptance of Crypto is increasing this year, 44% of non-encryption users still say they will never buy Cryptocurrency, mainly due to the instability of value and lack of government protection.

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Obviously, speculation remains the main game of Web3 and Crypto, but the average investment portfolio performance of Web3 new users who entered after 2021 is often in loss.

10/

PS: Interestingly, according to a study by Buy Bitcoin WorldWide in 2023, the third most popular cryptocurrency among encryption investors is $DOGE.

The ranking may not include Stable Coin such as USDC and USDT

Personal thoughts: Although the recent friendliness of the US government towards Cryptocurrency may affect the increase of encryption users, stories like the 01928374656574839201-fold increase in $DOGE are what can truly stimulate the interest of users outside the circle

Should the encryption market capitalization Market Cap soar first, or should users adopt it first? It’s as thought-provoking as the question of “which came first, the chicken or the egg” 🤔

However, what can be confirmed is that Web3 in 2024 is still in its early stages of development.