Two years ago, when we published our first annual State of Crypto Report, the world looked very different. Cryptocurrency was not high on the policymakers’ agenda. Bitcoin and Ethereum exchange-traded products (ETPs) had not yet been approved by the U.S. Securities and Exchange Commission (SEC). Ethereum had not yet moved to energy-minimized proof-of-stake. Layer 2 (L2) networks, designed to increase capacity and reduce transaction costs, were largely inactive—transactions on these networks cost much more than they do today. As our newly released State of Cryptocurrency 2024 report demonstrates, times have changed. Our report covers the rise of cryptocurrency as a hot policy topic, numerous recent technical improvements to blockchain networks, and the latest trends among cryptocurrency builders and users. The report also: