617 million crypto holders worldwide
Coinbase Shares Up 27% In October, Radiant Capital Loses $50M In 2nd Hack
a16z crypto has once again released its yearly State of Crypto Report where they outline the most important findings in the space.
The key takeaways are: crypto activity is at an all-time high (617 million holders globally), DeFi is growing, stablecoins have found PMF, chains have been scaled, new features and methodologies unlocked.
As of last month, 220M addresses interacted with a chain at least once (3x last year's) - growth that largely comes from Solana interest.
The top chains by developer interest are Ethereum (20%), Solana (11.2%), Base (10.7%), and Polygon (7.9%).
Mobile wallet use is breaking records in Nigeria, India, Argentina.
However, only 5-10% of the 617M holders are active monthly users.
The report also goes into the impacts of crypto on swing states, AI, traditional ETF markets, increasing regulatory clarity, stablecoins, prediction markets, and infrastructure.
Market Update
News
94% of Asian Private Wealth Invests or Considers Cryptocurrency - Aspen Digital Report
A recent report by Aspen Digital highlights a trend among Asian private wealth investors: a growing interest in cryptoc. The report reveals that 94% of these investors are either already investing in or considering digital assets. This trend is evident among family offices and high-net-worth individuals. | Read More
Coinbase Shares Up 27% In October
In October, Coinbase shares experienced a remarkable 27% increase, rising from $165 to $210. This surge is closely linked to the performance of Bitcoin, which rallied to $68,000, nearing its all-time high. Coinbase is, often viewed as a proxy for the crypto market. | Read More
Radiant Capital Loses $50M in Second Major Hack This Year
The lending protocol recently saw a significant hack, resulting in a $50 million loss. This is the second major attack on the platform in 2024, and was was caused by a compromise of private keys. The exploit involved the 'transferFrom' function, which enabled the draining of tokens. Chainalysis is investigating. | Read More
Top Ethereum Stakers Control 48% of Staked ETH, Raising Centralization Concerns
Recent reports have highlighted a significant concentration of staked ETH among a small number of entities. According to data from Flipside, the top 10 stakers control nearly 48% of all staked ETH. This level of centralization is considered potentially unhealthy for the network. | Read More