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Miami, Florida, USA, April 17th, 2024, Chainwire
 
QuickNode, the premier end-to-end development platform for Web3 innovation, in partnership with Artemis, a leading institutional data platform for digital assets, today published their semi-annual Q1’2024 OnChain Report. This latest installment provides a deep dive into the resurging blockchain industry, analyzing spiking usage trends due to the BTC ETF and crypto re-pricing.&nbsp;&nbsp;
Among the key findings of The OnChain Report, daily active addresses (“DAA”) spiked 146% in Q1 2024 across industries after the SEC approved the BTC ETF in the US. All industries saw increases in activity, while Stablecoins led with 1.1M DAA while Defi trailed with 611k DAA. In addition to growth in developer and trading activity, technology improvements due to Ethereum’s Dencun upgrade, which made average transaction fees 95% cheaper, the blockchain industry witnessed a rapid expansion of Layer 2s in Q1’24. In particular, the Total Value Locked (TVL) of Layer 2 blockchains nearly doubled in the first quarter of 2024, crossing $43B.&nbsp;
Additionally, Q1 2024 saw 36% quarter-over-quarter increase in venture investments into blockchain startups, which dropped significantly in Q3 and Q4 2023. Notable startups that received early stage funding include Berachain ($42M Series B) and 0G Labs ($35M pre-seed). With more investments, developers and active participants in the industry (addresses and transaction count), Quicknode and Artemis predict long-tail growth in developers building with blockchain-enabled products like stablecoins, NFT gaming technology, and Layer 2 infrastructure.&nbsp;
Key Insights from the Q1’2024 OnChain Report&nbsp;
<ul>
 <li>BTC ETF Restarts Developer and Investor Activity: As the SEC approved the BTC ETF on January 10, 2024, the blockchain and crypto market rebounded, with an increase of Daily Active Addresses by 146%.</li>
 <li>Stablecoin Surge: With the increase in crypto excitement, stablecoins saw the largest increase in activity, due to its regulatory clarity and inherent stability. USDC notably leads in transaction volume and has shown a significant increase in average transaction size compared to USDT.</li>
 <li>DeFi's Promising Revival: The DeFi sector enters a potential second 'DeFi Summer' due to&nbsp;Solana memecoin mania, where Solana and Base drove the biggest gains in DeFi active addresses by 45% and 17% respectively. DeFi led the quarter in transactions, gas usage, and project count, signaling robust ecosystem health.</li>
 <li>Growth in Web3 Gaming: The gaming sector demonstrated substantial growth, with a 155% rise in active addresses and a 370% increase in transactions year over year, highlighting its ability to captivate and maintain a growing player base.</li>
 <li>Layer 2 Networks' Strategic Developments: Key advancements in Layer 2 solutions, particularly by platforms like Arbitrum and Base, have significantly contributed to the technology's readiness for wider adoption, underscoring the sector's commitment to enhancing blockchain efficiency and accessibility.</li>
</ul>
From the Executives:
Dmitry Shklovsky, Co-founder and of QuickNode remarked, “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!"
Jimmy Zheng, COO of Artemis, added, “We are thrilled to announce our continued support for the On-Chain Report, a key resource for the evolving crypto ecosystem. Artemis is committed to providing best-in-class, high-fidelity data that enriches our understanding of the crypto landscape. 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.”&nbsp;&nbsp;
Availability:
<a href="https://www.quicknode.com/on-chain-report/2024-q1" rel="nofollow noopener" target="_blank">The Q1’2024 On-Chain Report is available</a>, providing detailed insights and full analyses.
About QuickNode
Since its founding in 2017, QuickNode has emerged as the go-to solution for businesses and innovators requiring world-class blockchain development tools for speed, reliability, and security. Handling over eight billion blockchain requests daily, QuickNode boasts a 2.5X faster response time than competitors and 99.99% uptime across 24+ chains and 35+ networks. With a user-friendly interface and a robust multi-chain developer tool suite, QuickNode is an ideal choice for top Web3 businesses and global brands.
About Artemis
Since launching in 2022, Artemis has emerged as a premier institutional data platform for digital assets. Delivering insights across 25+ blockchains, Artemis stands out as the definitive data science layer for crypto fundamental information. From sector-specific metrics to real-time developer engagement insights, Artemis ensures that users are equipped with the most comprehensive and customizable digital asset data available. With its wide availability of data ingestion choices, from Excel integrations to Snowflake Data Shares, Artemis is the data platform of choice for global financial institutions and investors.
 
<h5>Contact</h5>Jackie De La Rosa jackie@quicknode.com 
 
 
Disclaimer. This is a paid press release. CoinMarketCap does not recommend that any cryptocurrency (bitcoin, ethereum, custom asset) should be bought, sold or held. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

QuickNode and Artemis Release Q1’2024 OnChain Report: Bitcoin ETF Kickstarts Crypto Spring with 146% Increase QoQ in Daily Active Addresses ...

Chainwire

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