Defi Activity Drives Global Crypto Usage Above 500 Million
A recent report from Crypto.com reveals that the global crypto usage has surpassed 500 million, thanks to the surge in Defi activity and the technological upgrades on Bitcoin and Ethereum.
Bitcoin Adoption Soars with Institutional Interest and Spot BTC ETFs
The number of Bitcoin participants has grown by 33%, reaching nearly 300 million by December. This significant adoption can be attributed to institutional interest and the introduction of spot BTC ETFs, including those offered by BlackRock.
Inscriptions on Bitcoin’s Blockchain Draw Demand and Scrutiny
The introduction of inscriptions on Bitcoin’s blockchain, allowing users to create assets similar to Ethereum NFTs and ERC-20 tokens, has led to increased on-chain activity. These BRC-20 tokens have gained popularity, with a market size of $2.7 billion. However, some developers have raised concerns about inscriptions being a bug and have reported Bitcoin Ordinals to U.S. authorities.
Ethereum Ownership Surges with Shanghai Upgrade
Ethereum’s ownership has seen a 39% increase, reaching 124 million users. The Shanghai upgrade played a crucial role in this growth as it enabled staked Ether and allowed for withdrawals. This upgrade is part of Ethereum’s transition from a proof-of-work model to a proof-of-stake design.
Hot Take: The Continued Growth of Crypto Usage
The recent milestone of surpassing 500 million global crypto users showcases the expanding adoption and interest in cryptocurrencies. With Defi activities driving innovation on major blockchains like Bitcoin and Ethereum, we can expect further growth in the crypto space. However, it’s important to address concerns raised by developers regarding new features like inscriptions on Bitcoin’s blockchain. As the crypto industry continues to evolve, it will be crucial to strike a balance between innovation and security.
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