a16z crypto 

State of Crypto  

2023 

Adoption Indicators: Demand Side 

42 

©2023 Andreessen Horowitz.  
All rights reserved worldwide. 

a16z crypto 

State of Crypto 

2023 

Adoption Indicators: Demand Side 

43 

Consumer uptake drives adoption 

Demand-side KPIs 

a16z crypto 

State of Crypto 

2023 

Adoption Indicators: Demand Side 

44 

Active addresses are growing steadily as web3 
adoption increases 
 

Active 
Addresses 
Number of unique 
active (sending) 
addresses across all 
tracked blockchains 
during the month. 
 

20M 

15M 

10M 

5M 

0 

2016 

2017 

2018 

2019 

2020 

2021 

2022 

2023 

Source: Nansen Query. Tracked blockchains include Ethereum, Polygon, Solana, Avalanche, Fantom, Celo, Optimism, and Arbitrum. 
 

a16z crypto 

State of Crypto 

2023 

Adoption Indicators: Demand Side 

45 

Blockchain transactions exploded as scaling 
technologies reduced transaction fees
State-of-Crypto2023