DWF 2024 Market Review: Stablecoin Supply Reaches New High of 187.5 Billion; On-chain Activity Still Holds Significant Growth Potential
Original Source: DWF Ventures
Original Translation: DeepFlow Tech
2024 emerged as a pivotal year for cryptocurrency development—from increased institutional investor participation to significant on-chain activity growth, this year showcased important industry progress.
Here is a recap of the year's data:

Continuation of 2023's Growth
The market saw a strong rebound this year, with the total market capitalization surpassing the 2021 all-time high (ATH) and reaching $3.7 trillion.
In addition to significant liquidity increases, user numbers and trading volumes also grew in tandem—these data points indicate a healthy market development and increased real-world utility.

ETFs and Institutional Fund Inflows
One of the biggest market drivers in 2024 was the launch of a Bitcoin ETF in January and an Ethereum ETF in July. These financial products not only lowered the barrier for investors to enter the crypto market but also reflected a rapid growth in demand for crypto assets from traditional investors.
It is estimated that the total on-chain holdings of the Bitcoin ETF have grown to 1.1 million BTC, doubling from the beginning of the year.

Not only crypto-native companies, but many traditional enterprises are also increasing their investments in Bitcoin and other crypto assets. For example, companies like @MicroStrategy led by Saylor continue to add to their Bitcoin holdings, with their current holdings reaching 439,000 BTC.

The Potential of Stablecoins
Stablecoins are a core tool in the cryptocurrency ecosystem, enabling fast asset exchange and serving as a key indicator of new capital inflows.
In 2024, the total supply of stablecoins reached $187.5 billion, setting a new historical high. Meanwhile, stablecoin transaction counts and volumes grew by 30%-40%.
It is worth noting that even amidst market fluctuations, stablecoin transaction volumes remained at high levels—indicating that stablecoins have significant real-world utility beyond trading.

In terms of on-chain stablecoin trading volume, @trondao, @ethereum, @BNBCHAIN, and @solana continue to dominate. Layer 2 networks like @arbitrum and @base are also showing strong momentum in USDC trading volume and user growth.
While centralized exchanges (CEX) currently still lead in trading activity compared to decentralized exchanges (DEX), this landscape is changing.
The USDtb products recently launched by @BlackRock and @ethena_labs provide a secure and convenient way for traditional funds to enter DeFi. With the emergence of these regulated on-ramps, we may see more funds flowing into the on-chain ecosystem in the future.
The Rise of the Stablecoin Market in Latin America and Africa
Over the past year, the stablecoin market in Latin America and Africa has grown by 40%-50%. These regions have a strong demand for trustless currency hedging tools, leading to rapid development of the stablecoin market here.
More and more resources are pouring into these regions, such as the education initiatives launched by @Tether_to and @circle's payment service expansion plans in Latin America. Therefore, we expect this sector to continue its strong growth trajectory in 2025.

Trends in On-Chain Activity
L2 networks (such as @base, @arbitrum, and @Optimism) and non-EVM chains like @solana have shown significant inflows of capital this year. Users are increasingly opting for blockchain networks with lower transaction fees and faster speeds, leading to the attraction of more users to these chains.
The fastest-growing sectors are perpetual contracts and decentralized exchanges (DEX). The trading volumes in these two areas have grown by over 150%, and the total value locked (TVL) has also seen a 2-3x increase. The memecoin craze sparked by @pumpdotfun has greatly boosted trading volumes, with @RaydiumProtocol being one of the major beneficiaries, driving the development of other ecosystems as well. Additionally, this trend has fueled the widespread use of trading bots (such as @tradewithPhoton and @bonkbot_io). These bots are not only highly utilized but have also become one of the highest-earning fee protocols in the current crypto industry.

Nevertheless, on-chain activity still has tremendous growth potential. Currently, only 5%-10% of cryptocurrency holders are actively engaged in on-chain operations, meaning there is a large untapped user base.
Mobile-friendly interfaces (such as TON's mini app) have already made significant strides in user growth. For example, @ton_blockchain's mini-app has successfully attracted over 50 million users. Therefore, the future development of protocols will increasingly rely on mechanisms that optimize user experience (UX) and enhance user retention.

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Mixin has launched USTD-margined perpetual contracts, bringing derivative trading into the chat scene.
The privacy-focused crypto wallet Mixin announced today the launch of its U-based perpetual contract (a derivative priced in USDT). Unlike traditional exchanges, Mixin has taken a new approach by "liberating" derivative trading from isolated matching engines and embedding it into the instant messaging environment.
Users can directly open positions within the app with leverage of up to 200x, while sharing positions, discussing strategies, and copy trading within private communities. Trading, social interaction, and asset management are integrated into the same interface.
Based on its non-custodial architecture, Mixin has eliminated friction from the traditional onboarding process, allowing users to participate in perpetual contract trading without identity verification.
The trading process has been streamlined into five steps:
· Choose the trading asset
· Select long or short
· Input position size and leverage
· Confirm order details
· Confirm and open the position
The interface provides real-time visualization of price, position, and profit and loss (PnL), allowing users to complete trades without switching between multiple modules.
Mixin has directly integrated social features into the derivative trading environment. Users can create private trading communities and interact around real-time positions:
· End-to-end encrypted private groups supporting up to 1024 members
· End-to-end encrypted voice communication
· One-click position sharing
· One-click trade copying
On the execution side, Mixin aggregates liquidity from multiple sources and accesses decentralized protocol and external market liquidity through a unified trading interface.
By combining social interaction with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly within the same environment.
Mixin has also introduced a referral incentive system based on trading behavior:
· Users can join with an invite code
· Up to 60% of trading fees as referral rewards
· Incentive mechanism designed for long-term, sustainable earnings
This model aims to drive user-driven network expansion and organic growth.
Mixin's derivative transactions are built on top of its existing self-custody wallet infrastructure, with core features including:
· Separation of transaction account and asset storage
· User full control over assets
· Platform does not custody user funds
· Built-in privacy mechanisms to reduce data exposure
The system aims to strike a balance between transaction efficiency, asset security, and privacy protection.
Against the background of perpetual contracts becoming a mainstream trading tool, Mixin is exploring a different development direction by lowering barriers, enhancing social and privacy attributes.
The platform does not only view transactions as execution actions but positions them as a networked activity: transactions have social attributes, strategies can be shared, and relationships between individuals also become part of the financial system.
Mixin's design is based on a user-initiated, user-controlled model. The platform neither custodies assets nor executes transactions on behalf of users.
This model aligns with a statement issued by the U.S. Securities and Exchange Commission (SEC) on April 13, 2026, titled "Staff Statement on Whether Partial User Interface Used in Preparing Cryptocurrency Securities Transactions May Require Broker-Dealer Registration."
The statement indicates that, under the premise where transactions are entirely initiated and controlled by users, non-custodial service providers that offer neutral interfaces may not need to register as broker-dealers or exchanges.
Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.
Its core capabilities include:
· Aggregation: integrating multi-chain assets and routing between different transaction paths to simplify user operations
· High liquidity access: connecting to various liquidity sources, including decentralized protocols and external markets
· Decentralization: achieving full user control over assets without relying on custodial intermediaries
· Privacy protection: safeguarding assets and data through MPC, CryptoNote, and end-to-end encrypted communication
Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.

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