- Onchain adoption in 2024 returned to 2021 levels, with transaction volume and usage setting new benchmarks.
- Blockchain networks processed $817M in December, surpassing past records and reaching a $10T annualized transaction rate.
The year 2024 marked a major resurgence in onchain adoption, with transaction volumes and activity levels reaching—and in some cases exceeding—previous all-time highs.
According to recent data, adoption rates returned to 2021 peak levels, demonstrating renewed interest and increased blockchain utilization.
Transfer Volume Hits New Records
One of the standout achievements was the surge in onchain transfer volume, which broke previous records. At the close of 2024, blockchain networks processed $817 million in transactions for December, surpassing the $730 million recorded in January 2022.
Source: Dune
This acceleration translates to a $10 trillion annualized run rate, positioning blockchain transaction volumes within the same range as global payment giants like Visa.
Lower Fees Drive Increased Activity
A notable trend throughout 2024 was the exponential increase in onchain transactions. While blockchain usage had stagnated in prior years, lower transaction fees contributed to a significant rebound.
Source: Dune
This shift highlights a key aspect of blockchain economics—reduced costs can drive greater adoption, encouraging more frequent use of decentralized networks.
Regulatory Challenges Didn’t Hinder Expansion
Despite facing regulatory uncertainty throughout most of the year, the blockchain industry demonstrated resilience.
Source: Dune
Even with evolving compliance requirements and policy shifts, onchain adoption maintained upward momentum, signaling sustained confidence in decentralized finance and blockchain applications.
Dune Expands Crypto Data Capabilities with AI, Real-Time Insights, and smlXL Acquisition
Traditional blockchain analytics often experience delays, limiting their usefulness for high-frequency applications. Dune has addressed this challenge by launching its first real-time data offering, reducing latency and enabling developers to access onchain data with minimal delays.
This advancement allows analysts and developers to track transactions and smart contract executions in near real-time, opening new possibilities for automated strategies, risk management, and market intelligence. With improved data availability, Dune strengthens its position as a leader in blockchain analytics.
Strategic Expansion with smlXL
Dune has also taken a major step toward the future of onchain data by acquiring smlXL , a company known for its deep Ethereum Virtual Machine (EVM) instrumentation and real-time contract data extraction.
smlXL’s ability to track contract executions and retrieve real-time blockchain variables enhances Dune’s capabilities, offering unprecedented insights into onchain activity.
This acquisition marks a shift toward more interactive and developer-friendly blockchain data services, allowing seamless integration of real-time analytics into decentralized applications.
