2024 Q1 On-Chain Report: USDT Market Value Exceeds $100 Billion for the First Time

On April 19th, Artemis, a blockchain analysis platform, and QuickNode, a blockchain development platform, released their Q1 2024 on-chain report. The market value of USDT exceeded $100 billion for the first time, and the number of transactions processed in Q1 was more than 10 times that of USDC. Stablecoins still occupy the top spot in address activity, while DeFi transactions have surpassed stablecoins. The TVL of DeFi yield generation protocols increased from $26.5 billion in Q3 2023 to $59.7 billion in Q1 2024. The number of transactions in Web3 games increased by 370% YoY, making it the category with the highest YoY growth in the Web3 industry. User activity on decentralized social networks increased by 425% in Q1. Solana NFT activity surged, with Tensor surpassing OpenSea in active addresses. The total Web3 investment increased by 55% compared to Q4 2023, with seed round investment increasing by 53% QoQ.

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