Insights, Growth, and Impact: What We Achieved in 2024

Less than 12 months—and already making an impact

Protocol Theory was founded with a clear mission: to provide clarity for succeeding in an onchain world. In under a year, we’ve had the privilege of working with some of the most forward-thinking organizations in crypto and Web3, delivering insights that drive real-world results.

From completing 32 projects across 14 countries to collecting over 1 million unique, top-line consumer data points, 2024 has been a year of discovery, growth, and impact. Along the way, we’ve built a foundation of trust and expertise that will shape the years ahead.

The reason for our success is simple: Web3 companies need what we do. They need actionable, evidence-based consumer insights to inform their product, marketing, and strategic decision-making—especially as they look to onboard the next billion users, who will look quite different from the first 500 million.

Here’s a snapshot of what we’ve accomplished:

• 32 projects completed
• 34,242 survey responses and over 1 million unique, top-line consumer data points collected across 14 countries
• 29 Web3-based product innovations tested, further expanding our benchmarking norms
• Creative effectiveness of 15 digital advertisements evaluated and benchmarked
• Sponsored Consensus 2024 in Austin, Texas; Blockchain Week 2024 in Sydney, Australia; and the Australian Crypto Convention, where our team delivered keynote presentations and joined panel discussions
• Received over 500 media mentions, including CoinDesk, Yahoo Finance, and the New Zealand Herald
• Completed a full rebrand and launched our new website
• Secured corporate memberships with Blockchain Australia (now DECA), the Insights Association (USA), and The Research Society (Australia)

But what truly defines this year is the work we’ve done with our clients—helping them solve challenges, unlock opportunities, and connect with their audiences in deeper ways.

1,063,744

Number of unique, opinion-based consumer data points captured in 2024—predominantly from existing crypto & Web3 users

Highlights from 2024

Here are a few of the projects we’re most proud of:

• Driving growth for legacy players: Re-ignited customer acquisition at one of the world’s oldest crypto exchanges with research into the customer path to purchase
• Enhancing user experiences: Optimized the onboarding journey for a multinational crypto exchange’s non-custodial wallet via usability testing
• Growing market share: Helped a leading exchange grow its domestic market share from 9% to 13% in less than 12 months with a strategic brand guidance (brand tracking) program
• Behavioral science at work: Leveraged Nudge Theory (and much more) to improve user acquisition and retention for a global crypto onramp and payments platform
• Launching thought leadership: Partnered with CoinDesk on the 'Driven by Demand' crypto adoption report, which garnered over 400 media mentions

These projects reflect what Protocol Theory is all about: using evidence-based insights to drive meaningful results in a highly competitive space.

↑+4%Increase

Increase in domestic market share for a leading crypto exchange, informed via a fully bespoke strategic brand guidance (brand tracking) program

Top insights from the year

This year’s work revealed several key trends that will shape the future of crypto and Web3 adoption:

New retail is not back... yet.

While new users have been slow to re-enter the market interest is growing. In the US, only 4% of crypto users made their first purchase in the last six months, and just 10% in the past year. However, active consideration is gaining momentum: the percentage of American adults actively considering crypto rose from 14% to 19% in 2024. Positive sentiment has fueled this growth, with 66% of active considerers holding a favorable opinion of crypto by December—up from 53% in January. Globally, similar trends suggest that new retail may be just around the corner.

The Asia-Pacific region is leading global crypto adoption.

Our recent work with CoinDesk revealed that APAC’s 22% adoption rate is more than three times the global average, driven by conviction that crypto is the future of finance. In this region, motivations go beyond financial gain: 50% of users are driven by crypto’s future potential, while 41% embrace it as a financial movement reshaping how we think about money. Additionally—and unlike many Western markets—crypto adoption in APAC tends to be driven more by practical utility than by distrust or distain for traditional financial systems, with only 18% of crypto users expressing distrust of traditional banks—the weakest motivator among those surveyed.

The next billion users could be closer than you think.

Our research highlighted the enormity of latent demand for crypto in mainland China, with a full half (50%) of all general population Chinese adults surveyed indicating that they are either actively considering or open to investing in crypto—far above the regional average of 31%. This translates to roughly 546 million potential crypto adopters in mainland China alone, or approximately double the total number of active crypto users worldwide today. Yet, despite such strong interest, crypto adoption in China sits at a mere 17%, held back largely by regulatory barriers. In fact, 32% of Chinese respondents cite regulatory concerns as a major reason for staying on the sidelines—significantly higher than the region’s 25% average. This suggests that if (or when) China's tight regulatory stance on crypto were to ease, we may soon witness an adoption surge on a scale never before seen.

Looking ahead

2024 was just the beginning. In less than 12 months, Protocol Theory has proven that the right insights—delivered with clarity and purpose—can make a real difference. As Web3 companies strive to onboard the next billion users, we remain committed to helping them navigate the complexities of adoption.

So, here’s to our next exciting chapter—and the opportunities 2025 will bring. ◼️

Interested in partnering with Protocol Theory? Let’s build the future together.

About the author:

Jonathan Inglis is the founder and Managing Director of Protocol Theory, the world's leading consumer insight, analytics, and strategic consulting company dedicated to Web3, AI, and emerging tech. He has over a decade of experience collaborating with global brands to help them better understand users, consumers, and markets via actionable, evidence-based consumer insight.